RBA Head Says Europe’s Woes Spell Trouble for Global Economy

Glenn Stevens, President of the Reserve Bank of Australia, issued a warning that the ongoing strife in Europe will likely impact the global economy.

“The [European] episode is not yet over, and the issues will continue to need careful handling by all concerned and close monitoring by the rest of us,” said Mr Stevens. “It cannot be denied that the potential for further financial turmoil exists.”

Stevens noted that due to its economic ties with China as a major resource supplier, is well-positioned to avoid the worst of the problems looming on the horizon. In fact, Australia was the only major developed nation to avoid entering recession.

Source: BBC News

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