Yesterday Dubai announced it needs at least 6-month delay for repaying some of the $60 billion debt, that caused tumult in the world stock markets. Dubai seemed to stand up the period when other states were suffering severe impact of the global financial crisis.

However, constructing huge skyscrapers and islands shaped like a palm tree, Dubai only now faces the consequences of economic recession. The delay in paying back the debt raises doubt on economic situation in the region, the pay tick is just around the corner. Thus, it turns out that nobody is willing to invest in real estate, that is salt.

According to New York Times, foreign banks have $130 billion of exposure to the UAE, with UK having the largest one of $51 billion. Banks in the United States have debts of $13 billion.