|29 November 2009
Thailand, Singapore plays down impact from Dubai debt crisis
Thai Prime Minister Abhisit Vejjajiva said Saturday that economic ministers are monitoring the impact, if any, from the recent Dubai debt crisis, reported Thai News Agency.
Abhisit said the Dubai debt problem had already affected global trade and investment markets and it is necessary to map out measures to prevent the problem from getting out of hand.
The city-state's main investment arm, Dubai World, disclosed earlier this week that it was asking for at least a six-month delay on paying back its $60 billion debt. Several credit agencies have slashed the debt ratings on Dubai’s state companies as they consider the plan as a recognition of default.
In Sinapore, Minister in the Prime Minister's Office and Second Finance Minister Lim Hwee Hua said on Saturday that she did not expect Singapore banks to have a large exposure, if any at all, to the Dubai debt crisis. She said this is due to local banks being diversified in their risk taking.
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