Deposit rates for a European crisis

As Australian banks upgrade their estimation of European danger, money from local super funds is increasingly important and is being courted with new term deposit rates.

Three months ago the possibility of a European break-up was real but an outside chance. Last week a survey by Bank of America Merrill Lynch of international institutions showed that a European crisis was now the outcome considered most likely by a majority.

All Australians need to understand that if the institutional majority is right – and out of a European crisis there is a break-up of the euro – then there will be a banking crisis in Australia.

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