China’s shadowy debt problem leaves local governments perilously exposed to a property downturn, NAB says – Business Insider Australia

Analysts at NAB remained concerned about the buildup of excessive leverage in Chinas opaque financial system. In particular, they said a troubling debt buildup at the local government level leaves China particularly exposed to any property downturn. NAB said the issue has been lingering since 2013, after local governments used debt to carry out an…

India starts $32bn bailout to help state banks clear bad debt – Nikkei Asian Review

MUMBAI — India has launched its recapitalization scheme totaling 2.1 trillion rupees ($32.3 billion) to help state-run banks write off nonperforming loans and put the economy back into high gear. State Bank of India, the country’s largest commercial bank, said Friday that shareholders approved a private allotment of preferential shares for the government. The bank will receive an…