Here's a bit of the stuff that's been impacting the market. We'll try and put it in perpsective. Markets have fallen mostly because they were expensive, but we'll try and address the more colourful explanations running around.
The IL&FS Default
We've had a situation where IL&FS, a large infra lender and operator, has defaulted on its debt. What does it do? It builds roads, it runs schools, it is a market custodian and it finances . . .