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Econo-Leaks (a new service involved in the exclusive gathering of economic intelligence) has intercepted the following secret cable transmissions from the Chinese envoy to the leaders in Beijing on the prospects for Australia. The first cable covers Australia's vulnerability to China and the European debt crisis.
Your Excellency, I am pleased to present the requested report on the economic outlook for the Great Southern Province of China, currently referred to by the local population as "Australia". For convenience I will refer to the country by this older name.
Deep dependence on our great nation means Australia's future is inextricably linked to China. Given that the white European colonisers historically feared the "yellow peril", the irony of the situation will be not lost on the Politburo.
Despite recent engagement with us and the rest of Asia, Australia's focus seems confused. The country's head of state remains an octogenarian British Queen. Australia also believes its security is guaranteed by the United States of America with whom it has extensive defence links.
The locals continue to believe in both its sovereignty and also its bright economic prospects.
Escaping Acronyms…
The popular narrative is that Australia escaped the GFC (global financial crisis – the locals are acronymic) through their own planning.
Your Excellency, I am pleased to present the requested report on the economic outlook for the Great Southern Province of China, currently referred to by the local population as "Australia". For convenience I will refer to the country by this older name.
Deep dependence on our great nation means Australia's future is inextricably linked to China. Given that the white European colonisers historically feared the "yellow peril", the irony of the situation will be not lost on the Politburo.
Despite recent engagement with us and the rest of Asia, Australia's focus seems confused. The country's head of state remains an octogenarian British Queen. Australia also believes its security is guaranteed by the United States of America with whom it has extensive defence links.
The locals continue to believe in both its sovereignty and also its bright economic prospects.
Escaping Acronyms…
The popular narrative is that Australia escaped the GFC (global financial crisis – the locals are acronymic) through their own planning.
more at http://www.abc.net.a...ed/3798886.html
part two....
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Over the next few months, the Eurozone faces a number of challenges including: the implementation of the new arrangements, possible downgrading of a number of nations, refinancing maturing debt and meeting required economic targets. There will also be complex political and social pressures.
Implementation of the new fiscal compact may not be a fait accompli. The lack of agreement by Britain makes the change more complex. A number of treaties and protocols need to be amended. There are also doubts as to whether the "work around" will be legally effective.
At least four governments have indicated that agreement to the changes is contingent on the precise legal text. One key area of concern is the precise form and extent of powers granted to the EU to police national budgets. Another relates to the structure of the ESM, where a qualified majority of 85 per cent will have the power to make emergency decisions. Finland is currently opposed to the ESM act by super majority instead of unanimity. Others are also reluctant to pay in capital, which can be placed at risk without the right to a veto.
Given issues of national sovereignty, it is possible that there will be delays in implementation. Changes cannot also be ruled out.
In the background, negotiations on the Greek package of July 2011 have also stalled. There is a risk that a significant number of banks will refuse to participate in the complex debt restructuring, entailing a writedown of 50 per cent of private debt.
Implementation of the new fiscal compact may not be a fait accompli. The lack of agreement by Britain makes the change more complex. A number of treaties and protocols need to be amended. There are also doubts as to whether the "work around" will be legally effective.
At least four governments have indicated that agreement to the changes is contingent on the precise legal text. One key area of concern is the precise form and extent of powers granted to the EU to police national budgets. Another relates to the structure of the ESM, where a qualified majority of 85 per cent will have the power to make emergency decisions. Finland is currently opposed to the ESM act by super majority instead of unanimity. Others are also reluctant to pay in capital, which can be placed at risk without the right to a veto.
Given issues of national sovereignty, it is possible that there will be delays in implementation. Changes cannot also be ruled out.
In the background, negotiations on the Greek package of July 2011 have also stalled. There is a risk that a significant number of banks will refuse to participate in the complex debt restructuring, entailing a writedown of 50 per cent of private debt.
http://www.abc.net.a...ed/3771736.html
long but worth the read.
