It looks that the Bank of England which determines all currency values of the
world are a little asleep. Currently the NZ $ has its highest ever value..
Another proof of the complete lies and manipulation about currencies exchange
values.. It is only a another briber system that runs this awfully run
world.S1000+
Govt to borrow $40b to fund deficit
NZPA October 15, 2009, 6:36 am
NZPA © Enlarge photo
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The Government will have to
borrow $40 billion over the next four years -- $250 million a week --
after one of the worst fiscal years on record, Finance Minister Bill
English says.
The Treasury yesterday released the Government's
final accounts for the year ended June which revealed a $10.5 billion
deficit compared with a $2.3 billion surplus in 2008.
The recession was mainly to blame and Treasury said it was the worst budget
turnaround on record.
Tax revenue went down by $1.3 billion while investment losses cost $4.1 billion.
The
signs of gaping holes in the books were beginning to appear in July
2008 when the Treasury predicted cash surpluses would be a thing of the
past for the foreseeable future.
Then the world was hit by the
credit crisis and the collapse of major international financial
institutions which brought on the global recession.
Mr English
told Parliament the Government's deficit was a combination of the
recession and the "reckless spending policies" of the previous
government.
That was fiercely rejected by Labour MPs, who said
the last government delivered the lowest unemployment in New Zealand's
history and the economy was prudently managed throughout its nine years
in power.
Mr English said it was going to take 20 years to recover from the present
situation.
"The Government expects that Crown debt will double by 2013," he told
Parliament.
"In
total, the New Zealand government will need to borrow about $40 billion
over the next four years. That means we will need to raise $250 million
per week for the next 200 weeks."
Over the next four years the cost of debt servicing would rise from $2.5
billion to around $5 billion.
Mr English said the increase would be more than twice the size of the whole
police budget.
=================
Some reactions from the New Zealanders:
mandparthur
16 minutes ago
I voted for them because i thought we needed a change but
not change like this. The national party are just a bunch of
charlatans who are pulling the wool over the eyes of hard
working kiwis. They were left with a 2.3billion surplus not
a shambles at all. Global recession is a pile of rot as i
see it it was just a shift of power with changes in
government worldwide. The only reason Australia is not
affected is because they have Kevin Rudd and the Labour
party in power doin the job. ASll we seem ..
kellyjohnson 1 hour, 29 minutes ago
What did you expect. If you were foolish enough to vote for
them. What did you expect?
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S1000+
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