Dubai Default?

From the Dealbook Blog:

“Dubai has relied on cheap capital from abroad to finance its grand vision to become both a tourist attraction and a financial capital. Much of that money, combined with the oil wealth of neighboring Persian Gulf states, was used to finance dozens of luxurious apartment buildings as well as monumental projects like the world’s tallest building, the world’s largest airport, the world’s biggest mall and several man-made, palm-shaped islands.

Now the emirate is facing one of the world’s largest debt loads: its current debt level stands at $80 billion or roughly 1.5 times its gross domestic product.”

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