The UAE United Arab Emirates
Is a bunch of Emirs(kings or Sheiks) whose kingdoms have come together to form the UAE.
Offers protection, economy of size etc.
But if 1 sheik goes off and spends $70 Billion on Crazy projects, then the others are not going to go under for him.
Abu Dhabi, I heard, already has given $10 billion to Dubai for this mess.
To expect a total bail out would be wishful thinking.
Its like, in your street there are 10 houses, if your neighbour decides to spend $10 million on fancy projects, then defaults, would you go and repay his loan ?
looking good..., page-14
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