Tag Archives: greek debt crisis

Gillard Offers Borrowed Money To Bail Out Europe

3 Nov

Ummmm. About our $250 Billion debt ceiling.

I wrote only yesterday that we are on track to hit it by mid-2012. Unless something went pear-shaped first.

I was right. Something has gone pear-shaped.

The rationality of Australia’s ruling politicians:

Julia Gillard has offered extra cash for the International Monetary Fund to help prop up the ailing European economy and prevent another global financial crisis.

The prime minister made the offer as she arrived in France in the middle of a worsening European financial crisis that is set to dominate the Group of 20 nations meeting this week, The Courier-Mail reported.

“For Australia’s part, we stand ready for an increase in IMF resources,” Ms Gillard said after arriving in Cannes.

“We”? Who’s “we” Julia?

Oh I see. “We” means our unrepresentative overlords in “Canberra” (h/t Wall Street Journal):

Australia’s Prime Minister Julia Gillard arrives in Cannes on a mission — she wants fellow G-20 governments to give more cash to the International Monetary Fund to help it deal with Europe’s crisis.

“I will be raising the need to increase IMF resourcing, both at the G20 meeting itself, and at my bilateral meetings, starting today at my bilateral meeting with the President of Brazil,” Gillard tells reporters on her arrival in Cannes.

Canberra has been a vocal advocate of the need to boost the IMF’s resources. The government has one of the developed world’s strongest sovereign balance sheets so is in a good position to donate more cash.

A “good position” to donate more cash!?!

“Good” compared to who, exactly? Greece? The USA? Zimbabwe?

Of course, silly me.

We only have a record budget deficit.

An economy that only survived the GFC solely on the back of China’s massive money-printing “stimulus”:

… that created a temporary artificial demand for our iron ore and coal – a demand that is now slumping:

Steel China Iron Ore Fines cfr main China port USD/dry metric tonne (MBFOFO01:IND)

Canberra is only borrowing money from foreigners at a record rate to fund Green-Labor’s insane spending … an extra $7 billion per month borrowed through September and October.

And doing favours for foreigners … and foreign banks … assures politicians of a life of ease and comfort upon retiring or being kicked out of office.

So “sure thing” Julia.

You are in a great position to throw bad money (borrowed) after even worse money (insolvent PIIGS).

Let us be perfectly clear, dear reader.

Europe is stuffed. Totally and utterly stuffed.

As is the USA. The UK. Indeed, as is the entire Western world’s financial system.

You simply can not fix a debt problem, by borrowing more money.

History bares witness time and time again, that the so-called “rescue” packages that globalist entities like the IMF offer to over-indebted nations, are no rescue at all.

In exchange for a non-solution – some “free” money, and “better” terms of repayment on existing debts owed – the IMF takes ownership over national infrastructure (ports, railways, toll roads, electricity grids, airports, etc) as collateral … and, effectively takes over dictating the national budget. Hence, “austerity measures”.

It’s called “asset stripping” and “loss of sovereignty”.

The IMF is evil.

And it is beyond appalling to this blogger, that we have reached such a low point in the governance of Australia .. egged on by the general apathy of our citizens … that we now have a minority government that not only blatantly lies to and ignores the will of its people (carbon tax).

It is a government that is so totally beholden to the World Government aspirations of the Green ecoloons, that it would offer to give borrowed money to the IMF, in order to aid and abet their stripping yet another nation of its assets and sovereignty:

Make no mistake, dear reader.

By taking Australia ever deeper into record debt, this government is fast-tracking our nation into the arms of the IMF, World Bank, and other assorted power-crazed “We want to rule the world” lunatics.

Click to enlarge | Source: Australian Office of Financial Management (AOFM)

It could not be clearer where we are headed.

Can’t see it?

Don’t want to believe it?

It’s time to take the Red Pill.

The Matrix: "You take the blue pill – the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill – you stay in Wonderland and I show you how deep the rabbit-hole goes." - Morpheus

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World Bank: We’ve Entered “New And Dangerous Phase”

16 Aug

From the Australian:

The world has moved into a “new and more dangerous phase” of economic uncertainty because of the European sovereign debt crisis, according to World Bank president Robert Zoellick.

In an exclusive interview with The Weekend Australian, Mr Zoellick said the European economic problems were far more intractable and serious than the US economic problems.

