More benefits: A screen display inside the Bombay Stock Exchange. The market is pleased because it’s getting concessions from panicky authorities. — Bloomberg
EMERGING markets will exit the coronavirus pandemic with a heavy fiscal load. Many will see their public debt balloon; some will also have to carry a bigger interest burden. A smaller group may need costly repairs to broken banks.
India may be hit on all three counts, plus have an additional problem: a consumption tax in shambles. It’s a gloom-and-doom scenario, but the bond market loves it.
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