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Australia and New Zealand

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posted on Jul, 31 2008 @ 02:33 PM
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www.telegraph.co.uk.../money/2008/07/30/cnoz130.xml

Hop on the garbage truck. Stench is worse than the US.

"The world's financial storm has swept through Australia and New Zealand this week amid mounting signs of contagion across the Pacific region. Many fear the economic party in Australia will end badly

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.

In New Zealand, Guardian Trust said it was suspending withdrawals from its mortgage fund owing to "liquidity difficulties in the market".



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