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Could Dubai trigger another global crisis?

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The Dubai government’s request for a standstill on Dubai World debt could be the beginning of a sovereign default.

Everyone thought Dubai was past its debt problems after Abu Dhabi bailed out the leveraged emirate last February. Everyone was wrong.

Last Wednesday, the government of Dubai asked Dubai World's creditors for a standstill agreement on interest payments on the company's $59 billion in debt. Government-owned Dubai World controls many of the emirate's corporations, including DP World (the world's fourth largest port operator), Emaar (developer of the 160-storey Burj Dubai) and Nakheel (developer of the Palms).

"Dubai, with sparse oil reserves, built its fortunes on ...

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