(NEWS.COM.AU) — WHILE the world worries about Greece, there’s an even bigger problem closer to home: China.
A stock market crash there has seen $3.2 trillion wiped from the value of Chinese shares in just three weeks, triggering an emergency response from the government and warnings of “monstrous” public disorder.
And the effects for Australia could be serious, affecting our key commodity exports and sparking the beginning of a period of recession-like conditions.
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“State-owned newspapers have used their strongest language yet, telling people ‘not to lose their minds’ and ‘not to bury themselves in horror and anxiety’. [Our] positive measures will take time to produce results,” writes IG Markets.