Australia's Reserve Bank governor Glenn Stevens has urged European leaders to sort out the region's debt problems quickly, saying the threat to Australia and the rest of the world is rising.
Speaking at a conference in Sydney last night, Mr Stevens said he could not put a figure on the probability of severe damage to Australia from Europe's financial woes.
But he said time was running out for the problems to be fixed.
"I think we are fast coming to the point where all the parties who have a role to play in getting to the solution there really have to hurry up and do it," he said.
"Otherwise the probability of damage to not just us but everyone, will be unacceptably high."
Here's my analysis from this morning's edition of "AM".