ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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India Dimmed

agree to a fiscal pact in December 2011 India Dimmed and to support a Greek restructuring plan gave the European Central Bank (ECB) cover to ignore the intentions of its Avinash Persaud founding fathers and act as a lender of When you are in a country suffering a decline of confi dence, a drying up of international capital flows and a weakening currency, its citizens tend to place all blame on the government. This is not entirely unfair. Even if the government is not directly to blame and even though confidence is a fickle thing, who else should take responsibility? The reality, though, is that external factors often play a role too and a change in the flows could also trigger a change in domestic confi dence. Few commentators like to dwell on that. They far prefer the delicious exercise of pointing fingers at local politicians and gossiping about the fate of Rahul and Priyanka Gandhi.

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