Fears of Double-Dip Recession Grow as Dubai Crashes

Fears of Double-Dip Recession Grow as Dubai Crashes: "Share prices in the City suffered their biggest fall since March today amid fears that a debt crisis in the millionaires' playground of Dubai heralded a new phase in the global financial meltdown and a double-dip recession in 2010.

With Alistair Darling admitting that he had been forced to rip up his already gloomy forecasts for the UK economy this year, the FTSE 100 index of leading shares dropped more than 170 points – wiping 44 billion off their value.

The market turmoil – which saw jittery investors retreat to the traditional safe havens of bonds, the Swiss franc and the US dollar – followed news that the government-owned conglomerate Dubai World had asked its creditors for a six-month debt moratorium..."