Greeks worry about Dubai fallout

By Incorrect Author 1 December 2009

Greece is working to correct a "lack of credibility" in its financial markets, as concern grows about its ability to pay debts rattled by Dubai's financial problems. The government is working to reduce the country’s substantial budget deficit and government debt, estimated at 12.7% of GDP and above 110% of GDP respectively, and hopes it won’t need an EU bailout. Markets are concerned about the vulnerability of Greek government bonds following Dubai's recent statement that it would not guarantee troubled property firm Dubai World's debt. Greek finance minister George Papaconstantinou, says the cost of Greek government debt and the cost of insuring it had risen. It’s called contagion. Read more: BBC


Support DAILY MAVERICK & get FREE UBER vouchers every month

An increasingly rare commodity, quality independent journalism costs money, though not nearly as much as its absence can cost global community. No country can live and prosper without truth - that's why it matters.

Every Daily Maverick article and every Scorpio exposé is proof of our dedication to this unshakeable mission. Investing in our news media is by far the most effective investment into South Africa's future.

You can support Independent and Investigative journalism by joining Maverick Insider. If you contribute R150 or more per month you will receive R100 back in UBER vouchers. EVERY MONTH until October 2019.

So, if you'd like to help and do something meaningful for yourself and your country, then sign up to become a Maverick Insider. Together we can Defend Truth.


Along with the R16.1m in illicit payments, VBS approved Brian Shivambu’s R1.46m home loan, with a little help from uBhuti ka Brian

By Pauli Van Wyk

Identical twins can be distinguished by their fingerprints.