New Zealand’s government has put the brakes...
New Zealand’s government has put the brakes on its controversial program to sell state-owned businesses to the private sector, just three months before the troubled Labor administration faces a general election.
State-Owned Enterprises Minister Richard Prebble said New Zealand’s debt crisis is over. Proceeds of the sales have been earmarked for cutting the debt.
Labor has sold numerous state enterprises in recent years, including Air New Zealand, the energy company Petrocorp and Telecom Corp. But the deals have aroused public anger, notably when Telecom was sold to a U.S.-dominated consortium last month for $2.5 billion.
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