In Wake of Dubai, trying to predict the magnification Next
Posted on December 2, 2009
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Like overstretched American homeowners, governments and companies across the globe are groaning under the weight of debts that, some fear, might never be fully paid back. Come dura prova proprietari di case statunitensi, i governi e le aziende di tutto il mondo sono geme sotto il peso dei debiti che, qualche timore, non potrebbe essere pienamente restituita. How to test U.S. homeowners, governments and businesses around the world are groaning under the weight of debts which some fear could not be fully refunded.
As Dubai, that one-time wonderland in the desert, struggles to pay its bills, a troubling question hangs over the financial world: Is this latest financial crisis an isolated event, or a harbinger of still more debt shocks? As Dubai, that one-time wonderland in the desert, struggles to pay its bills, a Troubling question hangs over the financial world: Is this latest financial crisis an isolated event, or a harbinger of still more debt shocks? Come Dubai, che un tempo wonderland nel deserto, lotta per pagare i suoi conti, un quesito inquietante incombe sul mondo finanziario: è questa nuova crisi finanziaria un evento isolato, o un presagio di shock debito ancora di più? Like Dubai, once a wonderland in the desert, struggling to pay its bills, an unsettling question hangs over the financial world is this new financial crisis an isolated event, or an omen of shock due more?
For the moment, at least, global investors seem to be taking Dubai’s sinking fortunes in their stride. For the moment, at least, global investors seem to be taking Dubai’s sinking fortunes into their stride. Per il momento, almeno, gli investitori globali sembrano essere tenuto fortune affondamento di Dubai nel loro passo. For the moment, at least, global investors appear to be kept sinking fortunes of Dubai in their step. On Monday, the American stock market rose modestly, even as share prices plunged throughout the Persian Gulf. On Monday, the American stock market rose modestly, even as share prices plunged throughout the Persian Gulf. Lunedi ‘, il mercato azionario americano è aumentato modestamente, anche se i prezzi delle azioni immerso in tutto il Golfo Persico. Monday ‘, the U.S. stock market rose modestly, even if stock prices plunged around the Persian Gulf.
But the travails of Dubai, a boomtown that, with its palm-shaped islands and indoor ski slope became a potent symbol of hyperwealth, nonetheless have some economists wondering where other debt bombs might be lurking — and just how dangerous they might turn out to be. But the travails of Dubai, a boomtown that, with its palm-shaped islands and indoor ski slope became a potent symbol of hyperwealth, nonetheless have some economists wondering where other debt bombs might be lurking – and just how dangerous they might turn out to be. Ma le fatiche di Dubai, una città in pieno boom, che, con le sue isole a forma di palme e pista da sci al coperto è diventato un simbolo potente della hyperwealth, tuttavia hanno alcuni economisti chiedendosi dove le bombe debito potrebbe essere in agguato – e quanto sia pericoloso che potrebbe rivelarsi essere. But the efforts of Dubai, a boomtown, which, with its palm-shaped islands and indoor ski slope has become a potent symbol of hyperwealth But some economists are wondering where the bombs might be lurking debt — and how dangerous it might prove to be.
Big banks that have only just begun to recover from the financial shocks of last year are now nervously eyeing their potential exposure to highly indebted corporations and governments. Big banks that have only just begun to recover from the financial shocks of last year are now nervously eyeing their potential exposure to highly indebted corporations and governments. Grandi banche che hanno appena cominciato a riprendersi dalla crisi finanziaria dell’anno scorso, sono ora guardando nervosamente il loro potenziale esposizione alle società fortemente indebitati e dei governi. Large banks that have just begun to recover from the financial crisis last year, are now looking nervously at their potential exposure to highly indebted companies and governments.
