China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

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Tuesday, September 20, 2011

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  • What does this reward stand for,Betrayal of your Countrymen for pushing the Lie of Carbon Tax to line the Pockets of Global Banking Scammers of the World.
    This man is a proven incompetent who has falsified the figures,in 40 years of Business I and 90% of Australians have never seen the Economy in such bad shape with the lowest consumer sentiment on record and the worst financial outlook ever.
    Only the Fact that Paul Keating crashed the value of Australian Currency to Record Lows followed by tight fiscal control by TreasurerCostello put the country in a Position of good fortune.

    The Continued spending of China on recources has resulted in a two speed econony the likes of which would make Mugabe proud.
    Wayne Swan the most incompetent Treasurer in Australian history is the best in the World then it is any wonder the rest of you are screwed.
    It now should be obvious to anyone in the EU why Switzerland was smart enough to never join the EU.
    This Organisation just like the Nobel Peace prize Organisation after awarding Al Gore and Barack Obama awards that could be better determined to actually mean Lefty traitor of the Year Award has joined that Organisation as one with no credability or relevant purpose.


    20 Sep 2011 21:05

  • Entirely agree with this comment, what a joke to hear that this morning !!!
    How people , who ever they are , can award someone who betrayed his first Minister , who was by the way the one who did the right things to keep our country out of troubles, betrayed his so called best "Mate" from the same school..Our country is not in a good position at all on a long term , as the only fact this treasurer rely on is our resources, which are not eternals, and at the same time our retail and industrial sectors activity are dying...
    I'm simply astonished by this news !!!!


    20 Sep 2011 23:08

    Author: philippe Mehel

  • Naming Mr Wayne Swan as your chosen finance Manager of the year will without doubt cast doubt on the creditbility of your magazineand the judges who made the decision
    Australia was blessed with bundle of dough in the kitty when Wayne Swan became Australias treasurer and the GFC struck .Since then we have sunk into massive debt and bear in mind we only have a population of approx 22 million
    Swan is a goose and 99% of aussies would agree


    20 Sep 2011 23:58

  • Exactly what criteria is used? One has only to consider the fudging of the NBN (National Braodband Network) accounting, the disastrous Mining Resource Rent tax "thought bubble" . Easy to spend more than you have. Let's see how the Worlds Greatest Treasurer gets back to surplus.....

    21 Sep 2011 03:58

    Author: Alistair

  • Dear reader

    Have a look at the venom and spite of these comments above.

    Although probably "intended for domestic consumption", they highlight the value of Mr Swan's award, because they show the standard of political and economic "debate" that he had to deal with, in getting his reforms through.

    Not even a trace of pride or affection for their countryman (I'll bet they're all Australian comments) getting this award.

    Perhaps they might have been bearable if there was a trace of humour, or even good spelling.

    It gets worse. If you grab a coffee, brace yourself, and watch the reply in the Australian Parliament today from the Opposition Finance Minister Joe Hockey, you'll see contempt for the previous winners of this prestigious international award, contempt that borders on racism.

    And you thought only the US Republicans could be this pig-headed.

    All prayers gratefully appreciated.


    21 Sep 2011 11:42

  • You should be aware that

    1. For base partisan political reasons your magazine's reputation is being trashed by the conservative enemies of Swan of the LNP. Joe Hockey, shadow treasuer, sneered at Pakistan's 15th PM without naming him or his achievements.

    2. A right wing blogger from the Murdoch Press named Andrew Bolt repeated claims that you gave awards to failing financial institutions such as Lehmann's, Citigroup, Bear Stearns and Morgan Stanley.

    It seems that you gave *North American* Awards to these, so you might wish to clarify that matter.

    Nevertheless, the letters above do give you a sense of the hectoring, hysterical and partisand atmosphere here in Australia. The LNP fancies that despite its election loss, it was the real winner of the last election robbed of its right to rule by the decision of the independents to support an ALP government. Their policy is to function as a government in exile against an illegitimate regime and to encourage populist angst against sound policy wherever possible. Hence, trashing your magazine is neither here nor there for them.


    23 Sep 2011 03:33

    Author: Fran Barlow


Press release: Australia's Wayne Swan named Euromoney's finance minister of the year



 
How Euromoney’s finance minister award
became an Aussie political football


More Asia coverage

Finance minister of the year Wayne Swan
media coverage
 
LONDON, 20/09/11:

Australia’s deputy prime minister Wayne Swan is today named as Euromoney’s Finance Minister of the Year 2011.

Swan will be presented with the award at a reception held during the World Bank/IMF meetings in Washington on September 25th.

Swan receives his award for his careful stewardship of Australia’s finances and economic performance both during and since the global financial crisis.

Throughout that time, Australia has not only avoided falling into recession but has been the best performing of the world’s developed market economies. That performance was confirmed in the second quarter of this year, with Australia’s GDP numbers showing an impressive growth of 1.2%.

Australia’s position within the global financial community has never been stronger than it is today. Its banking system is strong and the envy of many other developed nations. Its economic foundations are sound, with strong exports, low unemployment and rising incomes. The market has confirmed its positive view of Australia’s relative economic strength through rising investment and the steady appreciation of the Australian dollar.

Swan has undoubtedly been blessed with a number of advantages, including inheriting a sound economy and the natural resources bounty that has allowed Australian trade with China in particular to boom.

But, beginning with his swift response to stimulate the economy in 2007/2008 despite strong opposition at home, Swan has succeeded in getting most of the important decisions right. These include putting in place an exit strategy for the stimulus and sticking to it, imposing a fiscal discipline that many other finance ministers refuse to adopt.

Swan has continued to deliver this strong and steady performance despite political difficulties at home, in which his Labor Party only has the smallest possible majority through the support of independent MPs.

Swan joins a roll-call of leading finance ministers who have been recognised by Euromoney, the leading global publication for banking and finance, for more than 30 years. Recent winners include Jim Flaherty of Canada in 2009 and Alexei Kudrin of Russia last year.

An in-depth interview with Swan, reviewing his tenure as Australia’s treasurer and discussing the challenges he faces both in Australia and the broader global economic situation, is published today at www.euromoney.com/swan and is free to read.

NOTES TO EDITORS:  

For more information about Euromoney, go to euromoney.com/about 

For more information about the Finance Minister of the Year award, contact Euromoney’s editor Clive Horwood at chorwood@euromoney.com  

For more information about Euromoney’s reception at the World Bank/IMF meetings, please email imf@euromoneyplc.com  



More information on finance minister of the year








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