| From Khaleejtimes.com: The sheer scale, swiftness and trauma of the global tsunami has exposed the deep flaws in the banking systems, money markets, risk metrics regulatory regimes and governance protocols in the GCC.
Even though media and official cheerleaders predictably insisted that the Gulf was “immune” from the woes of Wall Street’s credit meltdown, the region was not spared a nightmare of corporate defaults, property and stock exchange crashes, bank funding crises, money market nervous breakdowns, economic recession, sovereign debt time bombs, regional contagion, a consumer credit shock and an exodus of both flight capital and expat populations...........Full Article: Source
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