The problem with investors in the developing world is that investors have always had a not unreasonable expectation that if anything went wrong, someone would be there to bail them out. Someone almost always had - whether it be the World Bank, IMF, or some other organization - and I suspect at the end of the day, we will see some form of bail out by Abu Dhabi. To worry that this sets a horrible precedent ignores all the previous examples you point out.

If we started to allow some of these countries to see the consequence of their governance, perhaps we would see significantly better governance. This has as much to do with investors as it does with the governments and multilateral organizations that enable them.