Dubai's Debt: A Proposal

From the Globe and Mail:
"the emirate revealed this week it was asking for a six-month reprieve on paying its bills."

I say, "No problem, Dubai. We can work together on this.".

First of all, you can have six months with no payments on your $60 billion debt.

There will be a 5% administrative fee of $3 billion dollars.

Collection agents will be monitoring you for the next six months, calling you at all hours of the night to remind you that you're a dead beat.

Your interest rate will be 28.5% for the next six months, but as long as you pay back all $60 billion on the billing date (please allow three days for electronic transactions) you will only have to pay the administrative fee.

Failure to ensure that we receive all $60 billion by the due date will result in a charge of six months of 28.5% interest on the entire $60 billion (not just the unpaid portion), compounded monthly. The interest rate on any unpaid portion after that date will be 35.7%, compounded daily, in addition to a monthly 5% administrative fee on any unpaid portion.

Like I said: I'm sure we can work this out in a fair manner.

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