The news that Dubai World, one of the stalwarts of the Dubai economy, is potentially defaulting on its debt is, quite simply, massive. It highlights the sheer scale of a financial crisis that Dubai has been doing its best to keep under wraps for more than a year. The situation is far from clear, but [Read more...]
During a week when the Dow Jones pushed above 10,000 and oil set up a new high this year, there certainly is plenty to look at across emerging markets (EM), and in particular in Latin America. Most Latin equities have been posting further impressive gains this week, and most currencies look strong against the US [Read more...]
President Rafael Correa’s game of chicken with Ecuador’s external creditors finally came to an ugly end on Friday, when he announced he would prefer to take on the ‘monster’ bondholders in court rather than pay up. While many Ecuadoreans will no doubt admire their president’s courage for standing up to those responsible for the country’s [Read more...]
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