standstill if the euro collapses and Australia will not go unscathed,

even though it is financially strong.The federal government's decision

to continue a banking guarantee is designed to stop the alarming bank

runs that characterised the onset of the 2008 financial crisis, but the

scheme that backs individual retail bank accounts up to A$250,000 is

highly controversial. Is it just a gift to the Big Four banks that may

incite moral hazard through riskier behaviour? Ross Buckley, a professor

of finance law at the University of New South Wales, believes banks

should be funding their own future stability.