The main stock markets in Dubai and Abu Dhabi have closed sharply lower on Monday despite the offer of extra liquidity by the UAE Central Bank.
Abu Dhabi saw a record one-day fall of 8.3%, while Dubai's Financial Market Index lost 7.3% - the biggest decline since October 2008.
Dubai's finance minister, Abdulrahman al-Saleh, said the government was not responsible for Dubai World's debt.
"Creditors need to take part of the responsibility for their decision to lend to the companies," he told Dubai Television.
Mike Sergeant reports.
One-Minute World News 
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