Stock markets tumbled in the United States and across Asia on Friday as shocks from the ongoing debt crisis in the Persian Gulf emirate of Dubai continued to reverberate around the globe.
The once high-flying city-state, which has been ruled by the same family since 1833, announced its intention Wednesday to reschedule payment of $3.5 billion in bonds due in mid-December, rattling investors around the world. The surprise announcement from Dubai began exacting its toll in Asia on Thursday, afflicted European bourses several hours later and battered Asian indexes Friday before clobbering the U.S. stock market, which had been closed for Thanksgiving.
Full Story: Dubai debt crisis rocks US, Asia markets - Washington Times
The once high-flying city-state, which has been ruled by the same family since 1833, announced its intention Wednesday to reschedule payment of $3.5 billion in bonds due in mid-December, rattling investors around the world. The surprise announcement from Dubai began exacting its toll in Asia on Thursday, afflicted European bourses several hours later and battered Asian indexes Friday before clobbering the U.S. stock market, which had been closed for Thanksgiving.
Full Story: Dubai debt crisis rocks US, Asia markets - Washington Times
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