Amazing, isn’t it.

The profound and mystical ability of the world’s elite bankers and economists to state the bleeding obvious.

After the fact.

Global Economy Headed For “Slow-Motion Train Wreck”

6 Jul

The RBA’s soon to be dumped Board member Warwick McKibbin warns – unofficially – that Greece will be just the first carriage to careen off the rails, in what will be a global train wreck.

From Bloomberg, 30 June 2011 (emphasis added):

The fiscal outlook “is what I call the slow motion train wreck — the first carriage to break is going to be the Greek economy, but we have a series of economies facing very serious fiscal adjustment,” said McKibbin, a professor at Australian National University whose board term ends July 30, in a speech in Melbourne today. He said his comments reflected his personal views, not those of the Reserve Bank of Australia.

“There’s almost guaranteed collapse or crisis in the euro zone and there’s serious global inflation problems and a policy response looming,” said McKibbin, who is also a senior fellow at the Brookings Institution in Washington. “All of these have implications for relative commodity prices.”

In contrast, Treasurer Wayne Swan in a speech at the same Melbourne conference today said: “Some have a dire view of what’s happening in Europe. I don’t share those views.”

Hmmm.

Just as he did not share Senator Joyce’s views in 2009, that the US economy was on a debt trajectory that made the risk of default a real possibility. One that Australia should have “a contingency plan” for, just in case.

A warning that is now coming to pass.

Barnaby was right.

And Swan, and every economist in the country (except Dr Steve Keen) … was wrong.

Bookmark this page.

So that you can refer back to Swan’s latest oh-so-confident and authoritative pronouncement that all’s well.

I know that I for one am fully seized with absolute confidence in the word of our career political hack cum “Treasurer”. An arts student, with zero business or financial credentials or experience whatsoever.

Here’s how McKibbin’s comments were reported locally, compared with the USA’s Bloomberg.

From the SMH, 1 July 2011:

The global economy is facing ”a slow-motion train wreck” with Greece only the first nation to be hit, Reserve Bank director Warwick McKibbin has told a Melbourne conference.

Referring to the most recent global economic crisis as a mere ”blip”, he said the coming crisis could undo the mining boom and bring on inflation of the kind not seen since the 1970s.

Professor McKibbin told the Melbourne Institute conference dozens of European countries now had gross government debts on track to exceed 60 per cent of GDP. ”Japan is forecast to be 200 per cent of GDP, the US is forecast to be over 100 per cent of GDP,” he said.

”At zero interest rates that can be sustained, but at 5 per cent interest rates countries have to put aside 5 per cent of their GDP every year just to service the debt. That is not sustainable.

”Already consumers aren’t spending and investors aren’t spending because of the tax increases that are in prospect.

”Greece, Portugal and Ireland don’t just need to have their debts written off, they need to have a 30 per cent to 40 per cent depreciation of their real exchange rate,” he told the conference.

”There are two ways to do that, either pull out of the euro and depreciate by 40 per cent, or have deflation of 40 per cent over the next 12 months.

”I do not believe any society can survive having a 40 per cent deflation that’s been imposed by the International Monetary Fund and the European Central Bank.”

As the US created more dollars to inflate away its debt repayment obligations, countries that are linked to the dollar, including China, India and parts of Latin America, would suffer 1970s-style inflation.

”In India inflation is 9 per cent, in China it is 6 per cent. That inflation is pushing up resource prices for now, but it will have to be brought under control with much higher interest rates,” he said.

Joking that he could not talk about Australian interest rates, which were in any event ”always appropriate”, the Reserve Bank board member warned that the inflation would spread worldwide.

Soon-to-be-former Board member McKibbin has form.

For criticising the Labor Government over its “stimulus” measures in response to the GFC, amongst other things.

Little wonder they will not renew his term.

Can’t have anyone in a position of “authority” telling something even vaguely resembling the truth, now can we.

RBA Says Our Banks Are Stuffed … In Other Words

29 Jun

Yesterday, RBA Assistant Governor Guy Debelle indulged in some MOPE.

Management Of Perceptions Economics.

Lies, deceit, and propaganda, in other words.

But for those with an ear to hear, and an inclination to check the “authorities'” claims, what he really did – unintentionally – was to give us a heads up.

