The financial crisis

The ONGOINg financial crisis has been described by Hindustan Express (Oct 15) as a self-created disaster. It has quoted the statement of the World Bank chief in support of this view. Hyderabad’s Rahnuma-e-Deccan says in an editorial (October 6); “the full credit for India remaining relatively insulated from the crisis goes to the Left parties that foiled attempts by Manmohan Singh and Montek S Ahluwalia to put India into the lap of the USA.” Jamaat-e-Islami’s organ, biweekly Daawat (Oct 13), says that this crisis would break the back of the many economies. “The reality of the world’s financial structure based on the system of interest rates has started coming out. This is the best opportunity of advancing the Islamic financial system (without interest)”.

—Compiled by Seema Chishti