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Nakheel had piled up a large mountain of debt during five years of rapid growth in Dubai`s property sector.
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Country's largest private sector lender ICICI Bank will auction this month gold jewellery weighing over 11 kg, pledged by more than 150 borrowers, who have defaulted on their payments.
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President Barack Obama has presented an economic blueprint aiming to take his country away from outsourcing, bad debt and phony financial profits.
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