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| Europe |
| Portugal downgrade knocks euro as Merkel imposes IMF solution for Greece |
| 2010-03-24 |
| Posted by:tipper |
| #3 I should also note that private and company debt levels in Australia are very high. Which means that we will see higher levels of (debt) deleveraging. Which will tend to send the Australian dollar down as AUDs flow overseas to repay these debts. |
| Posted by: phil_b 2010-03-24 22:10 |
| #2 This is not a recommendation, but Australia has very little goverment debt. The Howard government paid it all off. A remarkably precient action given what is happening currently, and one they get almost no credit for. The current Labor government is of course busy racking up new debt, but debt levels are still very low by international levels. Hence the Australian dollar is largely immune to the soveriegn debt crisis, which is going to get a whole lot worse. |
| Posted by: phil_b 2010-03-24 21:31 |
| #1 Glad I sold all my euros 2 weeks ago... Now just need to find a currency thats worth something like rice and petrol. |
| Posted by: newc 2010-03-24 20:47 |