America is starting down the barrel of a major financial crisis. Earlier this week, America’s Treasury Secretary Janet Yellen sent alarm bells ringing across the global financial system by warning that the United States could run out of money and default on its debt as early as June 1. This crisis threatens the global economy and may have terrible consequences for India as well.
HT’s Shashank Mattoo breaks down the origin of the debt ceiling and why America’s politicians seem unable to avert disaster. Mattoo also looks into how an impending US financial crisis would impact the global economy and its consequences for India.
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