Australia does not respond to downgrade the U.S.

11 August, 2011


The announcement of the us credit rating downgrade caused a situation on the Australian stock exchange, close to panic. Quotes fell immediately by four percent, which was the worst performance since the middle 2008 year, when the height of the global financial crisis was noted. Besides, many Australians began to think about, to withdraw your retirement savings from those schemes, That «Tied» to stock market quotes.

Australian Prime Minister Julia Gillard urged investors «consider all factors», Assessing the prospects for the United States economy.  Julia Gillard emphasized, that only the credit rating agency Standard & Poor's downgrades U.S. rating, while the other two similar institutions retained the highest marks for the world's leading economy.

The head of the Australian government added, what is not worth it «overreact» to the new Standard position & Poor’s.
Australia's prime minister also tried to add optimism., Noting, that China's growing demand for natural resources will help protect the Green Continent from any economic crisis. Beijing is Canberra's largest foreign trade partner, purchasing a large number of minerals from Australia.



At the same time, Australia's Chief Treasurer Wayne Swan assured, that the highest credit rating of Australia itself «strong and stable». «Debt indicators Канберры Appreciably lower, than most developed economies in Europe. Besides, it is expected to return to the surplus of the state budget of the country within two years», – he assured.

However, independent experts are less optimistic.. There is a widespread opinion among them., that Gillard «said that, what should I have said?», thus trying in any way to prevent panic on the stock exchange of the country. Continue «Bear» trends are expected with the start of trading on Monday.

Representatives of the Reserve Bank of Australia also added fuel to the fire.. Specialists of this institute publicly recognized, A what «global economic risks are increasing».In parallel, they have lowered its forecast of GDP growth of the country on the basis of 2011 year. Now they believe, that growth at the end of the year will be 3,25 %, whereas previously predicted 4,25 %.


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