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UAE Central bank sees U.S. debt compromise

"We believe that the debate on the U.S. public debt ceiling issue will end with a compromise solution before the deadline date," the central bank said in a statement.


July 28, 2011 1:05 by

The United Arab Emirates’ central bank said on Thursday it is confident there will be a compromise to avert a U.S. debt default by an Aug. 2 deadline, adding that it holds no U.S. Treasury bonds or U.S. financial instruments.

“We believe that the debate on the U.S. public debt ceiling issue will end with a compromise solution before the deadline date,” the central bank said in a statement.

“We do not believe that it is necessary to imagine that the U.S. government may default on its debts given its enormous potential, and we had seen in the past under President Clinton, the U.S. economy’s ability to reduce its public debt.”

A bill to cut the U.S. deficit faced a close vote in Congress on Thursday.

Approval of the plan would break the deadlock over a U.S. debt crisis that has spooked markets and raised the prospect that the government of the world’s largest economy will run out of money to pay its bills in less than a week.

The UAE central bank reiterated its support for its currency peg to the U.S. dollar. It said a majority of its foreign reserves, denominated in U.S. dollars, were invested in non-U.S. assets.

“Central Bank of the UAE currently possesses no U.S. treasury bonds or any other financial instruments issued by the U.S. government due to the very low return on holding these instruments,” it said.


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