From the Baltics to the Mediterranean, the bills for an unprecedented borrowing binge are starting to fall due. From the Baltics to the Mediterranean, the bills for an unprecedented borrowing binge are starting to fall two. Dal Baltico al Mediterraneo, le fatture per una abbuffata senza precedenti prestiti stanno cominciando a cadere a causa. From the Baltic to the Mediterranean, the invoices for a binge unprecedented loans are beginning to fall due. In Russia and the former Soviet bloc, where high oil prices helped feed blistering growth, a mountain of debt must be refinanced as short-term iou’s come due. In Russia and the former Soviet bloc, where high oil prices helped feed blistering growth, a mountain of debt must be refinanced as short-term iou’s as two. In Russia e nei paesi dell’ex blocco sovietico, dove i prezzi del petrolio hanno contribuito la crescita dei mangimi vesciche, una montagna di debito deve essere rifinanziato di breve termine, cambiali è venuto dovuto. In Russia and the former Soviet bloc countries, where oil prices have helped feed the growth of blisters, a mountain of debt must be refinanced short-term bills came due.
Even in rich nations like the United States and Japan, which are increasing government spending to shore up slack economies, mounting budget deficits are raising concern about governments’ ability to shoulder their debts, especially once interest rates start to rise again. Even in rich nations like the United States and Japan, Which are increasing government spending to shore up slack economies, mounting budget deficits are raising concern about governments’ ability to shoulder their debts, especially ounces interest rates start to rise again. Anche nelle nazioni ricche come gli Stati Uniti e il Giappone, che stanno aumentando la spesa pubblica per sostenere le economie di inattività, i disavanzi di bilancio di montaggio sono sollevando preoccupazione circa la capacità dei governi ‘a spalla i loro debiti, soprattutto una volta che i tassi di interesse cominciano a risorgere. Even in rich nations like the United States and Japan, which are increasing public spending to support the economies of inactivity, mounting budget deficits have raised concerns about the ability of governments’ to shoulder their debts, especially once interest rates begin to rise again.
The numbers are startling. The numbers are startling. I numeri sono allarmanti. The numbers are alarming. In Germany, long the bastion of fiscal rectitude in Europe, government debt is on the rise. In Germany, long the bastion of fiscal rectitudo in Europe, government debt is on the rise. In Germania, lungo il bastione di rettitudine fiscale in Europa, il debito pubblico è in aumento. In Germany, long the bastion of fiscal rectitude in Europe, public debt is increasing. There, the government debt outstanding is expected to increase to the equivalent of 77 percent of the nation’s economic output next year, from 60 percent in 2002. There, the government debt outstanding is expected to increase to the equivalent of 77 percent of the nation’s economic output next year, from 60 percent in 2002. Lì, il debito pubblico è previsto un aumento per l’equivalente del 77 per cento della produzione economica della nazione il prossimo anno, dal 60 per cento nel 2002. There, the public debt is projected to increase to the equivalent of 77 percent of the nation’s economic output next year from 60 percent in 2002. In Britain, that figure is expected to more than double over the same period, to more than 80 percent. In Britain, that figure is expected to more than double over the same period, to more than 80 percent. In Gran Bretagna, tale cifra dovrebbe più che raddoppiare nel corso del periodo stesso, di oltre l’80 per cento. In Britain, this figure should more than double during the same period, more than 80 percent.
The burdens are even greater in Ireland and Latvia, where economic booms driven by easy credit and soaring property values have given way to precipitous busts. The burdens are even greater in Ireland and Latvia, where economic booms driven by easy credit and soaring property values have given way to precipitous busts. Gli oneri sono ancora maggiori in Irlanda e Lettonia, dove boom economico guidato dal credito facile e di valori di proprietà impennata hanno dato modo di busti precipitosa. The charges are even greater in Ireland and Latvia, where economic boom driven by easy credit and soaring property values have given way to precipitous busts. Public debt in Ireland is expected to soar to 83 percent of gross domestic product next year, from just 25 percent in 2007. Public debt in Ireland is expected to soar to 83 percent of gross domestic product next year, from just 25 percent in 2007. Il debito pubblico in Italia dovrebbe salire a 83 per cento del prodotto interno lordo l’anno prossimo, da appena il 25 per cento nel 2007. Public debt in Italy is expected to rise to 83 percent of gross domestic product next year from just 25 percent in 2007. Latvia is sinking into debt even faster. Latvia is sinking into debt even faster. Lettonia sta affondando nei debiti ancora più veloce. Latvia is sinking into debt even faster. Its borrowings will reach the equivalent of nearly half the economy next year, up from 9 percent a mere two years ago. Its borrowings will reach the equivalent of nearly half the economy next year, up from 9 percent to a mere two years ago. I suoi prestiti raggiungerà l’equivalente di quasi la metà dell’economia del prossimo anno, rispetto al 9 per cento appena due anni fa. Its loans will reach the equivalent of nearly half of the economy next year, compared to 9 percent just two years ago.
