CONSUMERS who default on their post-Christmas credit-card bills could swiftly be declared bankrupt and have their homes auctioned to meet their debts as the banking sector tightens the screws. » Debtors face loss of home – Sydney Morning Herald, December 30th 2007.
The rising economies of Asia are too small and deformed to rescue world growth as America, Britain, Australia, and Club Med face their day of debt reckoning. China may make matters worse, not better. The seven pillars of global demand over the last year – measured by current account deficits …
AUSTRALIAN households are in good financial shape and not facing huge risks, despite debt levels reaching record highs, the central bank says. Speaking today at the opening of the 20th Australasian Finance and Banking Conference in Sydney, Mr Battellino conceded that household debt, as a proportion of total debt, had …
A new openness at the Reserve Bank has revealed a board increasingly worried about the chaos in world credit markets and the outlook for the world economy. “It’s very clear from the statement this morning that the bank is a little bit more concerned about global credit conditions and the …
The effect of the US housing crisis on Australia is still unclear and it will all depend on how deeply America and Europe are hit, a leading Australian businessman says. » US housing crisis on Australia ‘unclear’ – The Age, 3rd December 2007.
UK house prices tumbled in November at their sharpest rate for more than 12 years, figures from a leading mortgage lender showed yesterday, in yet another sign that higher interest rates and the credit squeeze are taking the steam out of Britain’s housing boom. » Biggest drop in house prices …
NEW YORK (MarketWatch) — Economies in Central and Eastern Europe continued to grow at a robust pace in the third quarter, but rising inflation, the global credit crunch and cooling property markets will likely lead to a slowdown in the region next year. » Emerging European economies post robust growth; …
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