Debt Problems Resurfaces
Dubai Debt Collapse
Barclays, RBS and HSBC face losing billions
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Wall Street plummets by 2 per cent after late opening
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FTSE falls by 1.5 per cent before stabilising
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Banks see £14billion wiped off market value in one day
- Dubai may consider selling QE2 to tackle debt
British banks were teetering on the brink of a fresh meltdown today after it emerged they had invested heavily in crisis-hit Dubai.
An $80billion debt default in the emirate has already reawakened the spectre of a global ‘double dip’ – that the first shoots of recovery could be wiped out by a second wave of recession.
But the level of exposure that the crippled British banking sector faces is now under renewed scrutiny.
The crisis was prompted by Dubai World, the development company behind three palm shaped islands as well as an off-shore replica of the globe , defaulting on its debt.
Today it emerged that:
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Royal Bank of Scotland (RBS) was Dubai World’s biggest loan arranger since January 2007, according to JP Morgan
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HSBC has an estimated £9.6billion in loans and advances to UAE customers
- Barclays has an exposure of around £3billion
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DubaiWorld Defaults. RoyalBankofScotland was DW’s big loan arranger since2007 http://bit.ly/55yW3l/
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