着骆驼的迪拜当地人，远处高耸的建筑物是正在建设的迪拜塔
迪拜政府周三宣布，将负责王牌公司迪拜世界(Dubai World)的重组，并要求债权人接受延期还款。次日，欧洲和亚洲各地的投资者抛售银行类股，推高了迪拜违约保险的价格。
Investors sold banking stocks across Europe and Asia and jacked up the price of insuring against Dubai defaults, a day after the government said it would take charge of restructuring its corporate flagship, Dubai World, and asked creditors to accept delayed payments.
迪拜政府周三宣布，将暂停偿债6个月，令投资者和分析人士大吃一惊。此前数月，政府官员的积极举措和言辞一直都在暗示迪拜和阿联酋政府愿意介入、填补融资窟窿。
A Wednesday announcement of a six-month standstill in debt payments took investors and analysts by surprise. It followed months of positive moves and comments from government officials suggesting Dubai and the federal government of the United Arab Emirates were willing to step in to plug financing holes.
惠誉国际评级(Fitch Ratings)驻伦敦信贷分析师福克斯(Richard Fox)说，公告产生的最大负面影响是严重动摇了投资者对阿联酋和这一地区的信心，人们现在会对政府的支持产生质疑。
'The most negative effect of [the] announcement is a major shock to confidence in the U.A.E. and the region more generally,' said Richard Fox, a credit analyst at Fitch Ratings in London. 'People will now question government support.'
在国际银行家和分析人士纷纷评估全球在迪拜的风险敞口之际，迪拜世界周四说，公司旗下的盈利港口子公司DP World将不包括在重组中。
Amid a scramble by international bankers and analysts to assess global exposure to Dubai, the company said Thursday that its cash-generating ports division, DP World, wouldn't be included in the restructuring.
该公司的高管和代表没有回复记者的置评请求。据Zawya Dow Jones报导，迪拜财政委员会主席Sheik Ahmed bin Saeed al Maktoum周四在一份声明中说，我们对迪拜世界的干预是进行了认真计划的，反映了该公司的具体财务状况。他说，我们尤其理解市场和债权人的担忧。不过我们必须进行干预，原因是有必要采取决定性的行动来应对该公司特殊的债务负担。他承诺下周会公布更多细节。
Company executives and representatives didn't respond to requests for comment. Sheik Ahmed bin Saeed al Maktoum, head of Dubai's finance committee, said in a statement Thursday that 'our intervention in Dubai World was carefully planned and reflects its specific financial position,' according to Zawya Dow Jones. 'We understand the concerns of the market and the creditors in particular. However, we have had to intervene because of the need to take decisive action to address its particular debt burden,' he said, promising more details next week.
部分受投资者对银行在迪拜风险敞口的担忧所拖累，欧洲和亚洲股市下挫。周四，波斯湾地区股市因开斋节闭市，美国股市因感恩节闭市。道琼斯欧洲斯托克600指数下挫3.3%，伦敦富时100指数跌3.2%。由于投资者纷纷涌入美元寻求避风港，亚洲汇市美元下跌后反弹。
European and Asian stock markets fell, weighed down partly by concerns about bank exposure to Dubai. Markets were closed across the Persian Gulf for Eid holiday, and in the U.S. for Thanksgiving. The pan-European Dow Jones Stoxx 600 index fell 3.3%, while London's FTSE 100 index was down 3.2%. The U.S. dollar rebounded after slumping in Asia, as investors flocked to the currency as a haven.
迪拜暂停偿债的要求对国际银行来说是个更令人不安的情况，这些银行近年来转向富产石油的中东寻求收入来源。地方和国际银行都仍在“舔舐”今年沙特两家大型家族性企业集团的债务问题造成的“伤口”；这两家集团欠100多家放贷机构的钱，保守估计有150亿美元。
Dubai's standstill request is one more troubling development for international banks, which turned in recent years to the oil-rich Middle East as a source of income. Both local and international banks also are licking their wounds from the debt troubles this year of two big family-run Saudi Arabian conglomerates, which owe more than 100 lenders a conservatively estimated billion.
