Wayne Swan: Australia's financial market remains secure

[The Mint Man]

I'm sure there is a more detailed article somewhere but this is all I could find at present.

Treasurer Wayne Swan says Australia's financial market remains secure, despite yesterday's stock market plunge caused by the struggling Centro property group.

Around $53 billion was wiped off the value of stocks yesterday after Centro announced it was struggling to refinance $1.3 billion of debt.

But Mr Swan says there is no sign of any wider trouble in financial markets.

“All the advice that I received is that we have a very strong financial system, the fundamentals in Australia are sound.”

“But there are, of course, some consequences that will flow from issues in the United States.”

Cheers

 

[wayneL]

DON'T PANIC....

....please.

 

[SevenFX]

the fundamentals in Australia are sound

Sure it prob is, BUT what about the SENTIMENT of the Australian market....Not so sound and follows the US lead.

SevenFX

 

[wayneL]

the fundamentals in Australia are sound.

"Spare me the mantra that the “fundamentals” are sound. Credit is the ultimate fundamental." - Ambrose Evans-Pritchard

Link below

 

[Warren Buffet II]

I'm sure there is a more detailed article somewhere but this is all I could find at present.


Cheers

Wayne Swan is an amateur, he can't even discuss it on his own knowledge, hold your nerves if Australia gets into economic problems.

He actually said before the election that he will be a very good treasure secretary.

WBII

 

[MS+Tradesim]

Think this qualifies him for muppethood.

 

[The Mint Man]

Wayne Swan is an amateur, he can't even discuss it on his own knowledge, hold your nerves if Australia gets into economic problems.

He actually said before the election that he will be a very good treasure secretary.

WBII

hey, Im not saying I agree with him or even like the bloke but any news was good news today
Plus this is a forum based on our financial markets, thought it was worthy news for such a forum.

Cheers

 

[Smurf1976]

Wayne Swan is an amateur

As are virtually all politicians. That's part of the problem...

 

[numbercruncher]

Awesome, lets attack the guy who Inherited the problem rather than those who created it

 

[The Mint Man]

Awesome, lets attack the guy who Inherited the problem rather than those who created it

What??? Swan was commenting on Centro collapse and the financial markets, who is blaming anyone for that?
Also, it would be expected that swan would be blamed for anything to do with his portfolio from the moment they came into government, thats just the way things go
The election build up is over calm down.

Cheers

 

[Smurf1976]

Awesome, lets attack the guy who Inherited the problem rather than those who created it

Now that WOULD be silly.

Anyone who has had their eyes even half open knows that we've built up some pretty massive imbalances in recent years. Those clearly aren't the fault of the present government. However, it's arguable that they would have done much the same - they're politicians after all.