interesting article from xstrata, page-22

I hear you Doug but I am more worried about Australia that Europe. Europe being a mess is a given. I am worried about the level of debt here and when the offshore lenders wake up to that we will have trouble raising cash for projects. Xstrata is AOH's last hope as, without them, they will never do Roseby on their own.

PS A Housing crash, IMO, is a given not a probability. 59% of our banks' loans are to residential housing. The good side of that is that maybe our banks might start lending to business and not the 4 bedder in Mosman.