Welcome to DelphiNews!

With sharemarkets around the world falling by around 20% from their 2011 highs, the slow motion car crash that is economic policymaking in Europe continues to unfold.

In this Investment Briefing, MLC's Brian Parker discusses the plan the Europeans are working on to recapitalise their banks and construct a firewall to protect (particularly) Spain and Italy. Brian gives his opinion on what needs to be done in Greece and applied to other countries such as Ireland and Portugal. This includes:

• Debt restructuring
• Bank recapitalisation
• Austerity, public finance reform, and
• Eurobonds

This edition of DelphiNews also includes the Market Update which has some key information to keep you informed about what has been happening in the local and global economies and equity markets here and around the world.

MLC continually reviews the Fund Managers in your portfolio and has responded to the recent market volatility by reweighting allocations of some of the Managers. Please read the flyer providing details of these changes to MLC's Global Share Strategy.

There is also an article on Term Deposits versus Bond Funds and video presentations on recent market conditions. 

MLC has been a substantial contributor to Government's Future of Financial Advice reforms and has been at the forefront of changes in the Industry which in some cases have been implemented prior to the relevant legislation. Further reviews of services and pricing have been undertaken and I expect that the outcome will ensure that MLC continues its competitive position in the provision of your Financial Services.

I will keep you informed of developments and in the meantime please contact me if you have any questions regarding this information or your Portfolio.

If you would like to provide some feedback please contact us.

Regards

Vince Dore

Director