Greece isn't the economy we should worry about, Morgans

THE slowing Chinese economy, which has taken a further hit as global share markets tumble on the back of the Greek debt crisis, is far more significant for the Australian economic climate than what is happening in Europe, one analyst has warned.

Markets across the world tumbled as Greece ordered its banks to shut for a week and imposed capital controls after its citizens emptied ATMs, following the European Central Bank's decision not to offer further emergency funds to keep banks afloat.

International creditors have refused to extend Greece's bailout beyond its June 30 expiry date, sparking default fears over an IMF loan repayment due the same day.

But while everyone's attention has been captured by the unfolding Greek crisis, China's markets and economy have also entered a turbulent time.

Asian markets fell sharply on the collapse of Greek debt negotiations over the weekend, with a rate cut failing to prop up Chinese stocks which have been hardest hit.

Read more at ABC News Online



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