06 Aug '11, 11am

India says US downgrade situation \\"grave\\"

India says US downgrade situation \\"grave\\"

NEW DELHI: The loss by the United States of its top-rank AAA credit rating from Standard & Poor's has created a "grave" situation, India's finance minister said on Saturday. "We will have to analyse it (the downgrade). It will require some time," Finance Minister Pranab Mukherjee told reporters in New Delhi. "The situation is grave," he said. Standard & Poor's cut the US credit rating for the first time in history on Friday, saying US politicians were increasingly unable to come to grips with the country's huge fiscal deficit and debt load. The Indian finance minister's statement came after Indian shares hit a 13-month intraday low on Friday on the back of US economic worries and the European debt crisis. India's market regulator, the Securities and Exchange Board of India (SEBI), has urged investors in the country's market to stay calm despite the sharp fall and said it w...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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India calls US downgrade 'grave': NEW DELHI - THE loss by the United States of its top-rank AAA credit rating f...

India calls US downgrade 'grave': NEW DELHI - T...

straitstimes.com 06 Aug '11, 11am

The loss by the United States of its top-rank AAA credit rating from Standard & Poor's has created a 'grave' situation, In...

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