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Falls in Australian stockmarket overnight

The Australian stock market fell by over 3% overnight amid concerns about European debt markets, tightening credit and a general malaise across worldwide stock markets. While the initial concerns centred round the Greek budget deficit, which is now being addressed, there are fears that this has now transferred to other European countries and more problems will follow in the short to medium term.

All eyes have been on Portugal, Spain, Ireland and the UK and many investors believe one of these is likely to suffer a dramatic financial crisis in the short-term. Despite calls from European Union leaders for a fiscal overhaul of budgets and spending plans many believe this is too little too late and the damage has already been done. If money market rates continue to rise and credit availability continues to fall then we could well be on the verge of yet another credit crunch which could begin in Europe.

Those who believe that the worst of the financial crisis is now over may well need to sit up and take notice because we are entering a potentially dangerous and dark phase of the European "economic recovery". There is much work going on behind the scenes at the EU but many believe that internal bickering could delay the much awaited response to the European debt crisis.

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