Australia warns Europe

Viewed from Southern Hemisphere matters in Europe are clearly getting out of control. The Australian Treasurer Wayne Swan has warned as clearly as it seems possible get, read here. Some snippets:

European Union leaders must act to stop the region’s debt contagion becoming a “slow-motion train wreck”

“Europe needs to understand that financial markets don’t work on political timelines, and they are already a long way behind the curve,”  

“The global economy has already paid a very high price for the failure of Europe to get its house in order.”