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Australia prepared for European crisis fallout

Australia has called for Greece to form a new government quickly to restore confidence in the debt-laden economy

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18 Jun 2012

Australia has called for Greece to form a new government quickly to restore confidence in the debt-laden economy.
Acting Prime Minister Wayne Swan has welcomed New Democracy’s victory in Sunday’s election but said economies in the eurozone are still facing challenges and stability needs to be restored.
"We certainly need a boost to growth (and) we also need longer term fiscal consolidation,'' he told reporters in Canberra.
"But I think Australians can be assured that we are in the strongest position of any developed economy to cope with any fallout from these events in Europe.
"Our economy is 10 per cent larger than it was prior to global financial crisis,” he said
Mr Swan said he was hopeful that a government would be formed quickly in Greece but warned there could be further fallout in Australia from the European debt crisis.
Meanwhile, Prime Minister Julia Gillard is in Mexico for the G20 leaders’ summit. At the summit, Ms Gillard said: “what happens in Europe does matter to the economy of Australia because Europe is the single biggest economic zone in the world”.

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