Financial crisis: Talks with Centre were a failure, says Finance Minister KN Balagopal

NEW DELHI: The talks held between the state and the central governments regarding the Centre's decision to slash Kerala's borrowing limit have failed. In a press conference held after the discussion, Finance Minister KN Balagopal said that no solution could be found to the issues raised during the discussion.

According to the Minister, the Centre asked in the discussion how the issue would be resolved when the case is under consideration by the Supreme Court. At the same time, the discussion will continue at the secretary level, the minister added.

The state government held discussions with the Centre as per the Supreme Court's instructions. Apart from the Finance Minister, Chief Principal Secretary to Chief Minister KM Abraham, Principal Secretary to Finance Rabindra Kumar Agarwal, Adv General K Gopalakrishna Kurup participated in the discussion.