At the moment? Australia is worse than both. We have more debt than Argentina and Greece combined. In the past year, the Australian government has taken out more bank loans than Greece has in the 5 years leading up to their crisis. Look at some of the companies that have performed well on the ASX in the last year... CCP, FXL, CLH, FSA, TGA, CCV, all shadow financing companies... we're addicted to deposits and loans down here. Look at the jobs trend, in the past year companies have reduced staff by 10-25%. Corporate insolvencies are running at record rates. Banks here are leveraged to their necks, and are able to maintain the facade of financial health by adding more leverage - Banks here are now leveraged more than what Greek and Spanish banks ever were prior to their crises.
ORE Price at posting:
$1.44 Sentiment: Buy Disclosure: Held
