Recession overture is over - Dubai Act One Depression begins?

Rod Liddle writing in The Sunday Times this morning, linked here, comments as follows:

We are dragged down because our bankers — the ones who dropped us in it last year — bought into this bizarre fiction too. Dubai has a £48 billion debt default and this has a knock-on effect for our own RBS, which was Dubai’s biggest loan arranger to the tune of some £1.4 billion, and HSBC, which has some £10 billion tied up in the state, and Barclays, which has an estimated £3 billion investment there.