Commonwealth announces temporary guarantee of state borrowing
- Thursday, 26 March 2009
On March 25 Australian federal treasurer, Wayne Swan, announced that the commonwealth government will implement a temporary sovereign guarantee on existing and future bonds from semi-governments. States have 28 days to take up the option to guarantee existing stock, but the treasury has yet to clarify how long the guarantee will be in place. The announcement comes after a ministerial meeting in Canberra today.
