India faces default, restructuring as devaluation looms



India faces default, restructuring as devaluation looms - Economic Times

India's mounting economic and political woes are prompting market players to raise the spectre of a crisis in Asia's third largest economy. Talk of a Greek-style crisis in which the government struggles to pay back its debts is overdone - the country has a manageable foreign currency debt and ample foreign currency reserves. But the corporate and financial sectors have borrowed in foreign currencies and would be hit by any depreciation of the rupee.

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This govt has ruined this country.I hope people wake up soon.
I rarely doubt. people in greek have higher standards of living and when faced with crisis , they came to street , but look at india , with just 32Rs enough to live , and many are under BPL , what kind of protest or awakening are we going to gather ? Middle class will feel the pinch , but it isnt nothing new they cant handleBut as Peter Joseph from TZM used to say " Its not the political system which is bad , it is the system itself , ie the monetary system" .

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