Maybe, maybe not. Dubai’s decisions as to *which* of their debt to default on is likely driven by factors such as which debtholders are helping them out. Neither Citi nor the government of Dubai are altruistic organizations.
Either way, the question stands and begs answering.
When the US is suffering , cranking up debt and bailing out banks at the expense of the taxpayer wtf is 8 Billion doing going into Dubai?