Is Dubai real-estate loan issues really a big problem?

Dubai real-estate loan issues is NOT that big a problem as we saw a fall on the Indian indices. But 5100 was a resistance level and going beyound it was very difficult as it touched it past 3 times are retraced back.
A correction was overdue and this event was a trigger which started the correction. The market was just looking for a reason to sell out.


What really happened? 

Dubai's financial health came under scrutiny after a major government-owned investment company asked for 

a six-month  delay on repaying its debts. Dubai World, which has total debts of $59 billion,
is asking creditors if it can postpone its forthcoming payments until May next year.