In Europe, where the bank could have, between investments and credits, near 27,000 million Euros it jeopardize in projects in Dubai, emphasized the fall of London, the 3.18 percent, Frankfurt lost the 3.25 percent; Paris, the 3.41 percent and Madrid, the 2.58 percent.

Although the one was the financial sector that dragged to the bags, the majority of the consulted European banks said that its exhibition to Dubai and Dubai World is small or they did not make commentaries, and several Spanish organizations and financial sources emphasized that the Spanish bank has practically not invested in that country.

The banks that acted like managers and colocadores in the last loan granted in June of 2008 to Dubai World, by 5,500 million dollars, were HSBC Holding companies, RBS, Lloyds, ING. Group and Calyon, Crédit Agricole, as well as Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Banking, Emirates Bank and Mashreq Bank.

Between the European organizations, it emphasized the fall of the 8 percent of Barclays Bank and the 7.5 percent of Royal Bank of Scotland, whereas Deutsche Bank lost the 6.4 percent; Société Générale, 5.48 percent and BBVA and Banco Santander, a little more the 3 percent.

The alarms jumped when it was known that the Ministry of Finances of Dubai asked for yesterday a postponement until the end of May of the payment of an emission of debt of 4,000 million Euros of Dubai World and its real estate division Nakheel, that had to be executed in the middle of December.

In addition, the request of the moratorium arrived after Dubai assured that it would fulfill all the obligations derived from his debt, 80,000 million dollars, in spite of the recession and to the real estate crisis and of which it said that it had obtained 5,000 million dollars of two banks of Abu Dhabi.

Everything arose by the financial problems of the real estate Nakheel, constructor of the Islands of the Palms, a complex of hotels and towns of luxury located in artificial islands, have had to dismiss of employees because of the crisis of real estate the thousands sector and the financial drought.

The Government of Dubai has been forced to resign to the plans that he had to construct the highest tower of the world, as well as more artificial islands.

In this day also he knew himself that the agency of qualification of risks Standard and Poor’s has placed under negative monitoring to four emiratíes banks.

Thus, he has granted to the organizations Emirates Bank International (EBI), National Bank of Dubai (NBD) and to Mashreqbank (Mashreq) a credit qualification, “with negative implications”, of “a” in the long term. Fitch also reduced the credit quality of several state companies.

Before the magnitude of the problem, the Arab Emirate indicated that it has initiated the reform of the state investing group, that it administers to harbor manager DP Worlld, company P&O Ferries, with soothes in the United Kingdom, and the group of Istithmar investments.

Nevertheless, it indicated that DP World, one of and his harbor operator businesses the country fourth the most profitable company of the world in this business, it is exempted of the reconstruction of the debt announced for the conglomerate Dubai World.

According to it reported German agency DPA, the bankruptcy of more than one hundred banks, in his majority small, from the beginning of 2009 forced the FDIC to inform into his second greater loss in his history.

The agency informed into a negative balance of 8200 million dollars by the end of September.

That loss forced the FDIC to announce that it will in advance collect the rates of three years, with the hope to reunite the 45,000 million necessary dollars for its bottom of guarantee of deposits that avoid the predicted banking collapses for 2010.

The American financial sector became stabilized a little since almost colapsara towards 2008 ends. Nevertheless, the FDIC informed into 50 banks that declared bankruptcy in the third trimester, the greater amount from 1990.

“So far, the credit adversity that we come observing for some time remains with us, and we hoped that it is thus at least several trimesters more before we see a significant improvement in that tendency”, it said the president of the FDIC, Sheila Bair. (TÉLAM)

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Dubai has struck a hard blow to the European and Asian bank that, as well, has dragged to the main stock-exchange places of the Old Continent and Southeast Asia. The tap jumped after the request of the Government to postpone six months the bulky debt that accumulates Dubai World, great `holding’ state person in charge of some of the more outlandish real estate projects of the world.

And it is that, Dubai took advantage of the time credit bubble of the last decade to generate spectacular economic a growth essentially based on the real estate market.

In the last months, and in spite of the evident deterioration that came undergoing the market from the house to world-wide level, city-been it had assured time and time again the investors who could fulfill all requirements of gross debt, that ascends to a total of 80,000 million dollars. Dubai has asked for a postponement of six months (until next the 30 of May) to fulfill its commitments of payment, after “congealing” (to suspend) a debt for 59,000 million dollars.

