heres the article this morning..
Australian PM Howard says US market instability no great threat to Australia
SYDNEY (Thomson Financial) - Australian Prime Minister John Howard said Friday instability in the US financial markets, while a worry, poses no major threat to Australia.
On Thursday Wall Street fell sharply again as worries about the subprime mortgage market resurfaced on news that French bank BNP Paribas, suspended three of its funds that were exposed to the market.
"I am concerned at any instability in financial markets. There are explanations for it and those explanations indicate that the threat to Australia is not great," Howard said in an interview on Melbourne radio station 3AW.
Howard said Australian financial institutions exposure to the subprime lending sector was far smaller than in the US, mitigating the risk of a strong negative contagion effect.
"And, of course, having a very strong budget and financial position in this country, the general level of confidence in the financial system is very high," he said.
politicians are worried, page-2
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