M Ashok, thank you for your thoughts and perspective. External debt denominated in USD is approximately $220 billion. Reserves being greater than this external debt figure is a positive, but it does not guarantee that the falling rupee won't cause a problem for debtors. The Russian default in 1998 was similar (in this regard). To be clear, I am not suggesting that India will experience exactly what Thailand did in 1997. However, I am suggesting that the massively easy monetary policy of the past five years has created bubbles in Emerging Markets and we are only now beginning to find out where the problems are. Thanks again - great input!