Fasten your safety belts Australia. The euro is in danger of collapse via its banking system – a banking system that Australian banks depend on for a significant portion of their deposits and which funds much of our mining investment boom.
The usual caveat applies. Predicting the European end game is tough, if not impossible, but last night’s events multiplied the risks so in my view we are now much closer to the end of the euro, as we now know it, although the sorry saga could drag on for an extended period.
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