That our Too Big To Fail banks (TBTF) are going to get bailed out, sooner rather than later.

Go grab a modest quantity of your favourite beverage, and settle in.  You are about to learn – in detail – why we cannot trust a word the banksters say.

Ready?

Now as expected, the mainstream press all lazily parrotted the “everything’s fine, move along, nothing to see here” headline that Mr Debelle wanted. Here’s a good example, from the nations’ “premier” newspaper:

Australian banks safeguarded from Greek debt crisis, says Guy Debelle

Our standards are more rigorous here at Barnaby Is Right.

Let’s critically examine what Mr Debelle actually had to say in his official Address to Conference on Systemic Risk, Basel III, Financial Stability and Regulation (emphasis added):

Today I am going to talk about a few interrelated issues concerning the banking system: collateral, funding and liquidity.

The financial crisis brought into sharp relief the liabilities side of a financial institution’s balance sheet, that is, the funding structure. This had previously been somewhat neglected, but the fates of Northern Rock, Bear and Lehmans were clearly affected by the nature of their funding. While their funding structure played a significant part in the downfall of those institutions, I would argue the ultimate concern was about the quality of their assets. The funding problems were symptomatic of concerns about asset quality.

The solvency of any bank first and foremost is a function of the quality and value of its assets. This is, of course, true of any entity, but it is particularly true for banks because of the implications asset quality has for liquidity and because of the leveraged nature of financial institutions.

The crux of my argument today is this: if I am a creditor of a bank, my due diligence should be spent mostly on assessing the asset side of the bank’s balance sheet in determining whether or not I will get repaid in full.

Exactly.

Now, in the classic British political satire Yes Minister, master of obfuscation and manipulation Sir Humphrey Appleby said that it is always best to “dispose of the difficult bit in the title; it does less harm there than in the text.”

And by beginning his speech with this quite correct and valid talk of asset quality – and then not examining those “assets” in any detail – this is the clever game that Mr Debelle has played here.

No doubt he expected that no one would actually bother to check the banks’ asset quality.  They’d just take it on presumption, and Mr Debelle’s inference, that they’re fine.  And indeed, none in the mainstream press have bothered to check.

So let us do just that, shall we? Let us assess our Australian banks’ all-important “asset quality”.

Just two days ago ( “Our Banks Racing Towards A ‘Bigger Armageddon'” ), we saw that our banks held a combined $2.68 Trillion in On-Balance Sheet “Assets” at March 2011. So $2.68 Trillion is the claimed “value” of their Assets.

Now, about Mr Debelle’s “ultimate concern”.  The all-important “quality” of those Assets.

What exactly are these bank “Assets”?

$1.76 Trillion (65.56%) of these “assets” are actually loans.

That’s right – your loan is considered the bank’s “Asset”. They own you, as their debt slave.

$1.018 Trillion (57.84%) of those loans, are Residential loans.

That’s right – fully 38% of our banks’ Total “Assets” is the notional value of their loans given as mortgages.

Here’s a chart sourced from the RBA’s own data, showing the % breakdown of our banks so-called “Assets”:

Click to enlarge

Now, in light of the recent housing-triggered banking and debt crises in the USA, UK, Ireland, Spain, and many other nations throughout the Western world; and in light of the fact that our property market is widely considered “the most overvalued in the world”; and in light of the fact that our property market has recently suffered its biggest quarterly fall in 12 years; and in light of the fact that arrears on mortgage payments have spiked to a record high, in the same quarter as house prices had a record fall … do you really think that having over 65% of your “Assets” in the form of loans, with 38% in the form of home loans, could be considered as high “asset quality”?

In light of the fact that business failures have risen 25%, with more than 10,000 going under in 2010; and in light of the fact that a leading Australian businessman has said that Eastern Australia is in “deep recession” and NSW and Victorian manufacturing is “stuffed”; and in light of the fact that the only Australian economist to predict the GFC has recently said that we will “almost certainly” be in recession in the second half of 2011 … do you really think that having 24% of your “Assets” in the form of commercial (business) loans, and 4% in the form of personal loans, could be considered as high “asset quality”?

In other words, do you really think that having over 65% of your Total “Assets” in the form of loans to households and businesses, who are all increasingly vulnerable to (eg) cost-of-living pressures, loss of employment, house price falls, and/or a recession, could be considered as having high “asset quality”?

