Bank bail-out exceeds GDP of United Arab Emirates

Last week Chancellor Alistair Darling announced the UK will inject £37bn ($63bn) into RBS, HBOS and Lloyds TSB. Meanwhile, the US is understood to have initially committed $120bn to its six largest institutions: JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley. This gives a total of $180bn which according to CIA statistics even exceeds the UAE’s $164bn GDP (2007 estimate). The UAE consists of seven rapidly expanding states, including popular emirates Dubai and Abu Dhabi. The bank recapitalisation package also surpasses New Zealand’s GDP ($112bn) ...