Schib,
Yes, but bond financing is supposed to be immune from renegotiation- bond holders are supposed to be first in line as creditors and automatically entitled to the full value of the arrangement before anyone else gets paid. That's why Merkel even suggesting it caused such a ripple in the financial world.
I've done exactly as you suggested and cannot find anywhere that the Dubai Government has defaulted on Bonds- it looked like it might have to, but the Abu Dhabi bail-out saved them.
They have certainly restructured and indeed written off large amounts of debt- but I can't find any record of them defaulting on a bond.
I don't claim anything like expert status in this, so if I'm wrong, please help me out and point me to a bond default- or even restructuring- by Dubai, and I'll happily stand corrected.
As to the contract, it is a very specific document that covers most aspects of our T&Cs. Nothing in it has been changed since I've been here except in our favour. The one contractual obligation EK has threatened to break is DEWA. I am still not aware of anyone actually being charged for it, though individuals have been contacted and told they will. If any money has been take, that is a clear breach.
Other changes to our conditions (most notably Productivity pay) have been adjusted down and meant we work more for less. I'm not happy about that, think it was border line justified two years ago, isn't now and should be changed, but I don't think it will-BUT it did NOT form part of our contract.