Don’t answer that yet.

There’s more to consider.

Our banks presently hold a staggering $16.83 Trillion in Off-Balance Sheet “Business”.  That’s around 15 times the value of Australia’s entire annual GDP.  And most of that Off-Balance Sheet Business, is in derivatives. The exotic financial instruments at the very heart of the GFC.  These are the instruments of intergalactic-scale gambling that the world’s most famous investor, Warren Buffet, famously called “a mega-catastrophic risk”, “financial weapons of mass destruction”, and a “time bomb”.

(They are also the reason why it is the banking industry that is pushing so hard for a CO2 trading scheme. Because for banks, it means trading in a juicy new mega-market casino, with a whole new type of “derivative” – carbon permits).

Here’s a chart of our banks’ On-Balance Sheet “Assets” (blue line), compared to their Off-Balance Sheet derivatives “Business” (red line):

Click to enlarge

But wait, there’s still more!

Just 6 days ago, we saw the global head of HSBC’s foreign exchange division warn of “a bigger Armageddon out there”, in foreign exchange markets.

And just 5 days ago, we saw a warning given by Fitch Ratings that Australia’s banks are the “most vulnerable” to Europe’s debt crisis, due to their heavy reliance on wholesale funding from abroad.

In other words, whether it be Greece, Portugal, Spain, Italy, Belgium, or any of the other massively indebted EU nations embroiled in a debt crisis, when one (or more) of them finally does go under – an inevitability – our “safe as houses” banks will go under with them:

Now, yesterday Mr Debelle contradicted the HSBC and Fitch Ratings’ warnings. While admitting that Australian banks’ reliance on funding from overseas does represent a foreign exchange risk, he argued that there is nothing to worry about.

Why? Because, quoth he, our banks’ foreign currency exposures are “fully hedged” into Australian dollars (emphasis added):

If a liquidity issue were to arise around this funding, it is of critical importance that the foreign-currency denominated funding is fully hedged into Australian dollars, which indeed it is.

Now, that critical claim is one we should all take with a crate of salt.

Here’s why.

In supposed proof of his claim that our banks’ foreign exchange exposure is “fully hedged” into Australian dollars, Mr Debelle referred (in his speech’s footnote #9) to a paper that appeared in the RBA Bulletin, December 2009.

Doubtless no one in attendance bothered to check that old paper. Certainly, not a single journalist who reported on Mr Debelle’s comments in the mainstream press bothered to check first, and then report the truth.

But I did.

In that old paper, we see that the authors did claim that our banks had their foreign exchange exposure fully hedged.

Well … sort of.

Here is what they actually wrote.  Note carefully the all-important weasel words (my emphasis added):

Summary

The 2009 survey of foreign currency exposure indicates that Australian institutions remain well hedged against the risk of sharp movements in the exchange rate. Australia’s foreign currency debt liabilities are essentially fully hedged into Australian dollars using derivative instruments…

Hardly a categoric affirmation.

And here’s the really crucial point. Mr Debelle’s referencing this paper in support of his claim is a nonsense – and thus, suspicious – simply because the data in that old paper is (obviously) now completely out-of-date!

Mr Debelle must know this.  Because the RBA publishes its own statistical data for our banks’ derivatives exposure – and their most recent data is current to 31 March 2011.

Moreover, the data used in that old paper was sourced via an ABS survey – that is, it relied on the banks honestly reporting their true positions (!?!).  And, the data was only current to 31 March 2009 – more than two years ago.

At that time, the banks’ admitted to holding a notional value of foreign exchange derivatives positions, allegedly for “hedging” purposes, totalling gross $2.802 Trillion:

Table 2: Residents’ Gross Outstanding Foreign Exchange Derivative Positions By counterparty, notional value, A$ billion, as at 31 March 2009(a)
Counterparty Long foreign currency/short AUD positions Short foreign currency/long AUD positions Net positions
(a) Positive values represent derivative positions under which the holder will receive foreign currency in exchange for Australian dollars at a predetermined exchange rate (that is, a long foreign currency/short AUD position). Negative values represent derivative positions under which the holder will receive Australian dollars in exchange for foreign currency at a predetermined exchange rate (that is, a short foreign currency/long AUD position).
Source: ABS
Resident 554 −554 0
Non-resident 991 −703 288
Total 1,545 −1,257 288

As you can see, the breakdown of our banks’ foreign exchange derivatives “positions” at March 2009, was Long foreign currency $1.545 Trillion, and Short foreign currency $1.257 Trillion.  For a net Long position of $288 Billion.

