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India's shadow-bank bust has a Lehman echo
The group, which missed a payment in the commercial-paper market last month, is now late in servicing an inter-corporate deposit. That's only to be expected: On the hook for the group's $12.5 billion debt are banks and mutual funds. ) Meanwhile, the group's assets include financial claims on everything from roads and tunnels to water treatment plants and power stations. The same vulnerabilities that were exposed by the Lehman crisis are on display a decade later in India.
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