Great NZ financial crisis

By Brian Easton In Economy

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23rd July, 2011
1878: While Julius Vogel was on a ship to London, the City Bank of Glasgow crashed. The London money market – the financial centre of the world – plunged. Although we were already over-borrowed, Vogel was going there to raise more capital. He could not borrow much, and New Zealand followed the rest of the world into “the Long Depression”, which lasted about 17 years. Towards its end, all three non-Australian-based New Zealand banks got into trouble. One reconstructed itself, but the Colonial Bank and the Bank of New Zealand required government support. The biggest ...

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