And the counterparty to that $288 Billion Long “position” (ie, gamble) was … “Non-resident”.

Now, a few important points to consider.

Firstly, these 2 year old figures did not represent solid proof of a “fully hedged” foreign exchange position.  And it certainly is not proof of that claim being true now, 27 months later, in June 2011!  Instead, what it represented was a $288 Billion Long foreign currency position, at 31 March 2009. A net $288 Billion bet that foreign currencies would improve in value, compared to the Aussie Dollar.

Secondly, why do you think Mr Debelle would seek to reassure us that our banks’ foreign exchange risk is “fully hedged”, and back his claim by reference (in the footnotes) to a 2 year old, redundant paper – just 4 days after Fitch Ratings warned of the vulnerability of our banks to foreign exchange volatility, and 5 days after the global head of HSBC foreign exchange warned of “a bigger Armageddon out there” in foreign exchange markets?

[Hint: These days it’s euphemistically – and deceitfully – called “spin”, or a “smokescreen”]

Thirdly – and perhaps most importantly – as we saw just 2 days ago, at 31 March 2011 our banks’ gross foreign exchange derivatives position has grown (blown?) from the claimed $2.80 Trillion … to $3.98 Trillion:

Click to enlarge

Let us not even bother going into the huge question marks over this.

Including very basic questions.  Such as, why did the banks report a $2.80 Trillion FX derivatives exposure to the ABS survey … when the RBA’s own statistics report that they had a $3.58 Trillion exposure at that date (see highlight in chart above). Or, the basic question of why did Mr Debelle fail to reference the current, and much larger, foreign exchange derivatives exposure of our banks.

And let us not bother going into the even bigger questions (and dire implications) over our banks’ $11.68 Trillion exposure to Interest Rate derivatives – that’s the going-parabolic blue line on the above chart.

We’ve seen more than enough to know that Mr Debelle’s belated assurances about our banks are a sham.

It is my view that Fitch Ratings’ and HSBC’s warnings are most likely closer to the real truth.

And the reality of our banks’ extreme vulnerability, due to their off-shore funding reliance, their truly staggering derivatives exposure, and perhaps above all, their poor “asset” quality, is the real reason why Mr Debelle gave the speech that he gave yesterday.

Whether he meant to or not, the simple message for the wise and prudent to take away from (the inconsistencies, lies, and deceptions in) his speech is this.

He is essentially saying, “Don’t worry folks … our banks are going to fail … but the RBA can just print money to bail them out”.

Don’t believe that printing money is what Mr Debelle was saying?

Here it is in his own words:

As I discussed earlier, an Australian dollar liquidity issue can be addressed by the Reserve Bank. The Reserve Bank can meet a temporary liquidity shortfall by lending Australian dollars against the stressed bank’s assets denominated in Australian dollars.

Where does the RBA get its dollars from, in order to “lend” support to our soon-to-be-insolvent, imploding banks?

It creates them. Out of thin air.

Click click on the mouse button. Tap tap on the keyboard.

Just like all “independent” central banks.

And then lends those dollars, at interest.

As we have seen previously ( “Our Banking System Operates With Zero Reserves” ), thanks to the way our banking system is designed, printing more money is the only thing that the RBA can do in response to a bank insolvency crisis.

And as we also saw previously, that is exactly what they did do, in the GFC.

Welcome to the Grand Opening of our Zimbabwe Experience, dear reader.

Brought to you by your friendly “independent” RBA banksters, and their Big Four cronies.

A final thought.

It is particularly interesting that Mr Debelle was effectively reassuring everyone that the RBA is able to provide “liquidity support” (ie, money) for our banks in the event of their running into trouble with their wholesale funding from abroad.

What he did not mention, is that our government – that is, we the taxpayers – has provided both explicit and implicit support for the banks through the Government Guarantee Scheme For Large Deposits And Wholesale Funding.

(Indeed, when Moody’s recently downgraded the credit rating of our Big Four banks, they made it quite clear that if these taxpayer guarantees were not there, our banks’ credit ratings would be slashed by at least another two ‘notches’)

So, if Mr Debelle is arguing/reassuring that the RBA is able to provide liquidity support for our banking system, then why is the Australian taxpayer on the hook to backstop the banks?

