Credit markets calmed by the Greek ‘bailout’ that isn’t a bailout may soon have more reasons to be nervous.

The Slog has learned that Dubai World is to beg its creditors and banks for more time on loan repayments and potential debt restructuring when it presents a proposal to them in the next few weeks.

Other items on the agenda will include potential guarantees from Dubai’s Government, despite that quarter having previously washed its hands of the problem. Sources close to the negotiations suggest, however, that the key to such a guarantee lies in the creditors accepting a ‘haircut’ approach to the total owed.