While Dubai's seeking to suspend debt repayments is undoubtedly bad news, the emirate's financial problems have been reported for some time now. Simply survey numerous articles in Emirates Business, for example.
While these articles may be news to John Q. Public, financial experts, we are told, keep on top of such things. And we are further told that these experts, foreseeing such risks, should have already factored them into the financial markets. So the actual news that Dubai was going to default should not have had that great of an impact.
But it did.
Which means that our financial experts are not as on top of things as they should be. Nor are the markets functioning as they are supposed to.
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