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| Shades of 1975? |
paraclete |
03/27/09 |
China bankrolling Kevin Rudd's stimulus plan by buying government bonds
By Steve Lewis
The Courier-Mail
March 27, 2009 12:00am
* China buying Australian Government bonds
* May make China our biggest lender
* Opposition says we're handcuffed to China
CHINA is secretly helping to bankroll Kevin Rudd's economic rescue plan as concerns grow over the relationship between the Communist superpower and the Labor Government.
The Courier-Mail can confirm that China is a significant investor in Australian government bonds -- used by Canberra to fund billions of dollars in emergency spending.
Market insiders believe China is buying 15 to 20 per cent of the $2 billion in Treasury securities being issued every week.
This would make China the single biggest lender to Australia, although details of who owns the bonds are cloaked in secrecy.
The program, authorised by Treasurer Wayne Swan, will leave Australia with a debt bill approaching $200 billion.
In response, the Opposition has raised concerns Australia could end up politically "handcuffed" to China as a result. China's appetite for Australian bonds comes just days after the Prime Minister secretly met China's fifth most powerful figure, Li Changchun, at the Lodge.
So not content with speaking Chinese the PM is getting into bed with them. The Labor Party is slow to learn. The Kemlani loans affair brought down the Labor government in 1975 and Australians have long memories, the Chinese loans affair could bring down the Labor government in 2011 it won't be Kevin in eleven |
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