sorry nuts, but you have read the first OP without doing any further research. ...and did I say anything about banks collapsing???
a simple search provded me this on NZ in the GFC and it's from the NZ Treasury (a fairly good source - as opposed to an interpretation by a single HC poster)
1."The recession in New Zealand began in the March 2008 quarter, before any OECD nation, as a result of domestic factors. New Zealand’s recession was thus one of the longest" 5 consecutive quarters of negative growth.
2."In New Zealand, the unemployment rate rose by 3.0%pts to 6.5% in the September 2009 quarter. This rise puts New Zealand in the top third of OECD nations in terms of the size of its rise"
