I completely disagree with Mr. Desai's intellectually dishonest assessment of the European financial crisis. Europe's pension program is not the cause. It is a combination of over-leveraged European banks engaged in fraudulent derivative transactions and the City of London/Wall Street hedge fund speculators exporting the depression to continental Europe. Yes certain EU-zone countries should never have been admitted in the first place but they were facilitated by insiders. Austerity in terms of welfare reform (or a fiscal union) is not the answer. A financial transaction tax (FTT) is. As long as India can regulate its derivative market it will be fine.