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Old 11-28-2009, 09:35 AM
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Default No need to press panic ****on on Dubai debt crisis: FM

CHANDIGARH: Finance Minister Pranab Mukherjee on Saturday in Chandigarh said that there is no need to press the panic ****on for the Dubai debt

crisis in India.

"There has been some adverse impact due to the crisis. This impact has yet to be assessed. The amount involved is small. Secondly, the exposure to the Dubai financial system of Indian banking system from view point of direct foreign investment or FII is limited. Hence we need not press the panic ****on," he said.

Further he added that some adverse effect will be there initially."Yesterday in the stock the initial impact was felt but thereafter it recovered."

On the questions of Indian working there retaining there jobs he said that it has to be seen how it impacts the Indians."i don't think that there will be severely impacted, but it has to be watched." The finance minister was also of the opinion that the concern of remittances from Dubai to be slowed down have to be seen. "Let us wait and watch what has happened recently. I don't visualize it is going to be earth shaking adverse effect."
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Old 11-28-2009, 09:37 AM
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ABU DHABI: Abu Dhabi, capital of the United Arab Emirates and one of the world's top oil exporters, will "pick and choose" how to assist its

debt-laden neighbour Dubai, a senior Abu Dhabi official said on Saturday.

"We will look at Dubai's commitments and approach them on a case-by-case basis. It does not mean that Abu Dhabi will underwrite all of their debts," the official said over telephone.

The government official declined to be identified because he is not authorised to speak to the media. "Some of Dubai's entities are commercial, semi-government ones.
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