Between affected bonds is a debt of 3,500 million dollars pertaining to Nakheel, a subsidiary of Dubai World, that had to become the next December effective. The bond was considered a crucial test of the capacity of Dubai to pay its debts, in the middle of a collapse of the market of real estate that has expanded throughout the economy of the Arab Emirate.

In the last Dubai hours it has obtained 5,000 million dollars of two banks of Abu Dhabi, like part of a program of financial aid that ascends to 20,000 million. The bonds are equivalent to a rescue of Dubai on the part of the United Arab Emirates headed by Abu Dhabi (Abu Dhabi and Dubai are both main semiindependent Emirates that integrate the United Arab Emirates), according to informs The Wall Street Journal.

The debt postponement has affected completely already the delicate credibility of the city been, drowned by its high indebtedness and the collapse of its real estate market. In fact, according to the market of Credit Default Swaps (CDS), a species of certainly engages the investors to protect itself of possible non-payments, the bonds to five years of the Government of Dubai went off until the 571 basic points.

This means that an investor must pay 571,000 dollars to assure sovereign debt by value 10 million. The fear has extended to other sovereign bonds of the region, like those of Abu Dhabi, whose CDS they raised until the 169 basic points against the 136.4 of yesterday, Qatar (129.5 against 103.7), Arabia (114.7 against 90.4) or Bahrain (222 against 194.5). The greater perception of risk also has been affected otos emergent markets, like those of East Europe.

Stock-exchange falls

The possible fall of Dubai has dragged to the European and Asian bank, since very it is exposed to the great dubaití real estate bubble. These organizations, mainly the German bank and the one of Hong Kong, cheap granted numerous credits for the development of the huge real estate complexes constructed to the heat of the easy money and.

Like result, their actions have undergone a corrective duro to the loss that, as well, has dragged to the main markets: to average session, the Ibex yielded a 1.7% and it was placed below the 11,800 points, the German Dax lowered a 2%, like 40 MILLRACE French. London lost a 1.6% until a technical problem forced to close the park. Peculiarly, stock-market of New York and the one of Dubai also remain closed to agree with festive.

Exhibition of the European bank: 13.000 million Euros

According to the analysts of Credit Suisse, the exhibition of the European bank to the debt of Dubai ascends to 13,000 million Euros. “A loss of 50% of this exhibition would be equivalent to an increase of 5% of the provisions for 2010, or a blow of about 5,000 million Euros after taxes”. The German bank also is very exhibited to the countries of the East of Europe, Greece and Spain.

The banks German have used during the financial crisis between the 40 and 45% of the volume of liquidity that the European Central bank (BCE) has injected in the market in its operations of refinancing.

This number, that the Bundesbank facilitated in the presentation of its first report of financial stability, shows the difficulties of the institutes of credit of Germany, the greater economy of the zone of the Euro, from the beginning of the crisis in August of 2007 and after its intensification with the bankruptcy of Lehman Brothers in September of the past year. In fact, the Bundesbank esteem that the Germanic financial system will lose other 90,000 million Euros.

“A planned” market

To the peculiar Capitalism practiced in Dubai “free market of central planning” has been called him, I generate that, as alerted those in favor of Capitalism to droughts, it was going to leave like the rosary of the aurora.  The small Emirate of the Gulf, in that two little million of people live, has built the miracle to grow of maintained way – that nonsustainable during 10 years to rates who cleared hipo, superiors even, sometimes, to those of the Asian tigers.

Dubai, like the rest of their neighbors of the Gulf, lived on the fishing and “hunting” Rep them until the irruption of petroleum in second half of century XX. Emir Zayed Sultan To the Nahyan, one of the abiertos agent chief executives of the Middle East more towards the West, glimpsed next to the today Emir Mohammed Rashid To the Maktoum a modern and flourishing Dubai that did not depend exclusively on petroleum. To it both strave, with more conviction the second, abriendo the country to the foreigners.

During the last Dubai lustrum it has been a paradise for investors, western bankers and executives. To the arrival of strangers it accompanied a unique city-planning program to him in the world. The Dubai of 1999 is not looked in anything like the one of 2009. In the desert the skyscrapers have grown as glazed ears of wheat.

