NZ warned to brace for global recession
Page 1 of 2 .... 4:00AM Sunday Oct 12, 2008

Markets went into Friday freefall with more than $7 trillion wiped off the value of the world's shares, and New Zealand was warned to brace for a global recession.

"It's a done deal," said the ANZ's chief economist. "The credit market has all but closed," according to Russell Investments.

Yesterday, central bank governors from the seven richest nations gathered in Washington DC to hammer out a five-point plan aimed at unfreezing the credit crisis. Led by the United States, the countries pledged to protect major banks, to stimulate credit flow and to support banks in raising money.

In New Zealand, the two contenders for the premiership will today explain their respective plans to fix the economy, in a brief breathing gap before markets reopen tomorrow.

More here.