The EU may silence a crowing Swan

With larger national debt than Paul Keating left for John Howard and little room to manoeuvre, events unfolding in Europe this weekend are a latent bomb for Wayne Swan.

Treasurer Wayne Swan had every right last week to lead the nation in a chorus of "three cheers for GDP!" The national accounts revealed growth figures that, even if revised down slightly, were simply stellar.

Yet for all his basking in economic sunshine, Swan knows that strong growth does not remove two pressing problems for the nation's finances.

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