The best architects of the world have worked to borders of the Persian giving some of the best raised towers in which he goes of century. The Burj Dubai is, with its 818 meters of height, the highest structure never constructed by the man.

Skyline of Dubai is only the appetizer. The two companies that have thrown of the car of the construction and which today they are become indebted, Dubai World and Nakheel, both state ones, undertook a project to horse between the reality and the fiction: to take terrain to him to the sea by means of artificial islands. And not islands anyone but artistic islands, with form of palm like the famous Jumeirah Island or drawing a map of the world on the bay.

During years he was not spoken of another thing and the investors spilled on the Emirate a battery of fresh dollars. All almost went to the real estate sector, that entered a bullish spiral locating the squared meter of Dubai between most expensive of the world. Until the bubble, induced by the state megaproyectos and the money in abundance that arrived from Europe and the United States, exploded the past year suddenly.

The western money stopped flowing, the villas against the coast stopped being sold and the luxurious buildings of offices began to remain empty. To day of today, one of each four houses in Dubai is empty and that the prices have fallen until a 50% on those of 2007. The two great governmental companies cannot do against everything what they had borrowed in the good times and not even accumulate a millionaire debt that nobody can guarantee, the Property of the Emirate.

The income of petroleum are one minucia in comparison with the numbers that the business of the construction handles. Petroleum contributes only 5.1% of the GIP inflated by the real estate bubble.

With a so black panorama to Dubai World and Nakheel they do not have left much more option than to present/display the bankruptcy and to pay what they can with the real estate patrimony that they own. The Emirate is a State and, like so, it cannot break but it will have to tighten well hard the belt and to attend the aim of a dream that has finished in nightmare.

And not even at this stingy level it can already continue this one. The destruction of the planet by the world-wide development of Capitalism has taken to a point in which the humanity can be extinguished in few decades.

And nevertheless this same development has done possible to abolish the system of hierarchy and operation based previously on the material shortage and to inaugurate a new form and genuinely released of society.

Jumping from a disaster to another one in its way to the collective dementia and the ecological apocalypse, this system has developed an inertia outside control, even for its supposed owners. As we came near to a world in that we are not able to leave our ghettos fortified without armed watchmen, neither to go out without applying solar protection not to take a skin cancer to us, is the more difficult to take in serious to those who advises to beg for a few reforms.

What lack does, I create, is world-wide a democratic-participating revolution that would abolish so much Capitalism as the state. I admit that it is much to ask, but I am afraid that it will not be enough with any solution of smaller reach to arrive at the root of our problems. It can seem absurd to speak of revolution, but all the alternatives assume the continuation of the present system, that is still more absurd. “

They are the symptoms of the crisis that continues appearing, and that not yet they are let absolutely feel. Then although already we listened to in mass average Chileans who the worse thing of the crisis happened and that now the economy is recovering, the facts and by coming do not make doubt the veracity of their sayings.

The request of the Emirate of a moratorium for its “holding company” Dubai World, person in charge of several of the more outlandish real estate projects of the world, was done public today by the British newspaper Financial Times.

This “default” could become the public major from which it affected to Argentina in 2001.

The fear to the collapse of the Arab State, very punished by the crisis, flooded of pesimism the investors and Latin America was not the exception, beginning by Buenos Aires, whose Merval index fell 4.28%, until the 2,156, 99 points, in a day with businesses by 43.2 million Argentine pesos (11.3 million dollars).

The stock-exchange wheel of Santiago was added to the losing wave, when descending 2.15% in indicator IPSA and closing in 3.184, 04 points, after reporting transactions by 27.341.257.543 pesos Chilean (54.68 million dollars).

Numbers more numbers less, the dollar continue lowering, the Central bank not yet takes part apparently the fashion that comes are the DEG, although from the IMF they have declared that the imperial currency still has for short while in the dominion of the international trade.

Thus it indicated the councilman of Urbanism of Siero, Wagon Julio, who made clear that if this company does not conclude of satisfactory form the green zone and the anticipated school of road education for this space will be the own town hall that undertakes the works. For it the endorsement deposited by the company will be used in the municipal coffers and that ascends to 2.4 million.

