The Coming Crisis: Prime Minister Julia Gillard has talked up Australia's strong economic fundamentals after concerns over Europe caused a rout in global sharemarkets and sent the Australian dollar to a six-month low. Some $35 billion was wiped off local shares on Friday when the market fell almost three per cent. Investors were rattled when credit agency Fitch Ratings cut Greece's sovereign debt rating to a low-ranking CCC and warned there was a "heightened risk" the country would be forced out of security of the euro zone. Despite global market volatility, the prime minister and Treasurer Wayne Swan said Australians could be confident. Source: The Coming Crisis
