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(CEP News) - Australian Prime Minister Kevin Rudd said the recent failures in credit standards are obscene, and that the global financial system has been pushed to it's edge. He said the credit crisis has reached a new, dangerous phase.
Speaking to the Press Club in Canberra, Rudd said ratings agencies have not yet had their "day of reckoning." Rudd also turned to the issue of excessive executive pay, saying that salaries should be tied to risk, and that the recent display of greed and loose regulation will never be seen again. Rudd said he is prepared to take further action to help the Australian economy, and that new financial claims and credit laws will be phased in. He said Australia's financial system and economy remain strong, and that lending standards in Australia aren't so bad. Rudd emphasized the importance of China's economy for world growth and their role in the crisis, saying officials there are willing to cut rates, and that he hopes to see policy action in China. By Megan Ainscow,
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