Where in the world can a road builder default on a US$600,000 debt payment when it has more than US$31m locked away in an escrow account specifically designed to service its debt? India, sadly, is the all-too-obvious answer. It is hard to think of a country more in need of infrastructure funding but that makes it a riskier proposition for investors. The latest bizarre twist relates to IL&FS, a collapsing former giant that has been struggling to service its debts since August.
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