It was indeed shocking to read about the latest financial storm (Nov. 28) that is brewing in the Middle East. Just when we thought that the worst of the recession was almost over, comes this shocker in the form of the Dubai crisis. Dubai has demonstrated a level of maturity and business acumen hitherto unseen in the Middle East and has been a role model for a few developed Western countries as well. Let us hope that it tackles the present crisis in a mature fashion.
Vishnu Asokan,
Thiruvananthapuram
The disclosure of liability of over $59 billion by the Dubai World has sent shock waves in the financial markets across the world, reflecting the fear over its possible negative impact on the recovery process of the global economic slowdown. An unprecedented construction boom witnessed in Dubai in recent times had attracted thousands of Indian workers whose fate now hangs in balance owing to the worrying developments in the Dubai World. It is time the Indian government took measures to insulate its economy from the impact. The Dubai World badly needs a bailout package from its neighbouring emirates.
M. Jeyaram,
Sholavandan
