Rebel, Clitheroe loves the sound of his own voice. Over many years I've rarely heard him say anything that the ordinary person couldn't figure out for themselves.
The situation in Cyprus was utterly different from our well regulated position with the banks here in Australia.
And don't forget that deposits up to (I think) $250K are still government guaranteed - unless I've missed some announcement to the contrary.
As someone above has suggested, perhaps Mr Clitheroe has another book about to hit the market. Nothing like the odd controversial statement to create interest.
If any such dire situation were to occur, the whole financial system would be stuffed. That is extremely unlikely in such an affluent nation as Australia. If you're worried, then spread your funds across multiple institutions.
