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Beyond private vs public: The first principles

The IL&FS imbroglio will put the ideologues on both the right and left in an odd position. After a financial debacle involving public ownership, the right is quick to blame ownership as the reason

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Il&fs  |  Il&fs Crisis  |  Nclt

Debashis Basu 



Debashis Basu

Day by day, in bits and pieces, the monumental mess that is Infrastructure Leasing & Financial Services (IL&FS) is unfolding. When first roiled the financial markets after defaulting on payment of short-term paper, some people believed that the group was only caught in a financial crunch. Its money was stuck in large infrastructure projects, while public sector banks had stopped lending, forcing it to borrow short-term. And this led to defaults. But the rot is far deeper and more dangerous.

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First Published: Mon, October 15 2018. 00:16 IST

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