The crisis is linked to the stricken Dubai property giant Nakheel, whose logo is seen here lining a street in Dubai. Global stock markets fell for a second day over investor alarm about possible domino defaults rippling out from a shock request by Dubai to suspend debt payments.(AFP/Karim Sahib)
Dubai a city-state on the Arabian peninsula and member of the United Arab Emerites has requested an extension on over $60 billion of debt. That action rattled markets in Asia which started selling gold which has been an investment magnate the past year.
Hong Kong shares have tumbled almost 5% as investors were spooked after Dubai asked for a debt repayment delay for a key state-owned firm( AFPTV)