The New York Times – Trying to prevent a run on its banks, and financial turmoil that some fear could spread globally, the United Arab Emirates helped calm financial markets Monday with its pledge to lend money to banks operating in Dubai, an action that came amid concerns about excessive borrowing around the world, Vikas Bajaj and Graham Bowley reported in The New York Times.
The move by the group’s central bank was an attempt to head off the kind of crisis of confidence that froze credit markets last year and brought the global economy to the brink of failure, threatening everyone from hedge fund billionaires to retirees who had their savings in supposedly safe investments.
