Maktoob reports that Emirates Airlines has confirmed that there is no Government of Dubai guarantee on any of its obligations.
This points up one of the many benefits of the explicit guarantee. You know when you've got one.
With the implicit guarantee, well, you're really never sure.
And often it turns out to be worth less than the paper it's not written on.
Anyone out there want to guess how many self-proclaimed bankers and investors thought they had a guarantee? They probably did but I think Sasquatch may have taken it with him last time he was at the credit or investment committee meeting. And he's quite a difficult fellow to locate when you need him.
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