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November 27, 2009

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Emirate's Woes Rattle Europe Banking Shares

DUBAI'S debt problems shook European bank shares yesterday despite the emirate's efforts to minimize the impact of a debt restructuring plan at two of its biggest firms that raised fears of default.

Banks shares, which had rallied over the last six months on hopes the worst of a global slump was over, fell to lows not seen since May on fears of exposure to Dubai.

Yesterday, Dubai tried to revive some confidence, by saying its profitable DP World would not be involved in the restructuring.

It might be a move to distinguish the solvent from less solvent firms, said a chief economist at Saudi Fransi bank.


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