Dubai's debt extension request, basically an admission that they can't pay up their debts now, really put a scare on the world and showed just how badly this former global darling has fallen. While the global economy has seemed to have overcome this shock, Dubai's troubles are likely to continue further. Its ruler, with his great, extravagant vision, still seems defiant. Some also believe that this may be the first in a series of national and corporate debt crises worldwide.