Like Latvia, the Baltic states of Lithuania and Estonia remain worryingly exposed, as do Bulgaria and Hungary. Like Latvia, Lithuania and the Baltic states of Estonia remain worryingly exposed, as do Bulgaria and Hungary. Come la Lettonia, i paesi baltici di Lituania ed Estonia rimangono esposti in modo preoccupante, così come la Bulgaria e l’Ungheria. Such as Latvia, the Baltic countries of Lithuania and Estonia are exposed to an alarming extent, as well as Bulgaria and Hungary. All of these nations carry foreign debt that exceeds 100 percent of their GDP’s, said Ivan Tchakarov, chief economist for Russia and the former Soviet states at Nomura bank. All of these nations carry foreign debt that exceeds 100 percent of their GDP’s, said Ivan Tchakarov, chief economist for Russia and the former Soviet states at Nomura bank. Tutte queste nazioni portare il debito estero che supera il 100 per cento del loro PIL, ha detto Ivan Tchakarov, economista capo per la Russia e gli Stati dell’ex Unione Sovietica in banca Nomura. These countries make up the external debt exceeds 100 percent of their GDP, said Ivan Tchakarov, chief economist for Russia and former Soviet states in the bank Nomura. External debt is often held in a foreign currency, which means governments cannot use devaluation of their own currencies as a tool to reduce their debt when they run into trouble, according to Maurice Obstfeld, an economics professor at the University of California, Berkeley. External debt is often held in a foreign currency, which means governments can not use Devaluation of their own currencies as a tool to reduce their debt when they run into trouble, according to Maurice Obstfeld, an economics professor at the University of California, Berkeley. Il debito estero è spesso tenuto in una valuta estera, il che significa che i governi non possono utilizzare svalutazione della propria valuta come strumento per ridurre il loro debito, quando finisci nei guai, secondo Maurice Obstfeld, professore di economia presso la University of California, Berkeley. External debt is often held in a foreign currency, which means that governments can not use the devaluation of its currency as a means to reduce their debt, when you run into trouble, according to Maurice Obstfeld, an economics professor at the University of California, Berkeley.
Few analysts predict a major nation will default on it government debts in the immediate future. Few analysts predict a major nation will default on government debts it in the immediate future. Sono pochi gli analisti prevedono una grande nazione come impostazione predefinita su di essa il debito delle amministrazioni per il futuro immediato. Few analysts expect a great nation like it the default on government debt for the foreseeable future. Indeed, many maintain that rich nations and the International Monetary Fund would intervene if a government needed a bailout. Indeed, many maintain that rich nations and the International Monetary Fund would intervene if a government needed a bailout. Infatti, molti sostengono che le nazioni ricche e il Fondo monetario internazionale potrebbe intervenire in caso di bisogno di un piano di salvataggio del governo. Indeed, many argue that the rich nations and the International Monetary Fund could intervene in case of need of a rescue plan of the government.
