After shocking stock and debt markets last November when it asked for a standstill on $26 billion in debt, the emirate yesterday announced its proposal to its creditors on how it might pay them back. Dubai needs to get a positive response from nearly 100 banks that lent it money during the money-flows-freely days of the dearly departed boom. Reports indicate it will take a few months for all the wrangling among the parties to take place.

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