As Stephen Mayne writes in your Crikey edition today:

Make no mistake about it, this is the biggest crisis to ever hit Australia’s funds management and property industries. If our second biggest shopping centre company can’t survive, is anyone safe? In one morning, the Centro Group has revealed that it has been unable to roll over $3.9 billion in short term loans that expire on February 15, 2008. There’s an additional $3.4 billion that falls due within 12 months and the remaining $10.6 billion expires some time after that.

Sitting comfortably Mr Rudd? Across the books yet Mr Swan? Could be quite a year ahead.

Peter Fray

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Peter Fray
Editor-in-chief of Crikey