New Zealand Government Bails Out Failed Bank

nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10670276

What was the market cap of all the NAMA Bank, 3.5Bn? This is jsut under a 1Bn Euro at today exchange.

NZ Population similar to ours, an island also of the coast of an even bigger one.

google.com/publicdata?ds=wb- … ew+zealand

The local Anglo Irish, they lent big into a hotel and tourist ‘boom’ after the Lord of the Rings movies…and the helicopters were bought but the projects were never finished or fell apart half way …some were finished but empty because the tourists never really came . But then they expanded all over the Antipodes

nzherald.co.nz/business/news … d=10670235

One difference

I find this strange. When their banks ran into trouble before, they told the banks to go and deal with it themselves. Wasn’t the governments problem.