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    The effects of global warming on Australia are well documented, and some are already being seen in the form of dry winters, unusual summer heat and early spring bushfires.

    In the longer term, according to the CSIRO, the Bureau of Meteorology and universities, we can anticipate damaging sea level rises, changes in local weather that disrupt agriculture, and ocean acidification expected to severely deplete the Great Barrier Reef.

    But the most immediate effects on Australia are likely to be financial.

    The Intergovernmental Panel on Climate Change report is explicit: human greenhouse gas emissions are the dominant force in recent temperature rises.

    The world has used up 54 per cent of its total carbon budget, the amount of C02 it can put in the air if climate change is to be held at safer levels. At the current rate that mark will be passed in the next 30 years.

    This budget crisis has serious implications for Australia's coal and gas industries, both of which are planning for expansion. Essentially, the nation's resources industry is on a collision course with climate change, and most of the known fossil fuel reserves will have to be left in the ground if Australia is to play even a very modest part in preparing to tackle the worst effects of climate change.

    As Professor Lesley Hughes of Australia's Climate Commission, since abolished, said: ''How people react to this is up to the policymakers and governments, as well as investors. It isn't our job to reconcile the ...

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    (CNN) -- Here's a look at what you need to know about the European Debt Crisis which has affected the countries of Cyprus, Greece, Ireland, Italy, Portugal and Spain.

    Cyprus: July 11, 2011 - An munitions explosion at a naval base kills 13 people and destroys the country's main power station. The resulting blackouts severely impact the tourism and finance sectors of the economy.

    December 23, 2011 - After a series of credit downgrades and exposure to the financial crisis in Greece, Cyprus signs an agreement with Russia for an emergency loan worth €2.5 billion to shore up its economy. Cyprus agrees to pay the loan back over 4.5 years with a 4.5% interest rate.

    June 25, 2012 - The government of Cyprus announces that it will seek a bailout from the EU and the IMF to prop up its banks. According to the International Monetary Fund, banks in Cyprus have approximately €152 billion in outstanding loans or other money at risk, which is eight times the country's gross domestic product.

    January 21, 2013 - Eurozone finance minister tell the government of Cyprus that a bailout will be delayed over concerns that the bailout of €17 billion is too large. The amount is almost equivalent to the country's annual gross domestic product.

    February 24, 2013 - Conservative Nicos Anastasiades is elected president by a double-digit margin.

    March 16, 2013 - Cyprus...

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