Wagon indicated that in spite of the dissolution of the company, by the Court of Mercantile Number 1 of Oviedo, “this one follows lives and the liquidator ones are the legitimate spokesmen and who they must make decisions”. The edile went butcher when aiming that deposited endorsement will not be given back, while the Metropolitan Park of Walls is not solved as it remembered at the time.

From the town hall one remembered that the promoter of Park Principality was going to develop this equipment in the environs of the commercial zone, like part of the commitments subscribed between both parts in 1996. He was in the 2006 when the plenary session of Siero approved to allow this promoter who subrogated these obligations in the Excarpri company. Since then the green zone and the school of road education did not arrive to be received by the sierense town hall.

From the area of Urbanism the necessity was clear to undertake and to conclude this equipment, that at present is in “cochambroso state”, they indicated the people in charge of the area of municipal Urbanism.

Wagon aimed that it will maintain a meeting with people in charge of the company next the 3 of December. In spite of knowing that the company was in a competing procedure, the socialist edile indicated that “we had been time speaking to look for satisfactory solutions for the municipal interests”.

In the case of not reaching an agreement and having to use endorsement, the person in charge of Urbanism recognized that this one will be sufficient as much to execute the part that remains to undertake of the work, like for the maintenance of the green spaces.

From the PP responsibilities will be requested before the present situation of the company, since “from the beginning we criticized this subrogation”.

In the end, the terrible governmental management of the company, the fall of the world-wide demand of petroleum and the null confidence that a country as Venezuela inspires by the investors have taken to once the powerful PDVSA to the same edge of the bankruptcy.

Less income more expenses

The numbers do not give foot to many interpretations. The income have collapsed a 52% in the first semester of 2009 due to the contraction of the demand, especially the North American, and to the increase of expenses that it has had to face the oil one after the nationalization in May of 60 companies of oil services, whose 8,000 employees have happened to thicken the PDVSA list.

Chávez, that to expropriate these companies in which it denominated a “historical act of sovereignty”, already owns the control of the practical totality of the Venezuelan oil industry, from the extraction to the commercialization happening through the transport and the maintenance. A mamotreto similar and managed by the men of the president, good subjects but bad industralists, has finished leaking and supposedly eating substantial and the inexhaustible yields of petroleum.

The bank has had to put on the table 2,000 million dollars to pay lists that, more likely, will not recover. The non-payments are the dominant tonic in PDVSA. One is pleased to the contractors, neither to the suppliers nor, naturally, to the banks. Little that is being of company deprived in Venezuela it fears to the president and his expropiating avidity.

In the Palace of Miraflores they do not seem to have understood the terminal crisis which they face and they continue spending lavishly and giving the money. Only in Venezuela imports it spends 40,000 million annual dollars, that today are almost the oil income of the country. It would be necessary to add the interests of the debt and the riotous cost to him in maintaining from bottoms the friendly Governments of Bolivia, Ecuador and Cuba well assorted.

PDVSA has destined about 30,000 million dollars to the countries clients and prochavistas organizations worldwide. And that to only buy wills in the outside. Within Venezuela the economy is acquiring the landlords of inefficiency and corruption of the socialist economies.

Social wastes grow, but not it production of the country, more and more estatalizada and put under the whims of the bolivariano caudillo. Only in Defense the cost has increased a 30%, that serves well to feed the official paranoia on the imminent war against Colombia and the United States. The Central bank of Venezuela has calculated the increase of public cost it has based and it in an increase of 837% between 1999 and 2007. During the good years that cost could be cushioned by riada of petrodollars that flooded the country, now, with the skinny cows, the system is in danger to colapsar.

The investors distrust

The investors have given the back him to the regime because they do not entrust themselves in him. Because to make businesses in Venezuela he constitutes a considerable risk, others because the dictator does not pay or for behind schedule, badly and never. The reserves of the Strip of the Orinoco, that were the great hope of Chávez to overcome the flight, do not finish putting themselves to work. Two agreements have been only signed, with the Chinese CNPC and Indian ONGC. The rest of permissions follows slopes, tangled in the laberíntica and arbitrary Venezuelan bureaucracy.

