New Zealand reverses rail, ferry privatization
Post sell-off decline of the asset "a painful lesson," Finance Minister says.
by The Associated Press, in the Prince George Citizen
WELLINGTON, NEW ZEALAND, May 5, 2008 — The New Zealand government will pay NZ$665 million (C$530 million) to buy back railway and sea ferry operations that were privatized in the 1990s.
Finance Minister Michael Cullen said Monday that the purchase from Australia's Toll Holdings Ltd. is the best way to increase investment in the industry.
"The selling of our public rail system in the early 1990s and the running down of the asset afterward has been a painful lesson for New Zealand," he said in a statement. . .
Links and sources
New Zealand reversing privatization of rail and ferry system for NZ$665M, May 5 AP story in the Prince George Citizen, May 8, 2008.
Posted: May 08, 2008
Voices of privatization
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