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Moody’s Downgrades Indian Banks

…and the bank index fell nearly 3% yesterday.

Moody’s, which is a rating agency and therefore likely to be completely clueless, took the Indian banking system down from “stable” to “negative”, because they believe loan quality will suffer in the near future.

This doesn’t matter much, despite the one day reaction, because no one cares for ratings anyhow, and everyone knows Indian banks are likely to be a better bet than most European banks today.

In the evening, the . . .

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