At the FinanceAsia Asian Debt Conference this year, we were privileged to have the erudite Dr YV Reddy as a keynote speaker. The well-regarded deputy governor of the Reserve Bank of India was speaking about India's debt markets. He was clear and transparent.
Except in one area the federal government's contingent liabilities.
When I broached this question at the end of his speech he gave an odd wink. It was the wink of a man who knew a question was coming but wished it wasn't. He then gave some fairly vague answers and refused to be pinned down on a number.
The contingent liabilities in question are those of the various...
