Dubai World’s Announcement Raises The Fear Of A New Wave Of Victims Emerging
While Iceland’s transformation from fishing nation to financial powerhouse – and back – became a potent symbol of the banking boom and bust of the past few years, the Middle Eastern emirate of Dubai was where the global property bubble was taken to its glitziest extreme.
Without the oil reserves of many of their neighbours, Dubai’s rulers hatched a hubristic plan to turn their city-state in the sand into a glamorous playground for the rich, enthusiastically bankrolled by western … [visit site to read more]
