cherring,
That article basically indicates that there was very little interest in the auction (despite the spin to the contrary). The rate achieved was below libor and bid to cover of 1.3 are way, way below what some of the desperados overseas have been prepared to pay.
In other words: the Yanks gave us $10bn to auction, we auctioned it, but the interest was tepid, at best. Which leads me to believe that the reason the funds were provided had nothing to do with any overwhelming demand from Australian banks - it was driven from the US.
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what are the chances of no usa bailout, page-8
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