smh article, page-3

Changes are what the market wants and what it will get, but let's hope there isn't a wholesale cleanout.

It would be bad news if V.Europe lost its CEO in my view. The European business was starting to swirl around the drain when he took it over at the nadir of the crash.

Since, he has stabilised the largest threat - delicate banking arrangements and importantly won singificant, hard to obtain bank work out positions against stiff competition.

The European property markets are coming back in prime (it will be another tough year for secondary unfortunately) but I think that the Euro team are well placed to enhance medium term asset value. Issue is, it's a bit of a footrace between market recovery and final loan extension dates.