Saturday, February 13, 2010

Dubai CDS Rates Soar

With Greece and the other PIIGS teetering on the edge, don't forget Dubai.

The cost of insuring Dubai's sovereign debt against default rose to its highest level since November, according to WSJ.

Remember, Dubai, like the PIIGS, does not have its own currency, thus it can't print its way out of its current predicament, which is what most sovereign states would have done by now.

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