Greece isn't the economy we should worry about, Morgans

THE slowing Chinese economy, which has taken a further hit as global share markets tumble on the back of the Greek debt crisis, is far more significant for the Australian economic climate than what is happening in Europe, one analyst has warned.

Markets across the world tumbled as Greece ordered its banks to shut for a week and imposed capital controls after its citizens emptied ATMs, following the European Central Bank's decision not to offer further emergency funds to keep banks afloat.

International creditors have refused to extend Greece's bailout beyond its June 30 expiry date, sparking default fears over an IMF loan repayment due the same day.

But while everyone's attention has been captured by the unfolding Greek crisis, China's markets and economy have also entered a turbulent time.

Asian markets fell sharply on the collapse of Greek debt negotiations over the weekend, with a rate cut failing to prop up Chinese stocks which have been hardest hit.

Read more at ABC News Online


Dad's 'shocking' abuse on family detailed in court

Dad's 'shocking' abuse on family detailed in court

Angry dad beat his wife and hit his young daughtera walking stick

Woman found dead in custody in Ipswich

Woman found dead in custody in Ipswich

Guards find woman, 44, deceased during a routine cell check

Man punched bloked in the head over 'torments'

Man punched bloked in the head over 'torments'

'They wouldn't shut their mouths so I dealt with it.'

Local Partners