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Dubai World in Talks on $26 Billion of Debt; Rest of Liabilities `Stable'

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MUCH ADUBAI ABOUT NOTHING?
"Dubai World began talks with banks to restructure $26 billion of debt, including $3.5 billion owed by property unit Nakheel, and said the remainder of its liabilities are on “a stable financial footing," according to Bloomberg. "Dubai is seeking to delay payments on less than half its $59 billion of liabilities, easing the potential damage to banks recovering from $1.7 trillion of losses and writedowns from the global crisis."
SOURCE:   Bloomberg

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