Marc their words

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Dubai's attempt to reschedule debt may spur a 'correction' in emerging markets - so says Mark Mobius, who oversees about USD 25 bn of developing-nation assets as chairman of Templeton Asset Management. Mobius says a 20 percent drop for shares is 'quite possible', adding "This may be the trigger to allow for the market to take a rest and pull back. I felt that there would be a significant correction in what is an ongoing bull market. If Dubai has to default, that could start a wave of defaults in other areas."

He also says, "This may be the trigger to allow for the market to take a rest and pull back... I felt that there would be a significant correction in what is an ongoing bull market. If Dubai has to default, that could start a wave of defaults in other areas."

Investment advisor and fund manager Marc Faber is not worried about the announcement from Dubai world. He does not believe that Dubai World's financial difficulties will put the international financial system in danger. In an interview to a German news channel, he said that this debt is just a drop in the ocean, when seen against the world's total debt.