Central planners bailing out central planners

As ABC Newsradio reports, ‘Warnings are growing about the catastrophic economic effects of countries like Greece defaulting on its debts. Overnight the Bank for International Settlements warned that Greece and other countries like it mired in debt need to increase interest rates and slash debt.

Germany has put up a lot of the funds to prop up ailing economies, but there's growing resentment about further bailouts... China is being eyed as a lender and it may well be forthcoming.’ Here, Europe correspondent Phillip Williams reports from London. Shortly after Phillip Williams report, financial analyst, Chris Leithner looks at the implications.