Indian mystery

Tbe big thing in ratings these days is contingent liabilities. In India''s case, no one is prepared to be open as to what they are.

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...

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