Dubai's economy has gone belly-up and it's main investment arm (which is the Government by any other name) has suddenly decided that it can't afford to repay the debts it has incurred.
It is not about lack of income coming into the organisation, as the oil price is continuing to support the planned investments, but is is everything to do with the inability (or unwillingness) of tenants to pay the landlords any rental income.
In simple terms, you are using your excess salary to fund the purchase of new buy-to-lets whilst the value of the existing properties crashes and the rental income doesn't cover the mortgage. Oh, and by the way the value of the properties is less than the outstanding mortgage.
It's around this time that the IMF usually in and instruct the country on how to recover, but somehow I think that Dubai may be too proud to allow this to happen. Yet.
But it bodes ill for other investments that they have made across the world which may need to be realised quickly and may drag down other companies.
Allied to the surreptitious loans to the Scottish Banks and a pattern of covert financial disaster becomes apparent. Dear God, what have the Governments brought us to?