Dubai government said Monday that it was not responsible, for the debts of Dubai World alleged that Arab states must guarantee the obligations of the organization dealing a setback for creditors.

, Abdulrahman Al Saleh, Dubai Department of Finance Director “for creditors to lend their business must take responsibility for decisions’ said.” They think the world is Dubai, part of which is incorrect. “

In his first statement since the crisis began, Dubai World holding company controlled by the government at the center of the storm, said in a restructured loan 26 billion US and mainly means the owner of dollars companies are Nakheel and unlimited influence.

Like DP World, Jebel Ali Free Zone and other companies as Istithmar World, is involved in restructuring, because they are financially stable, said in a statement released by e-mail late Monday night.

$ 26 billion mark an unprecedented crisis can help to address the scope of the market, estimates that the restructuring liabilities of 59 billion US Dollars or more will be affected.

United Arab Emirates shares Monday as investors lost unit issued by Dubai World and Nakheel to pay billions of dollars of debt in May 2010 as one of Dubai for delaying the application waiting for greater clarity about were three specific palm sponsors – the size of the island in the Emirates.

European stocks fell as investors worried about the financial crisis of sovereignty, FTSEurofirst 300 by 1.4 percent. But the U.S. dollar fell against the euro after United Arab Emirates promised cash, reduce concerns about the default.

Comments Dubai TV, a Dubai, United Arab Emirates with stations owned by the ruling came in an interview after the market closed Salih.

,, Algebra Capital managing director Mohieddine Kronfol “He has confirmed that it will be a restructuring and what we can differentiate between the government and industry are doing” said.

“The fact that you have great potential that is breaking is a phenomenon not change. That people will not comply with the expectations of the announcement.”

United Arab Emirates central bank has pledged financial assistance, helping to stabilize world markets.

Central Bank and local banks additional liquidity for the promise of a government oil export neighboring Dubai, Abu Dhabi, Sunday is the goal of supporting companies in Dubai.

World Dubai, United Arab Emirates central bank governor’s debt problems without directly talking for no reason on Monday that care about local banks, which said that proved able to weather global crisis was.

“I have any advice for foreign investors. We have available for investment and realistic opportunities to study the feasibility studies are the real opportunities, need to ensure no risk,” state news agency WAM Sultan Nasser Al Suweidi quoted saying.

, Emerging markets research in London in commerzbank chief said Michael Ganske is a defect, which ultimately could benefit the field, “it is likely to speed.

He said, “At the end of the day Dubai, Dubai’s sovereign risk for falling should be good” said.

Dubai World – - from the liabilities at August 59 billion US for restructuring last week, investor dollars as the case shocked with news of pending applications with Nakheel with the producer. Agreement about $ 5.7 billion in debt maturing by the end of May is affected.

Nakheel ago, on Monday called on three of its Islamic bond, the total value of $ 5.25 billion Nasdaq suspended Dubai until he “was fully informed market.

Independent unit

Saleh on Monday it is clear that when government-owned Dubai World, the organization has long served as an independent unit and was not guaranteed by the Government of UAE made.

“It is on this basis and all parties have their projects based on … and,” Saleh said no government guarantee.

When contacted by Reuters, and asked if Dubai Nakheel could pay his bail, Mr. Saleh refused comment.

Budget Committee, said the head of Dubai’s government debt was $ 10 billion. Dubai’s government debt “is found.’s The only 10 million. There should be no confusion between the Government of () and any company,” Dhahi Khalfan Tamim, Dubai Police, the head of Al Arabiya television.

Dubai World Chairman Sultan Ahmed Bin refused to comment Monday Sulayem also. Other Dubai World officials could not be reached.

, Saudi Fransi Bank chief economist at Credit Agricole Group in Dubai, said John Sfakianakis major differences between the government and less.

“What role does God?, He said Riyadh that it creates uncertainty continues.” “Their goal is the difference between the two, but the difference … it’s cloudy.

Saleh said that he thought the market reaction Dubai World, which initially refused to global financial confidence has announced last Wednesday was overstated.

He said, “Restructuring is a wise decision in the interests of all parties in the long term, but are troubled by creditors in the short term” said.