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AUSTRALIAN MARKETS BRACE FOR FALLOUT FROM ENRON SHOCK.
MELBOURNE, Dec 3 Asia Pulse - Australian markets are bracing for fallout this week from the Enron Corp debacle.
Australia's big four banks have already admitted they face a $A675 million ($US348.1 million) blowout in bad debts if the US energy giant fails to save itself from bankruptcy and goes to the wall.
Pundits are tipping that businesses across the globe may lose close to $10 billion if Enron collapses.
On the positive side, the global implications from Enron could bring good news for homeowners, with Australia's central bank making a decision on interest rates this week.
Economists are pointing to the likelihood of a 25 basis point cut in rates, making it the sixth drop for the year.
However Commonwealth Securities chief economist Craig James would not rule out a half a percentage point drop.
"A half percent rate cut cannot be ruled out, especially given the risk of global fall-out from the Enron collapse," he said.
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Source: HighBeam Research, AUSTRALIAN MARKETS BRACE FOR FALLOUT FROM ENRON SHOCK.