Argentina of the Middle East
- Argentina of the Middle East
Nickname that could befall the United Arab Emirates, and Dubai especially, if bailout efforts are unsuccessful.
Discussing Dubai World’s attempts to restructure its debts, Simeon Kerrcommented in The Financial Times:
The Sukuk [Islamic bond market] rallied strongly on Wednesday as Sheikh Mohammed bin Rashid Al Maktoum, the ruler who is also the U.A.E’s prime minister, said Dubai was not worried about its ability to repay debts. Resolving the debt conundrum is wrapped up in negotiations between the emirate and the federal government, which bailed out Dubai in February by subscribing to the first half of a $20bn Dubai sovereign bond programme.
The authorities are worried that Dubai, and the rest of the UAE, might become labelled the “Argentina of the Middle East” in the event of a perceived default.
Dictionary of unconsidered lexicographical trifles.
2014.
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