US and Europe

India may not contribute to the IMF sponsored efforts to fund the next phase of Greek bailout. A hint on this is visible from the fact that Finance Minister Pranab Mukherjee will not be participating in the coming G20 meeting of the financial ministers scheduled to begin on February 24 in Mexico City because of the Budget preparation work at home.   India’s reluctance to join the IMF lead bailout initiative is to be read along with the attitude of other major G20 countries. On the previous day, Japan and China decided to contribute to the Euro-zone rescue efforts. The Japanese Finance Minister Mr. Jun Azumi hinted that Japan and China are ready to put money into the IMF

Talking about financial crisis became boring and out-fashioned especially since the last two- three years. Business world became engulfed with despair than hope, as crisis happens in a series mode. In the context of the perpetuating crisis, this years’ Davos WEF meeting has a more fundamental topic to discuss- the relevance of capitalism. Indeed, the discussion on the topic is quite irrelevant because of the unavailability of alternative economic systems. Recession, brewing inequality, job losses, corporate greed, public protests, new problems and diseases are appearing without getting solutions to the existing problems. Policy makers and governments are not successful in en