difference between oz and greece, page-11

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    Greece has little manufacturing. Greece has little export economy. Most of the growth in the Greek economy consisted of deficit spending in the form of high paying government jobs and pensions.

    Australia is the beneficiary of an amazing commodities environment. But when that levels off I would expect to see the Australian currency settle back to something closer to the historic rate against USD, and clearly there is going to be a steep Australia recession as all of those commodity focused companies and service providers reset their businesses.

    I don't see a whole lot in common between Greece and Australia.
 
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