Does New Zealand Face the Fate of Iceland?

The economy is in its worst recession on record, the current account deficit is ballooning, the government faces a sea of red ink and credit ratings firms have the country under the microscope - is New Zealand the sick man of the South Pacific?
Once a darling of foreign investors because of high interest rates, the country appears almost like Iceland, judging from the current account deficits it has accumulated over three decades.
After weathering the Asian economic crisis and drought in 1997 and 1998, the $95 billion New Zealand economy enjoyed its strongest growth since the 1970s, thanks partly to soaring commodity prices and debt-fueled consumer spending. FULL ARTICLE HERE