Greece debt has been down graded to "Junk" status. Today Portugal and Spain's debt was down graded.
Contagion effect that engulfed South Asia in 1997 may now affect Europe. Europe has small population and tourism is mainstay of many European countries. Barring France, UK and Germany, most other European countries are not having sources of revenue to support high Euro valuation. I am happy that two most violent nations of 18th century namely Spain and Portugal may suffer.

Manmohan Singh (MMS) has been responsible for Indian financial management from 1991 except 4 years of NDA rule. Our clean, honest and soft spoken PM has given hyper food inflation to India. Current budget deficit is 6.8 % of GDP as per official figures. If one includes trillions of dollar worth bonds issued to Oil companies and Fertilizer companies, it would be much more. IMF has already indicated that India needs to reduce the deficit. Of course, in 2010 budget MMS has imposed heavy taxes in disguise but lazy Indians and cozy newspapers still are in slumber. VAT would stoke inflation though might cut deficit in near term.

Would India be victim of contagion of Euro crisis.

I believe that with little help from China, India would be in trouble. What is your opinion?

Raja made INR 26,000 Crores for Mu Ka's third wife Rajathi Ammal and Ms.Kani Mozhi.

I do not know how India can be a poor - debt ridden country when Raza(the actual pronunciation based on his tamil name) can make near USD 6 Billion in one contract.

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Sunny Leone a true Canadian DESI now back in India !.

I would be more worried about its effect on Canada, as it directly affects our jobs and our lives.

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am happy that two most violent nations of 18th century namely Spain and Portugal may suffer.

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70% of the workforce in Greece work for all the levels of Govt. What do u expect? In India, private sector powers the economy. Same in USA in the past, but due to few greedy bankers, it got messed up. Only private sectors can support the economy whichever country it is.

KM

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Originally posted by meghal

I would be more worried about its effect on Canada, as it directly affects our jobs and our lives.

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am happy that two most violent nations of 18th century namely Spain and Portugal may suffer.

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IMO, never laugh at anybody's miseries. Never know when they can come back to bite you.

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Originally posted by Vandematram

Raja made INR 26,000 Crores for Mu Ka's third wife Rajathi Ammal and Ms.Kani Mozhi.

I do not know how India can be a poor - debt ridden country when Raza(the actual pronunciation based on his tamil name) can make near USD 6 Billion in one contract.

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I like the terms associated with the countries mentioned here,

PIIGS = Portugal, Italy, Ireland, Greece, Italy and Spain

and

BRIC