The Dubai problems slowly start to emerge….
By Daniel at 12 December, 2009, 2:18 pm
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Japan’s non-financial firms had some 7.5 billion dollars in uncollected bills from the Dubai government and its affiliated firms as of the end of October, the Nikkei business daily reported on Saturday.The data, excluding bank loans, was derived from a total of 18 projects worth about 15 billion dollars and involving Japanese general contractors, trading houses and electric machinery manufacturers, the daily said.
The figures include public works projects commissioned by the Dubai government, such as subway and road construction, it added.
About one billion dollars of the accounts receivable have gone unpaid past their due dates, with some of them more than a year overdue, the newspaper said, quoting Japanese government officials.
http://uk.news.yahoo.com/18/20091212/tbs-japan-firms-owed-7-5-bln-by-dubai-re-5268574.html
The Dubai problems slowly start to emerge….
The next : Ukraine on Friday appealed to the International Monetary Fund for a loan of around two billion dollars to overcome an “extremely difficult” financial situation, government officials said.
The cash would be half of the next tranche of Ukraine’s 16.4-billion-dollar standby credit from the IMF that was agreed last year, Natalya Lysova, spokeswoman for Deputy Prime Minister Grigory Nemyria, told AFP.”It amounts to around 2 billion dollars,” she said.
Lysova confirmed comments made by Nemyria to the Financial Times published Friday afternoon describing Ukraine’s current financial situation as “extremely difficult,” without giving further details.
The newspaper said Nemyria was referring to the government’s ability to pay state salaries, pensions, foreign obligations and monthly payments to Russia for gas supplies.
Concerns about the stability of the Ukrainian economy have grown over the last weeks after the financial problems of Dubai and Greece rattled global markets……
To be continued…
Ukraine is in REALLY BAD shape.
IMF has refused the next part (4th) of their loan ($3.5B) yesterday, and they asked for an emergency loan right after ($2B).
I would be surprised if they got it, since there are elections coming, and both nominees are promising more spending, which IMF does not like.
They are really running out of money.
articles to read:
http://www.nytimes.com/2009/12/11/business/global/11ukraine.html?_r=1&scp=2&sq=ukraine&st=cse
http://www.bloomberg.com/apps/news?pid=20601085&sid=aPBmeyBQzwyU
- doubledutch
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