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but if countries have allowed borrowed funds to be on-borrowed at a higher rate - ala the Euro Bailout - then where does that leave everything?

*edit* found it http://www.dfat.gov.au/publications/stats-pubs/mtd/australia_trade_1004.pdf

it's not just hedged on China. It's a blend of a number of factors. We export more than just fancy dirt - in fact, fancy dirt only makes up a quarter of our exports. IF China slowed, WA and QLD would be hit first.