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ECONOMICS: Australia’s $403 billion foreign debt: hail the banana republic!

Patrick J. ByrneDec 18, 20044 min read

When the then Prime Minister Paul Keating warned 18 years ago that Australia faced becoming a “banana republic”, he could well have used the experience of Spain to illustrate his warning.In 1986 Australia’s foreign debt was around $78 billion, now it is $403 billion.In his historic treatise, The Wealth and Poverty of Nations, David Landers expressed his concern at the growing foreign debt…

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