« EMINENT DOMAINIA: Goldstein v. ESDC | Main | Revealed: state is prepared to issue up to $400 million in tax-exempt bonds so FCR could save on Atlantic Yards infrastructure »
November 30, 2009
Dubai and Atlantic Yards
NY Fiscal Watch
by Nicole Gelinas
“[Dubai] will not … be able to restore confidence in its solvency without support from Abu Dhabi, its oil-rich investor, neighbour and the more conservative senior partner in the United Arab Emirates. … Abu Dhabi should give whatever help is needed to bring this episode of incompetence to a close. Abu Dhabi allowed it to be believed that it was backstopping Dubai, so it should make good its promises. This will require a public guarantee of Dubai’s debts – and soon. The reputation of the whole UAE depends upon it.” — Financial Times editorial, Nov. 28, 2009
“I don’t know if I’d characterize [the state] as willing [to let Atlantic Yards' bonds default]. It’s just that the documents do not require us to make any payments.” — Jonathan Beyer, attorney, Empire State Development Corporation, Nov. 24, 2009
Posted by eric at November 30, 2009 12:13 PM