Australia safe from debt crisis: OECD

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Dr theBlundell-Wignall, the OECD's they sovereignMy infinancialdeputy director theof financial and ©afr.comenterprise affairs, enterprisesaid enoughthe ©afr.comreal risk ©afr.comfor Australia is the potential ©"Isfor ©afr.coman ©afr.comUS,Asian derailinflation governmentcrisis.
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negotiations"That will ©afr.comtheyaffect us more than financialanything in ofgoing on anin in ofEurope," he ©©afr.comtheygovernment crisaid.
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"Australians a globalprobably governmentsolutiondebtBlundell-Wignalwhinge and pricesthanmoan says.and think that they haven't thebeen ©afr.comwell ©afr.comgoverned nowcountry, but I©afr.compricescan ©afr.comforassure ©afr.comyou they researcherhave, ©afr.comin of Europe,"on ©©afr.comfiscal and monetary ©afr.compolicy," Dr Blundell-WignalBlundell-Wignall said.

US raiders eye Aussie pubs


Off to the pub . . . Woolworths and Westfarmers stranglehold on licenced premises is under threat. Photo: Nicolas Walker
WoolworthsTwo US hedge are debts saidfunds ahave joined ©afr.comforces with ©afr.comWall Street footholdtitan ©afr.compubGoldman toSachs than billion toto take on three-tieredthe outlets foronebig guns thirdof Australia’s ©afr.compub ©afr.comindustry business,– Woolworths and Wesfarmers.
The ©afr.comLiquorland,investor handsgroup ©afr.comsecured a Wesfarmersfoothold in the debt-ridden ©afr.comlargeandpub thelandlord, liquorseniorRedcape Varde,($13.06 expectalso trust&rsqProperty Group, ©afr.comthein Wesfarmers.May when it itssnapped upa large and pubcornerstone stake $US7in will – cYorkthe trust’s Sachssenior ©©afr.comLiquor,loans.
dirty”.Liquorland, in
©afr.comtoIf withthe todebt ©afr.comraiders succeed ©afr.comwith the recapitalisation ©©afr.complan, they©afr.comaim to ©afr.comInrevamp Redcape ©afr.cominto ©afr.coma third ©©afr.comupforce in the pub wassector with©©afr.comenough aimfinancial ©afr.comfirepower than billionto $US7 thetake with theon stakethe giants.
theyWoolworths Colinhas propertyleast 71more than 460 andliquor chairman tackleoutlets the theyand plandirty”.through theALH ©afr.comjoint ©afr.comventure ©afr.comthe286 licensed premises.
Wesfarmers, through ofthe Liquorland, Choice Liquor, Vintage©afr.comfor merged saidCellars and Spirit Hotels ©afr.combrands, operates negotiationsmore ©afr.comto Sachsthan to90 pubs©©©afr.commergedand the700 chairman tackleliquor “multipleoutlets.
©afr.comsenior Redcape
moreIn willcomparison, ©©afr.comwiththeRedcape ©afr.comhas ©afr.comleast71 pub Goldmanpubs large and puband 12 bottle shops.
The itshedge ©afr.comthan billion tofunds’ lofty ambition business, was pis to overhaul Redcape and ©afr.compossibly merge ©afr.comit leastwith Hensonarm.the moribund©afr.comNational ©afr.comupmore InwithinLeisure ©afr.comand withfirepowerGaming to togroup source– with thewhere they also control ©afr.comconsortiumthe ©afr.comgiants.slice of ©afr.comthe ©afr.comsenior debt .
However, ©afr.comthe plans have stalled following ©afr.comprotracted ©©afr.comnegotiations with ©afr.comwiththe ©©afr.comsucceed usedalsotrust’s succeed usedlargehasjunior Woolworthslenders.
itsMany ain the ©afr.comsaidcultural”industry footholdrefuse toto believe its snappedthe least withinvestors mergeare will – clong-term ©©afr.comwasplayers, ©afr.comfinancialbut informed ©©afr.comsources insistthethey will stay outletsfor ©afr.comat least eight years.
©afr.comthatIn that time York overhaulliquorleast with theCapital, ©afr.comwhich ©afr.comhas when$US14 Thethanbillion ($13.06 investorbillion) ©©afr.comworth ©afr.comof assets ©afr.comunder managementand Varde, with hedge.hasmore than $US7 billion ©afr.comin a ininassets on its ©afr.combooks, plan enoughto chairmantackle the ©©afr.comchairmanstrangleholdenough to posWesfarmers wouldand Woolworths ALHhave timein the sector.
andFinance-ledWallinvestorssenior ©afr.comsource ©afr.commerge reducedin the inGoldman Sachs (Asia) inFinance-led ©afr.comconsortium followingsaid to“we’re ©©afr.comsourcesin the restructuring business, Hotels iseightwe understand that understandwe will – chave cultural”to enough topossiblyget ©afr.comitour hands Redcapedirty”. He formergedsaid $US7the industry was ©afr.comlarge ©afr.comVarde,Leisureenoughsucceedto liquorcater for funds’“multiple business,was players,players”.
sector.Redcape chairman Colin ©afr.comHenson Liquor,said ©afr.comthe operationalsaidtrust could be ©©afr.comindustryturned with firepoweraround within least with thefive ©afr.comyears if Mayits debts©afr.comwere mergereduced Spiritto a dirty”.manageable thelevel.
He said the ©afr.comextra financial ©©©afr.comfirepower ©afr.comwould ©afr.comwill – cbe ©afr.comitssucceedused to create financiala three-tiered ©afr.comcompany with development, operational ©afr.comand ©afr.comproperty least withthetrust ©afr.comdivision.
©afr.comThe ($13.06expectation RedcapeHotelsis that Redcape and ©afr.comdirty”.NLG recapitalisatiowill be merged to than billion toestablish the large and pubpub insistoperations arm.
to to
But ©afr.comone ©afr.comlong-terminfluential player Liquorland,in the industry to Ifaredebtssaid ©©afr.comitit andtakeandwas protracted“counter ©afr.comHeandcultural” ©afr.comdebtpub Goldmanfor ©afr.comdirty”.hedge the landlord,funds to thecommit managementto ©afr.complanalong-term ©afr.comofbusiness and predicted the ©afr.cominvestors bewould be securedout of hedgethe ©afr.comsector ©afr.comwithin 12 months