Europe had it coming says Australia’s coalition PM according to the Sydney Morning Herald. Very probably. When I lived there for a short while I was always impressed as to how Australia had not let the availability of easy credit grow rampant.
Huge deposits were required to obtain a mortgage and shoppers were encouraged to put items they could not afford on ‘lay by’ (where an item is reserved and payments made weekly or monthly towards it. Only when these payments were completed did the consumer obtain the item from the store) rather than the ‘buy now, worry about paying for it later’ culture that took hold in the UK and in parts of Europe.
Europe had it coming, says PM
Peter Martin and Matt O’sullivan
The Sydney Morning Herald
16 Jan 2012
THE Prime Minister, Julia Gillard, has rubbed salt into the wounds of European nations reeling from weekend credit downgrades, declaring they had it coming for avoiding tough decisions. Speaking after Standard & Poor’s stripped France and Austria of…read more…