But there are no assurances that companies in these nations, which, like governments, gorged on debt in good times, will be rescued. But there are no assurances that companies in these nations, which, like governments, Gorged on debt in good times, will be rescued. Ma non ci sono garanzie che le imprese in queste nazioni, che, come i governi, ingozzato il debito in tempi buoni, sarà salvato. But there are no guarantees that companies in these countries, as governments, gorged on debt in good times, will be saved. Dubai’s refusal to guarantee the debts of its investment arm, Dubai World, may set a precedent for other indebted governments to abandon companies that investors had in the past assumed enjoyed full state backing. Dubai’s refusal to guarantee the debts of its investment arm, Dubai World, May Set a precedent for other indebted governments to abandon companies that investors had enjoyed in the past assumed full state backing. Il rifiuto di Dubai per garantire i debiti del suo braccio finanziario, al Dubai World, può costituire un precedente per altri governi indebitati ad abbandonare la società che gli investitori in passato aveva assunto goduto l’appoggio dello Stato completo. The refusal to Dubai to guarantee the debts of its investment arm, Dubai World, may create a precedent for other governments to abandon the indebted companies that investors had previously enjoyed the support of the state assumed complete.
“I see very good reasons to be worried that at some point in 2010 we are going to see more cases of ring-fencing because governments realize they can’t afford to guarantee the debts of these companies,” said Pierre Cailleteau, managing director of the global sovereign risk group and chief economist of Moody’s. “I see very good reasons to be worried that at some point in 2010 we are going to see more cases of ring-fencing Because governments realize they can not afford to guarantee the debts of these companies,” said Pierre Cailleteau, managing director of The Global Sovereign Risk Group and chief economist of Moody’s. “Vedo molte buone ragioni per essere preoccupato del fatto che a un certo punto nel 2010 andiamo a vedere più casi di separazione, perché i governi rendono conto che non possono permettersi di garantire i debiti di queste società,” ha detto Pierre Cailleteau, amministratore delegato di il gruppo globale di rischio sovrano e capo economista di Moody’s. “I see many good reasons to be concerned that at some point in 2010 we’re going to see more cases of separation, because governments realize they can not afford to guarantee the debts of these companies,” said Pierre Cailleteau, CEO of the global group of sovereign risk and chief economist of Moody’s.
Kenneth Rogoff, a Harvard economist whose recent book, “This Time Is Different,” chronicles 800 years of financial crises, said: “I think right now every vulnerable country has one or two deep-pocketed backers that pretty much rule out a sudden run.” Kenneth Rogoff, a Harvard economist Whose recent book, “This Time Is Different,” chronicles 800 years of financial crises, said: “I think right now every country has one or two vulnerable deep-pocketed backers that pretty much rule out a sudden run . Kenneth Rogoff, economista di Harvard la cui recente libro, “Questa volta è diverso,” cronache 800 anni di crisi finanziaria, ha detto: “Penso che adesso tutti i paesi vulnerabili sono uno o due profonde sostenitori intascato che regola praticamente fuori una corsa improvvisa “. Kenneth Rogoff, a Harvard economist whose recent book, “This time is different,” chronicles 800 years of financial crisis, said: “I think now all the vulnerable countries are one or two deep-pocketed supporters who virtually rule out a sudden rush . But Mr. Rogoff said he expected a wave of defaults about two years from now, when the countries now serving as implicit guarantors turn their focus to economic problems at home. But Mr. Rogoff said he expected a wave of defaults about two years from now, when the countries serving as implicit guarantors now turn their focus to economic problems at home. Ma il signor Rogoff ha detto di aspettarsi un’ondata di inadempienze circa due anni da adesso, quando i paesi attualmente in servizio in qualità di garanti implicita volta la loro attenzione ai problemi economici a casa. But Mr. Rogoff said he expected a wave of defaults around two years from now, when the countries currently in service as an implicit guarantee to turn their attention to economic problems at home.
