Speaking after Standard & Poor's stripped France and Austria of their AAA ratings and downgraded Italy, Portugal, Spain, Cyprus, Malta, the Slovak Republic and Slovenia, Ms Gillard said the moves were the "price to be paid" by governments that had put off reforms.
"For too many years, European governments have deferred the nation-building, productivity-enhancing reforms which Australia has made the foundation of our dynamic and resilient economy," she said yesterday.
"In stark contrast to Europe", Australia had strict fiscal rules that would return it to surplus in 2012-13. European leaders should "swiftly undertake structural reforms to boost their economic potential and lift growth". » | Peter Martin, Matt O'Sullivan | Monday, January 16, 2012
