I sincerely hope that Dubai will not be another banking disaster and we are battling for business growth through all this anyway but it sounds as if the greed merchants have done it again – lending as if there is no tomorrow.
And when the businesses say ‘no’ tomorrow as Dubai World has just done, we are looking at an even bigger banking calamity than before.
I understand that HSBC and other leading banks have been hit badly by the potential default on $60 billion owed by Dubai World.
Please let me be wrong this time…
FOXY Steph
