The globalization of "extend and pretend"

It seems the entire world is just biding its time, waiting and hoping that asset values return to the lofty heights achieved a few years back and that people resume their mid-decade spendthrift ways. If you wait long enough, it just might work, though that theory will surely be put to a stern test in Dubai. Based on this Reuters story it looks like that's the plan.

Dubai pressing for time in hopes of market recovery

Dubai World is likely to press for more time to restructure its $22 billion debt so markets can recover, which will ease credit conditions and enable it to sell assets at higher prices, bankers and analysts said.

The Gulf emirate's debt-laden conglomerate has already put off asking formally for a debt standstill, telling creditors at a meeting on Monday that it would make its proposal in January.

Attendees at the meeting said they expected the banks would be inclined to give Dubai the green light when it made the request next month.

"Usually, in these situations, banks don't have much choice but to agree to standstill, as the amounts due are quite big, so an agreement has to be reached," said an Abu Dhabi-based banker on Tuesday.
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Dubai World and its lenders are betting on a market upturn that would alleviate the company's debt concerns and improve the chances and terms for selling some assets to generate cash.

BTW - what's with the new Reuters website? Orange? Sometimes not orange? And that immovable bar at the bottom that may or may not prove to be useful someday?