Alan Kohler is one of Australia’s most experienced business commentators. Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report. Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website. Alan is the regular finance presenter on the ABC News and producer of the popular nightly graph (or two).
The woes of Portuguese bank Banco Espirito Santo have renewed fears about the structural weaknesses of the European banking system, which will remain a source of vulnerability until the ECB takes definitive action.
The bureaucrats in Brussels are convinced austerity will get Europe back on track. But comparing Greece’s experience to that of the US, it’s clear that these measures just compound the problem by forcing the private sector to deleverage further.