The Herald on Sunday (Auckland, New Zealand), August 19th, 2007
OFFSHORE INVESTORS who have bought $2.53 billion of uridashi and eurokiwi bonds will tomorrow decide whether to roll over their maturing investments or join the flight from the NZ dollar.
The approaching deadline will be causing Finance Minister Michael Cullen and Reserve Bank Governor Alan Bollard major headaches.
Market observers will inevitably read the decision by offshore investors as a verdict on the extent of their confidence in the New Zealand economy.
If enough offshore investors pull out, the value of the volatile NZ dollar can be expected to fall further, and the cost of wholes...
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