The United States, main client of Venezuelan petroleum from always, has looked for alternative. They have reduced the imports of crude Venezuelan to half. The World Bank has made public that only a 9.6% of the petroleum concerned by the USA come from Venezuela, when 10 years ago he was 17%.

The Yankee vilipendiados ones have found suppliers more reliable, like Brazilian Petrobra’s or Mexican PEMEX. But, paradoxicalally, Venezuela is more and more employee of the American market, however, the percentage of the Venezuelan production that is sold in the United States is of 74%, the highest level in the last years.

The economy of Venezuela, as it is conceived, is untenable in the short term. If petroleum stays below the 100 dollars/Chávez barrel it has it very difficult to square ruinous accounts that every time are looked more like those of the Great Captain. And the bankruptcy of the oil model would bring prepared, inevitably, the collapse of its bolivariana revolution.

The public prosecutor of State, Julio Caesar Rodriguez You sign, thought that to the employees public who have appeared in Justice to request their own bankruptcy asphyxiated by debts impagas, would correspond to them to initiate a summary and, where appropriate, to apply to them the maximum sanction to them: the suspension.
It said it leaning in the text of the provincial Constitution, that prohibition restrictively the possibility that they can “be used, civil service nor legislators the indebted ones of the Province which, executed legally, the disqualified ones by sentence have not paid to their debts and”.
In the provincial State, already they register cases of employees who have gone to Justice, and have obtained that they dictate its own bankruptcy to them. Thus at least they admitted the holder to it of the credit card Sidecreer, Grey-haired Juan Jose, and president of the Institute Social Obra of the Province among Rivers (Iosper), Silvio Moreyra.
The majority of the cases corresponds to agents of the Police, the Secretariat of Health and the Municipality of Parana.
Evaluation
The public prosecutor of State says, equally, that there will be “to interpret” what I reach has the incapacitation of the fraction, although advanced in an own opinion: Rodriguez You sign was put to the current of the existence of orders of bankruptcy on the part of agents public, although it admitted that not yet it counts on no file to consider.
“We must interpret to what incapacitation talks about the Constitution. I say that she does not talk about to the accessory incapacitation the penal sentence. It is necessary to consider that are two types of incapacitations. One as a result of the penal sentence, but the hypothesis that raises the article 43º of the Constitution is a hypothesis different from the penal sentence. In my opinion, that is still not overturned in an opinion, the incapacitation to that it talks about is the civil incapacitation, and as the law of bankruptcies causes the incapacitation, I understand that a fraction cannot continue being used of the State”, indicated to the NEWSPAPER.
-And which would be the consequence?
- In my opinion, the suspension. Or at least, it is an impediment to be used of the State. This worsens in the case of the agents of the Police, inasmuch as the police regime establishes prohibitions it express. But really, the constitutional impediments are applicable to any public employee. But in this the Office of the public prosecutor must consider.
-There are previous steps to give before the suspension?
- This deserves a summary. That is to say, an instance so that the fraction can exert its defense. Anyway, the bankruptcy was not dictated to order of the creditors but to order of the own employee.
Preoccupation
The order of judicial bankruptcy on the part of the employees public is a tendency that has begun to worry in the Government. The cases are being current currency in the Civil Court and Commercial Nº 9 of Contests and Bankruptcies, where his holder, Maria Gabriela Tepsich, already have dictated several sentences: some data give account of 30, although also esteem that could arrive at 50.
The bankruptcy order is a direct consequence of the insolvency to do against the liabilities. A person, legal physics or, a public employee or a company, are going to Justice to request that proceeding when she has more debts than payment capacity, and is in payment cessation. Although the dictation of disqualifies it to the bankruptcy to exert the commerce, and leaves to everyone outside the financial circuit.
In the Association Working of the State (IT TIES) they affirm that the situation is consequence of the strong loss of the spending power of the wage of the employees public. In Between Rivers, they affirm, the guaranteed minimum is of 1,240 pesos, and for more of a year that sum it does not modify. For that reason, the union has demanded an increase of emergencia of 400 pesos. And they add a data: about 15 thousand employees of the State, on a total of 30 thousands, are below the line of poverty.
As it will be, in the Government the subject worries. “This tendency between the employees worries to Us. It worries that a current of 100 to 300 employees can be generated who begin to request their own bankruptcy”, emphasized the public prosecutor of State.