NZ to nurse debt hangover for a while longer, Bollard says

Mon, 06 Aug 2012

Aug. 6 (BusinessDesk) - New Zealand may have to deal with the fallout of its increase in private sector debt for some time as the economy is constrained by weak growth in some of the world’s major economies, Reserve Bank Governor Alan Bollard says. “Private sector deleveraging is underway, but it is a slow, gradual process,” Bollard said in notes for a speech to the Employers and Manufacturers Association in Auckland today. Private sector debt amounted to 160 percent of gross domestic product in 2009, more than double the ratio of 70 percent...

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