And why did Mr Debelle not mention this very important fact in his speech?

SNAFU.

As with anything involving the “unholy alliance of politicians and bankers versus ordinary people”, everything about this stinks to high heaven.

“There’s An Unholy Alliance Of Politicians And Bankers Versus Ordinary People”

28 Jun

Oh for independent politicians like Nigel Farage here in Australia:

One could almost be forgiven for thinking that Mr Farage was talking about Australian politicians like Malcolm Turnbull being in bed with banksters like Goldman Sachs, in seeking to impose a CO2 trading scam  – deceitfully relabelled as a “carbon tax – on our little nation.

Or, that he was talking about the recent Open Letter written by 13 “eminent” economists in support of our Green-Labor-“Independent” Alliance’s plan for “pricing carbon” – at least 77% of whom are directly employed by or connected with the bankstering sector.

Foreign Investors Spooked, See Risks Down Under

28 Jun

From the Sunday Telegraph:

Greece isn’t the only country giving investors the jitters.

While Australia’s challenges pale in comparison to those currently plaguing the debt-laden European nation, they are still spooking foreign investors who are taking their money out of our share market and running.

According to the national accounts, released this week, foreign investors sold $1.9 billion of Australian equities in net terms in the March quarter. This compares to the December quarter where they bought $28.5 billion of equities.

Economists believe foreign investors – the bulk of whom come from the US and increasingly Asia – are seeing Australia as a risky option for their cash due to concerns over our minority government, to interest rate rises and the carbon tax.

Concerns about a two-speed economy and the housing market are also scaring off overseas investors, according to AMP Capital chief economist Shane Oliver.

“There has been a lot of commentary from overseas that foreign investors are worried house prices here will drop and that that would adversely affect our banks and consumer spending,” he said.

“What also worries them is that a minority government means less certain policymaking. “On the carbon tax, they are concerned it could be implemented in a way that may adversely affect Australian mining or coal companies compared to say mining companies in other countries or that it may be too heavy-handed and adversely affect the economy.”

Mr Oliver said the jitters from foreign investors had contributed to the Australian share market under-performing global markets of late.

“Global shares have had a correction of about 7 per cent whereas our market has had a correction of around 10.5 per cent,” he said.

“You have this messy global backdrop, but because Australia has its own issues our market has come down a bit more than global markets.”

Mr Oliver said investors had been playing Australia more through the high dollar than the share market.

Foreign investors upping sticks was a wake-up call to the federal government, particularly on the carbon tax front, [Commsec economist] Mr James said.

Fitch Ratings: Australian Banks Most Vulnerable To Europe’s Debt Crisis

26 Jun

From the Australian:

Australian and South Korean banks are the most exposed in Asia to Europe’s debt crisis given their large dependence on offshore wholesale funding markets, a senior official at Fitch Ratings said today.

While the direct exposure is low, if the Greek debt crisis implodes and spurs a major dislocation in global credit markets, Australia and South Korea’s banks and economies would suffer the most, said Andrew Colquhoun, head of Asia-Pacific sovereign ratings.

“Among the countries in Asia I would regard as relatively more exposed are both Korea and Australia, who have an issue of short-term and long-term external debt of the banking system,” he told Dow Jones Newswires on the sidelines of a conference in Sydney.

“If the banks found it more difficult to refinance that debt, then there could be repercussions for the economies,” he said, adding “quite a lot” of risk still remains in the process to firm up a second bailout package for Greece.

Australia’s four biggest banks have in recent years leaned heavily on foreign currency borrowing and were among the biggest issuers of debt in the world using their respective governments’ funding guarantees during the financial crisis.

Learn all about just how vulnerable our banking system really is, in these recent posts –

“Our Banking System Operates With Zero Reserves”

Fresh Evidence Our Banks In ‘Race To The Bottom’ Means You Can Kiss Your Super Goodbye”

“Fitch’s: Residential Mortgage-Backed Securities Negative, Threat To Banks”

“By Hook Or By Crook – Moody’s Says Our Banks Are Too Big Too Fail”

“Tick Tick Tick – Aussie Banks’ $15 Trillion Time Bomb”

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