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Australian Treasurer: Approval bail-out for Greece positive step

07-04-2011 08:19 BJT

CANBERRA, July 3 (Xinhua) -- Australian Federal Treasurer Wayne Swan on Sunday said the approval of a billion-dollar bail-out for Greece is a positive step for the debt-hit nation.

Greece has been cleared to receive 17.23 billion U.S. dollars in emergency funding to help it urgently pay its bills.

"It's a positive step, although we shouldn't underestimate the challenges facing Greece at this time," he said in a statement released on Sunday.

However, Swan noted the fragility of Europe's finances and its effect on the global economic recovery.

"This comes on top of the horrific events that hit Japan not long ago, and the continuing softness in the United States economy. "

Meanwhile, Swan reassured that Australia economy looked solid, with low unemployment, low debt and investment continuing to flow. He said the nation is located in the right part of the world at the right time, and the prospects for Australia remain stronger as the weight of global activity continues to shift from west to east.

Editor:Li Wanran |Source: Xinhua

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