Gulf banks bracing for serious trouble with unfolding crisis
Gulf banks, already reeling under defaults by two major Saudi groups and Kuwaiti investment firms, are bracing for more serious trouble with the unfolding Dubai debt crisis, analysts said yesterday.
As an indication of how bad the The Banking Liquidity Crisis is, the Federal Reserve held the first emergency weekend meeting in 30 years to try and save investment bank Bear Stearns, which was in danger of going bankrupt thanks to bad mortgage-backed securities and other collateralized debt obligations.