THERE was a sense of deja vu in the initial reaction of global markets to the debt problems in Dubai. But what was feared to be a possible cause of a serious contagion effect that could derail the fragile global economic recovery turned out to be merely a case of temporary jitters for the global stock market.
No doubt, that episode of Dubai World being reported last week as seeking to delay the repayment of its US$60bil debts by at least six months did bring back some memories of the near financial collapse in the United States and Europe last year.
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