Cyprus faces a "material and rising risk" of defaulting on its sovereign debt, especially if the euro zone and International Monetary Fund do not come up with aid, rating agency Standard & Poor's said on Wedne
The UAE will settle defaulted loans owed by its by citizens, up to Dh5 million ($1.36 million) each, state news agency WAM said on Thursday, in the second such move by the government this year.
The order from UAE president, Sheikh Kh
Greece averted on Friday the immediate risk of an uncontrolled default, winning strong acceptance from its private creditors for a bond swap deal which will ease its massive public debt and clear the way for a new international bailout.
A disorderly default in Greece would probably leave Italy and Spain needing outside help to stop risks spreading, and cause more than 1 trillion euros ($1.3 trillion) damage to the euro zone, the Institute of International Finance said.
Dubai's government has no plans to restructure debt held by state-linked companies, although it is ready to support them through 'various' refinancing options, it said on Wednesday.
The Financial Times reported on Tuesday that
The Grand Court of the Cayman Islands yesterday granted a default judgment in favour of Ahmad Hamad Algosaibi & Brothers (AHAB) against Maan Al Sanea, said a report.
AHAB said it would now push for an assessment of damages for conspira
World stocks and the euro fell sharply on Monday as investors feared a messy Greek default within weeks unless Athens implements the austerity measures demanded by its international lenders.
International lenders told Greece on Monday that
A debt swap meant to help Greece avoid default and win time to repair its tattered public finances hung in the balance with expectations of take-up by private creditors slipping amid fierce European pressure on Athens.
Banks and insurers w
A last-gasp deal to raise the US borrowing limit cleared its biggest hurdle in Congress on Monday, warding off the risk of a debt default after weeks of partisan feuding that damaged America's image abroad.
A day before