Despite the high jinks and copious drinking (or perhaps because of it), their large brains came up with a way of reducing risks for bond buyers: a bilateral contract that, for a fee, enabled investors to pass on the risk of default to another party.

WSJ: Give Some Credit to Credit-Default Swaps

Hiregoudar, professor of political science at Karnataka University, said the win would be "a victory by default" for the Congress party.

WSJ: Congress Set to Win Karnataka Poll

And Mr Zedillo, party flag-bearer by default, turned against his self-exiled predecessor.

ECONOMIST: Mexican politics