据一位知情人士说，迪拜世界正在争取延期偿付利息6个月。据估计，这期间它可能与债权人协商出削减债务的重组协议，债务包括将于未来18个月到期的200亿美元贷款和债券。这位知情人士说，如果放贷机构不同意，迪拜世界将在这些票据上违约。
Dubai World is seeking a six-month moratorium on interest payments, a person familiar with the matter said. During that time, it could negotiate with creditors a restructuring that would pare liabilities, which include billion of loans and bonds coming due in the next 18 months, according to estimates. If the lenders don't agree, Dubai World will default on the notes, the person said.
知情人士说，在迪拜世界敞口最大的银行是阿布扎比商业银行(Abu Dhabi Commercial Bank)和Emirate NBD PJSC。记者周四暂时无法联系到这两家银行的高管发表置评。
The banks with the greatest exposure to Dubai World are Abu Dhabi Commercial Bank and Emirate NBD PJSC, people familiar with the matter said. Executives at the two banks weren't available for comment Thursday.
这位知情人士说，在迪拜世界有较大风险敞口的国际银行包括：英国的苏格兰皇家银行集团(Royal Bank of Scotland Group PLC)、汇丰控股(HSBC Holdings PLC)、巴克莱集团(Barclays PLC)、莱斯银行(Lloyds Banking Group PLC)、渣打银行(Standard Chartered PLC)和荷兰国际集团(ING Groep NV)。
Among the international banks that have large exposure are the U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered PLC and ING Groep NV of the Netherlands, the person said.
另外一位知情人士说，苏格兰皇家银行向迪拜世界提供的贷款约有10亿美元。
RBS has lent roughly billion to Dubai World, another person said.
知情人士说，巴克莱在迪拜世界的风险敞口约为2亿美元，不过都采取了有效的对冲措施。
Barclays's exposure to Dubai World is roughly 0 million, and that exposure is effectively hedged, according to people close to the matter.
尽管迪拜的公告出人意料，知情人士却说，他们仍认为迪拜或相邻的酋长国阿布扎比不会任外国债权人陷入困境，冒进一步损害形像的风险，而是会就一项合理的方案达成一致。
Despite the surprise, people close to the banks said they still believe Dubai, or its neighboring emirate, Abu Dhabi, won't risk tarnishing their images further by leaving foreign creditors in the lurch, and will agree to a reasonable plan.
投资者则没有这么肯定。英国银行类股周四大幅下挫；巴克莱、汇丰、渣打银行和苏格兰皇家银行股票均暴跌。
Investors weren't as certain. U.K. bank stocks took a beating Thursday, with Barclays, HSBC, Standard Chartered and RBS all tumbling.
标准普尔(Standard & Poor's)将四家迪拜银行列入负面观察名单，原因是这四家银行在迪拜世界的风险敞口。据信贷数据提供商CMA说，迪拜违约保险的价格从周二的每1,000万美元债券年保费31.8万美元升至54.7万美元。
Standard & Poor's put four Dubai's banks on credit watch because of their exposure to Dubai World. The cost of insuring against a Dubai default rose to 7,000 a year per million in debt from 8,000 on Tuesday, according to CMA, a credit-data provider.
持有将于下个月到期的、迪拜世界房地产子公司Nakheel发行的35亿美元伊斯兰债券的投资者将面临最紧迫的威胁。Nakheel债券价格周三消息发布前为票面价格的110%，之后跌到约70%。
Holders of a .5 billion sukuk, or Islamic bond, issued by Dubai World property subsidiary Nakheel, due next month, face the most immediate threat. Nakheel bonds dropped from about 110 cents on the dollar before the news Wednesday to about 70 cents.
投资者认为，来自阿联酋的现金将给迪拜充足的能力偿还Nakheel债券，迪拜也发出信号，表示愿意支持本国的公司实体。
Investors assumed that the cash coming from the United Arab Emirates would give Dubai ample ability to pay off the Nakheel bond, and Dubai also had sent signals that it was willing to support its corporate entities.
观察人士说，现在的问题是迪拜采取的举措所处的大环境不明了，令投资者难以评估债券和迪拜自身整体信用水平所面临的风险。
A problem now, observers said, is that the circumstances behind Dubai's moves are murky, making it hard to gauge the exact risk to the bonds and Dubai's own general creditworthiness.
巴克莱资本(Barclays Capital)驻伦敦分析师沃星顿(Huw Worthington)说，在我们对问题的解决办法有清楚的想法之前，不确定性可能还会持续一段时间。
The uncertainty may drag on for some time yet, before we have a clear idea as to how issues will be resolved,' said Huw Worthington, an analyst at Barclays Capital in London.
