The Financial Virus is Spreading
Jul 31, 2008
A month ago Denmark declared itself in a recession. There are indications that European countries are soon to follow America into recession. And now Australia has taken a large hit and could headed toward the doldrums as well:
"The world's financial storm has swept through Australia and New Zealand this week amid mounting signs of contagion across the Pacific region.
"Financial shares were pummelled in Sydney on Tuesday after investor flight forced National Australia Bank (NAB) to slash a £400m bond sale by two thirds.
"The retreat comes days after the Melbourne lender shocked the markets by announcing a 90pc write-down on its £550m holdings of US mortgage debt, an admission that it AAA-rated securities are virtually worthless."