One feature of the financial crisis is that some governments have taken on increasingly short-term debt. One feature of the financial crisis is that some governments have taken on Increasingly short-term debt. Una caratteristica della crisi finanziaria è che alcuni governi hanno assunto sempre più debito a breve termine. A feature of the financial crisis is that some governments have become increasingly short-term debt. In the United States, for example, Treasury debt maturing within one year has risen from around 33 percent of total debt two years ago to around 44 percent this summer, while falling slightly since then, according to Wrightson ICAP. In the United States, for example, Treasury debt maturing within one year has risen from around 33 percent of total debt two years ago to around 44 percent this summer, while falling slightly since then, according to Wrightson ICAP. Negli Stati Uniti, per esempio, il debito del Tesoro con scadenza entro un anno è passato da circa il 33 per cento del debito complessivo di due anni fa a circa il 44 per cento di questa estate, mentre in lieve flessione, da allora, secondo Wrightson ICAP. In the United States, for example, the Treasury’s debt due within one year increased from approximately 33 percent of total debt two years ago to about 44 percent this summer, while falling slightly since then, according Wrightson ICAP. The United States will soon have debt problems of its own. The United States will soon have debt problems of its own. Gli Stati Uniti presto avrà problemi di indebitamento della sua propria. The United States will soon have the debt problems of its own.
“In another couple years as industrialized countries’ own debts — in places like Germany, Japan and the United States — get worse, they will become more reluctant to open up their wallets to spendthrift emerging markets, or at least countries they view that way,” Mr. Rogoff said. “In another couple years as industrialized countries’ own debts – in places like Germany, Japan and the United States – get worse, they will become more reluctant to open up their wallets to spendthrift emerging markets, or at least countries that they view way, “Mr. Rogoff said. “In un altro paio di anni come debiti dei paesi industrializzati ‘- in luoghi come la Germania, il Giappone e gli Stati Uniti – che peggiorare, diventeranno più riluttanti ad aprire i loro portafogli a spendaccione mercati emergenti, o in paesi meno che ritiene che modo “, ha detto Rogoff. “In another couple of years as a debt of industrialized countries’ – in places like Germany, Japan and the United States – even worse, they become more reluctant to open their wallets a spendthrift emerging markets or countries unless it considers that way, “said Rogoff.
This might spell trouble for struggling nations. This might spell trouble for struggling nations. Questo potrebbe incantesimo guai per lottare nazioni. That could spell trouble for struggling nations. Facing a need to roll over their maturing debts, emerging markets may have to borrow around $65 billion in 2010 alone, according to Gary N. Facing a need to roll over their maturing debts, emerging markets may have to borrow around $ 65 billion in 2010 alone, according to Gary N. Kleiman of Kleiman International. Kleiman of Kleiman International. Di fronte a una necessità di ribaltamento della loro debiti con scadenza, i mercati emergenti possono avere in prestito circa 65 miliardi dollari nel 2010, da solo, secondo Gary N. Faced with a need to roll over their maturing debt, emerging markets may have borrowed about 65 billion U.S. dollars in 2010 alone, according to Gary N. Kleiman di Kleiman International. Kleiman of Kleiman International.
But while government debt may be a problem, corporate debt may set off a crisis that, in some ways, is already unfolding. But while government debt may be a problem, corporate debt may set off a crisis that, in some ways, is already unfolding. Ma mentre il debito pubblico può essere un problema, obbligazioni societarie possono innescare una crisi che, in qualche modo, è già in svolgimento. But while the debt may be a problem, corporate bonds may trigger a crisis that, in some way, is already in progress.
Corporate borrowing surged over the last five years. Corporate borrowing surged over the last five years. Indebitamento Corporate aumentate negli ultimi cinque anni. Corporate debt increased during the last five years. According to Mr. Kleiman, $200 billion of corporate debt is coming due this year or next year. According to Mr. Kleiman, $ 200 billion of corporate debt is coming two this year or next year. Secondo il signor Kleiman, 200 miliardi di dollari di debito delle imprese è in scadenza quest’anno o il prossimo anno. According to Mr. Kleiman, 200 billion dollars of debt of companies is due to expire this year or next year. He estimates that companies in Russia and the United Arab Emirates account for about half of that borrowing. He estimates that companies in Russia and the United Arab Emirates account for about half of that borrowing. Si stima che le imprese in Russia e gli Emirati Arabi Uniti rappresentano circa la metà di tale prestito. It is estimated that businesses in Russia and the United Arab Emirates account for about half of that loan.
