Wednesday, Sep 24, 2008
population 43,000 — has been forced to confront less picturesque assets: its local government, the Wingecarribee Shire Council, is sitting on millions of dollars in toxic investments backed by United States mortgages.
nytimes: In the Land of the Koala, Bailout Bypasses Villages
It’s a different story for large Australian banks, which have also been hit by the United States mortgage troubles. It is not clear now how the bailout will treat foreign banks, but those with United States subsidiaries are expected to be bailed out.
Posted by big chris @ 07:37 AM (192 views) Add Comment
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