Forum Archive Index - February 2002

[hugh webber <hugh.webber@clear.net.nz>]

Whoever wrote all that alarmist bollocks certainly isn't an economist. I'll 
check the figures out
on Monday at work.
For a start it takes no account of whether its owed overseas or in NZ, whether 
its owed by the
private sector or government or of contras such as overseas assets owned by 
NZers.
For example if Shell stuffs up in NZ, there are no NZ shareholders, the debt 
owed by Shell NZ to
overseas creditors is either paid by Royal Dutch Shell in the UK/Netherlands or 
its a default in NZ
and the overseas creditors don't get paid at all.
As a consequence of privatisation the old large overseas NZ Govt debt has 
vanished either into the
private sector or been paid off by Govt with the proceeds of asset sales.

It may be an amusing newsletter - well more like pitiful really - but its 
certainly uneducated and
very ill informed.
Rubbish bin stuff really.

cheers,
Hugh



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