This has reference to the editorial ‘Funds Sans Strings’ (Business Line, June 21). The contribution of BRIC nations to save ailing banks and governments in the Euro Zone is no doubt a matter of pride for the developing economies. The emerging economies have risen to this stage by dint of hard work. When they looked to the World Bank for funds a decade ago for capitalising the public sector banks, there were innumerable strings attached..
But the Euro Banks, having been decapitalised because of unethical trading, are getting funds sans strings, which is morally not correct. BRIC nations should impose stringent conditions to make the recipients feel that there can be no free lunch, as the corpus is from the sweat of the people of developing nations.
It makes sad reading that a large number of MPs owe several lakhs of rupees each to the MTNL in Delhi alone. Huge water bills, electricity bills and even house rent lie unpaid by MPs, present and past. Is it any wonder that our banks have accumulated huge non-performing assets? Moral re-armament needs to be undertaken.