Eurozone breakup is just a question of time and will devastate Indian economy
Parthiv Gandala
Jun. 10, 2012

''If Europe does slip into a crisis, it is going to be a very difficult time. There is no escaping from that. Though we (government and the Reserve Bank) have a team that is working on different scenarios, to see how we will react, it will be a lie to say that we have the strength to weather that. It will hit us in the face,'' says India's Chief economic adviser Kaushik Basu.

ECB financial meltdown will cause severe jolt in the world economy and cause a ripple effect for two years, explained Basu.

Explaining the reasoning for his alarm on the global front, Mr Basu said the trouble will arise in 2013 and 2014, when the LTRO (long term refinancing operations of the European Central Bank or ECB) payback comes in December 2014 and February 2015, when as much $1.3 trillion need to be paid by 800 banks to the ECB. This will cause horrible effect in the entire banking system, he warned. The ripple effect ts will linger all over the world for many decades.

Eurozone breakup is just a question of time and will devastate Indian economy
Parthiv Gandala
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