dubai abu dhabi-bailout

A surprising turn, Abu Dhabi announced (WSJ) will be the next Dubai United Arab Emirates $ 10 billion to help to pay off its debts, the government tried to distance himself after the Dubai World conglomerate's debt. Ten billion dollars will be used to repay the $ 4.1 billion to the bond matures on Monday, issued by Nakheel, a real estate developer owned by Dubai World. The rest will be used to finance the needs of Dubai World until the end of April 2010. The limit has boosted the local stock exchanges, the Dubai financial market main index up to 10 percent and Abu Dhabi market from 7.9 percent. Dubai World started negotiations with banks to restructure its debt last week and said the new funds offer "a stable basis for the restructuring process." Analysts say Abu Dhabi's decision restored confidence in the alliance. Dubai has also announced the bankruptcy framework of Dubai World can not resolve the reorganization of the $ 26 billion in debt. Asian stock markets were lifted (NYT) in the application.