| From Chosun.com: Dubai World, the state-owned investment company that spearheaded the economic miracle in the desert sheikhdom, is unable to service US$59 billion of debt. Bloomberg reported that Dubai World's "proposal to delay debt payments risked triggering the biggest sovereign default since Argentina in 2001."
Dubai's Finance Ministry on Wednesday sought from creditors a six-month "standstill" agreement on debt owed by property developer Nakheel PJSC and its parent company Dubai World.................................Full Article: Source
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