Where ignorance fears to tread.
26 March 2017 03:19 (South Africa)

Dubai contagion spreads to Greece

Greece is worried that it’s following Dubai into a sinkhole, after ratings agency, Standard & Poor's, put the country on negative credit watch for its debt of more than 110% of GDP. The nation’s deteriorating public finances have raised concern in the EU, with Jean-Claude Trichet, the boss of the European Central Bank, saying Greece needs to take stern measures to halt the slide. Greece's problems have been fuelled by Dubai's default on some $60 billion of debt owed by its Dubai World development arm, which built many of the huge and half-finished skyscrapers dotting the desert skyline. Now, fears about the vulnerability of Greek government bonds have raised the country’s cost of financing in jittery global markets. Read more:  BBC news

Get overnight news and latest Daily Maverick articles





Do Not Miss

Daily Maverick has suspended comments on the site. Until the interwebs figures out a better way to deal with the naughty kids in the class, the space for your comments is on our Facebook page and the Twitterverse.

Alternatively, you are welcome to send a letter to the editor.