The global economy is now so intertwined that what happens overseas will inevitably affect Australia, as recent events in southern Europe demonstrate.Fitch, a ratings agency, cut the credit rating on Spain, meaning that Spain will have to pay more to borrow money on the international financial markets. Spain’s troubles reverberated around the world and solid German banks trembled. Coupled with the near collapse of the Greek economy, it does not look good for heavily indebted countries, Australia…
