Dubai Sheikh: Debt Move 'Carefully Planned'

No kidding, that's why T-Bills paid a negative yield last week and why the announcement was made while US markets were closed for Thanksgiving.

Here is the full statement of Sheikh Ahmed bin Saeed al-Maktoum, chairman of the Supreme Fiscal Committee:

Our intervention in Dubai World was carefully planned and reflects its specific financial position.

The government is spearheading the restructuring of this commercial operation in the full knowledge of how the markets would react. We understand the concerns of the market and the creditors in particular.

However we have had to intervene because of the need to take decisive action to address its particular debt burden.

Unprecedented growth, in Dubai and across the (United Arab Emirates), over the past decade has helped lay the foundation for what is now a broad-based sustainable economy beyond just natural resources.