http://www.rediff.com/money/2007/oct/08spec.htm
The logic is simple. Low dollar value with not-so-increasing prices - less revenue for indian companies - less salaries for employees - not being able to pay mortgages (which are probably 50% of the salaries) - investors not being able to charge as much rent - defaults
Classic subprime cycle that happened in US is going to happen in India.
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