Forget Lehman Brothers, India is still in a financial crisis
The banking system's overhang of NPAs is another full-blown financial crisis in India that stymies growth and shows no signs of an early resolution.
The world of economic and financial crises is full of ironies and misplaced priorities. It has been a decade this 15 September since Lehman Brothers shut down, felled by avarice and obduracy. In recalling the event, 10 years later, the predominant zeitgeist seems more celebratory than commemorative. There is a general feeling of having successfully exorcized the Lehman ghost and all the evils that it portended. Nothing could be further from the truth.
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