Breakout to breakdown nation

A not-so-funny thing happened while the world was watching for an emerging markets crisis to erupt in China. The crisis erupted in India instead. Contagion typically attacks weak links first, often exposing vulnerabilities hidden in plain sight. The fall of the rupee exposes India as having the emerging world's worst fiscal deficit and largest current account deficit in absolute terms. What went wrong? For much of the past decade, India was celebrated as one of the emerging nations destined to rise indefinitely.

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