Fending off Lagarde's apocalypse

It's true Australia's in a better position than most of the world to manage a European meltdown, but the inevitable shockwaves make it in everyone's interest to save Europe from itself.

The International Monetary Fund’s Christine Lagarde provided a dramatic and chilling warning overnight for the rest of the world – including Australia – if Europe isn’t able to defuse the ticking time bomb at the heart of the global financial system and economy that it has created.

Maybe it was melodramatic, but Lagarde outlined a future of "economic retraction, rising protectionism and isolation" unless the crisis was brought under control. She even referred to the Great Depression.

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