“This is where the Achilles heel is,” he said. “This is where the Achilles heel is,” he said. “Qui è dove il tallone d’Achille è”, ha detto. “Here is where the Achilles’ heel is,” he said.
Companies in several countries face immediate tests. Companies in several countries face immediate tests. Aziende in diversi paesi faccia test immediato. Companies in different countries face immediate tests. Companies in China will have to borrow $8.8 billion in 2010; companies in Mexico $11 billion. Companies in China will have to borrow $ 8.8 billion in 2010, companies in Mexico $ 11 billion. Aziende in Cina dovrà prendere a prestito 8,8 miliardi dollari nel 2010; le imprese in Messico 11 miliardi dollari. Companies in China will have to borrow 8.8 billion U.S. dollars in 2010, with companies in Mexico 11 billion U.S. dollars.
According to an analysis by JPMorgan Chase, Russian companies borrowed $220 billion from banks or by selling bonds from 2006 to 2008. According to an analysis by JPMorgan Chase, Russian companies borrowed $ 220 billion from banks or by selling bonds from 2006 to 2008. Secondo un’analisi di JP Morgan Chase, le imprese russe in prestito 220 miliardi dollari dalle banche o dalla vendita di obbligazioni 2006-2008. According to an analysis by JP Morgan Chase, the Russian companies to borrow 220 billion U.S. dollars by banks or by selling bonds 2006-2008. That is the equivalent of 13 percent of Russia’s gross domestic product. That is the equivalent of 13 percent of Russia’s gross domestic product. Che è l’equivalente del 13 per cento della Russia prodotto interno lordo. In the Emirates, that figure was $135.6 billion, or 53 percent of GDP; in Turkey, it was $72 billion, or 10 percent of GDP; and in Kazakhstan, it was $44 billion, or 44 percent of GDP Negli Emirati, che la cifra era di 135,6 miliardi dollari, o 53 per cento del PIL, in Turchia, è stato 72 miliardi dollari, o 10 per cento del PIL, e in Kazakistan, è stato 44 miliardi dollari, o 44 per cento del PIL What is the equivalent of 13 percent of Russia’s gross domestic product. In the Emirates, that figure was $ 135.6 billion, or 53 percent of GDP, in Turkey, it was $ 72 billion, or 10 percent of GDP, and in Kazakhstan, it was $ 44 billion, or 44 percent of GDP In the Emirates, the figure was 135.6 billion U.S. dollars, or 53 percent of GDP in Turkey, was 72 billion U.S. dollars, or 10 percent of GDP, and in Kazakhstan, was 44 billion U.S. dollars, or 44 percent of GDP
In the past, if companies could not meet those obligations, governments might have stepped in. In the past, if companies could not meet those obligations, governments might have stepped into. But already some companies have defaulted on payments after assumed government guarantees failed to materialize. But some companies have already defaulted on payments after assumed government guarantees failed to materialize. In passato, se le imprese non potrebbero soddisfare tali obblighi, i governi potrebbero avere un passo dentro Ma già alcune imprese hanno omesso di pagare dopo aver assunto le garanzie del governo non si materializzò. In the past, if companies can not meet these requirements, governments may have stepped in but already some companies have failed to pay after he assumed the guarantees of the government did not materialize.
