As creditors raced to Dubai the question in everyone’s mind seems to be where is the next Dubai going to be. Unfortunately in a post economic crisis world the number of candidates for that designation is growing. CNN has an interesting article on this subject and their call backed up by analysis from top economist is Greece. Why Greece?
The southern European state, with a long history of loose finances, is coming under attack in the credit markets for its excessive spending.
The Greek government’s cost of borrowing money has surged following a rating agency downgrade early in 2009. The cost of insuring its government bonds against default has soared tenfold since the financial crisis started brewing in 2007.
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