Public Values

P3s don't transfer risks to the private sector

Bank crises drive up costs of private financing.

Allan: Banking system bailouts show that risk is not really transferred to the private sector.October 17, 2011: In his Ontario Council of Hospital Unions/CUPE (OCHU) blog, Leftwords: Defending public healthcare, Doug Allan criticizes Ontario's plans to engage in more and more public private partnerships (P3s). He demonstrates how the banking crisis has a double effect on P3 financing.

"A week ago, it became apparent western business and political elites were contemplating a €1 trillion bail out for the mess in the European banking system. Then, by late last week, Bank of Canada president Mark Carney urged €1 trillion in funds or "a little bit more"; he was shortly followed by the British Chancellor who called for €2 trillion. Over the weekend the proposals began stretching up to €3 trillion…"

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Posted: October 24, 2011

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