Hard to argue with that assessment.

  • Worried because it’s not clear problems can be solved anytime soon
  • Australia govt debt position very good, govt debt of trading partners not a problem
  • In part of world that will be least affected by government debt problems
  • Welcomes any moderation in Chinese growth
  • Australian economy can weather any slowdown in China
  • Managing mining boom a challenge, especially for inflation

EUR/USD slips under 1.2200, presently at 1.2193.