European Sovereign Debt Crisis and Its Effect on India

It seems the world is falling apart. Economic crisis in Europe, economic crisis in India, and elsewhere in the world. Long ago USA forsook it's economic superiority with it's debt crisis. The BRIC nations aren't looking too hunky dory in the present scenario. We might be in for another big -- and shocking -- recession. Today nations are living on credit and so are individuals comprising these nations. Saving are low and people are spending beyond their means. Credit is a nasty thing as you all know. I took a loan to buy my house and thereafter it was hell for me. Eventually, I had to go to the Persian Gulf to pay off my loan. 

So, ergo (or whatever is the smart phrase), imagine a country, no in this case a continent, living on credit. That is what Europe is doing with its European Sovereign Debt Crisis (ESDC). And you thought Europe was a solid (though cold) continent with sturdy cobbled streets and beautifully maintained castles. Ah, the dream intervenes! Now it seems -- according to this article -- the European Sovereign Debt Crisis hasn't left India alone. The prognosis is that the Kingfisher financial crisis is part of the ESDC. What do we deduce from this? Super airlines to super dud? From super power to super flop? Jobs will be affected and a lot of fat tears will be shed in corporate cubicles. You bet.

Meanwhile, all we can do is wait and watch.

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