Cutting an ECB safety net

The banking side of the eurozone crisis is the most dangerous for Australia and with the ECB opting to limit its role in any debt restructure, the future is looking bleak.

The European crisis is as much a banking crisis as it is a crisis of national economies. That’s why when the European Central Bank limited its role in the proposed eurozone rescue, sharemarkets suddenly realised that it was now going to be harder to gain agreement.

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