In Russia, for instance, the foreign debt totals more than $470 billion. In Russia, for instance, the foreign debt totals more than $ 470 billion. In Russia, ad esempio, il debito estero ammonta a più di 470 miliardi dollari. But only a tiny fraction of that — about $29 billion — is sovereign debt. In Russia, for example, the external debt amounts to more than 470 billion U.S. dollars. But only a tiny fraction of that – about $ 29 billion – is sovereign debt. Ma il debito solo una piccola parte di quella – circa 29 miliardi dollari – è sovrano. But the debt only a small part of that – about 29 billion U.S. dollars – is sovereign. The rest is owed by Russian companies, including state giants like Gazprom. The rest is owed by Russian companies, including giants like Gazprom state. Il resto è dovuto da società russe, tra cui i giganti statali come Gazprom. The rest is owed by Russian companies, including giants such as Gazprom state.
The most troubling case in Russia is Rusal, the world’s largest aluminum company, which owes $16 billion and has been in a standstill on repayment this year while dealing with creditors. The most Troubling homes in Russia is Rusal, the world’s largest aluminum company, Which owes $ 16 billion and has been at a standstill on repayment this year while dealing with creditors. Il caso più preoccupante in Russia è Rusal, società al mondo di alluminio più grande, che deve 16 miliardi dollari ed è stato in una battuta d’arresto in materia di rimborso di quest’anno, mentre trattare con i creditori. The most alarming in Russia is Rusal, the aluminum company in the world’s largest, which has 16 billion U.S. dollars and was a setback for the refunding of this year while dealing with creditors.
A subsidiary of a Russian state aircraft manufacturer defaulted on bonds last autumn despite a presumed sovereign guarantee. A subsidiary of a Russian aircraft manufacturer have defaulted on bonds last autumn despite a presumed sovereign guarantee. Una filiale di un produttore russo aeromobili di Stato in default sulle obbligazioni lo scorso autunno, nonostante una garanzia presunta sovrano. A subsidiary of a Russian aircraft manufacturer state defaulted on bonds last fall, despite a supposed sovereign guarantee. In Ukraine, the state energy company, Naftogaz, and a state railroad, have restructured or asked to restructure their debt. In Ukraine, the state energy company, Naftogaz, and a state railroad, have restructured or asked to restructure their debt. In Ucraina, la società energetica di Stato, Naftogaz, e una ferrovia dello stato, hanno ristrutturato o chiesto di ristrutturare il loro debito. In Ukraine, the state energy company, Naftogaz, and a railroad of the state, have restructured, or asked to restructure their debt.
“This was a trail that was blazed in this part of the world,” said Rory MacFarquhar, an economist at Goldman Sachs in Moscow, referring to governments retreating from implied guarantees of state company debt, as in the case of Dubai World. “This was a trail that was blazed in this part of the world,” said Rory MacFarquhar, an economist at Goldman Sachs in Moscow, referring to governments are retreating from implied guarantees of company debt, as in the case of Dubai World. “Questo era un percorso che è stato arso in questa parte del mondo”, ha dichiarato Rory MacFarquhar, un economista di Goldman Sachs a Mosca, riferendosi ai governi ritirando da garanzie implicite di debito un’azienda di Stato, come nel caso di Dubai World. “This was a course that has been burned in this part of the world,” said Rory MacFarquhar, an economist at Goldman Sachs in Moscow, referring to the government withdraw from implicit guarantees of debt of state company, such as the Dubai World .
The Dubai World debt restructuring is already lifting borrowing costs for Russian companies that must repay a total of $20 billion in December, according to Vladimir Tikhomirov, chief economist of UralSib bank in Moscow. The Dubai World debt restructuring is already lifting borrowing costs for Russian companies that must Repay a total of $ 20 billion in December, according to Vladimir Tikhomirov, chief economist of UralSib bank in Moscow. La ristrutturazione del debito Dubai World è già sollevamento oneri finanziari per le imprese russe che deve rimborsare un totale di $ 20 miliardi di dicembre, secondo Vladimir Tikhomirov, capo economista della banca UralSib a Mosca. Debt restructuring Dubai World has already raised borrowing costs for Russian companies must repay a total of $ 20 billion in December, according to Vladimir Tikhomirov, chief economist of the bank UralSib in Moscow.
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