While you were sleeping...

the Australian stock market lost $37 billion because of Europe's economic crisis.

FARK.com: (6720149) While you were sleeping, the Australian stock market lost $37 billion because of Europe's economic crisis (external - login to view)

AUSTRALIAN shares have plunged more than 3 per cent lower today as the never-ending eurozone crisis has entered dangerous new territory. Italy, the eighth largest economy in the world is in debt of $2.2tn. Overnight, rates on Italian bonds rose past 7 per cent. When Ireland, Greece and Portugal hit this 7 per cent mark - they needed to be bailed out. But Italy is "too big to bail" and the possible contagion effect from a failure of Italy is causing global markets to fall.
Other news spooking markets is that French and German officials are exploring the idea of a smaller eurozone (external - login to view), sparking fears that this could be the start of a eurozone breakup.


LIVE: $37 billion wiped off local shares as Italy's debt crisis leads to global sell-off | Latest Business & Australian Stock market News | Courier Mail (external - login to view)
I listened to the news last night regarding Italy. At that point, Australia wasn't mentioned. It has to have a domino effect on the rest of the world. I guess once again any money we have in reserve (of our own) will be greatly reduced in value and interest rates will likely start climbing again.

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