UAE to back banks amid Dubai meltdown (AP)

Courtesy Ytop stories  Sun, 11/29/2009 - 9:06am

A foreign labourer pictured at the construction site of Dubai's Business Bay on November 27.<br /><br />The central bank of the United Arab Emirates has said it is providing banks with extra liquidity, stressing its support to the banking sector after Dubai World asked to suspend debt payments.(AFP/File/Karim Sahib)AP - The United Arab Emirates' central bank is saying it "stands behind" local and foreign banks operating in the country, offering them access to money in a sign the Gulf Arab nation's federal government is racing to curtail investor fears over Dubai's crushing debt.




 

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