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Please Sir, Can I Have $40b

Contributor:
Fuseworks Media
Fuseworks Media
Bill English
Bill English

Wellington, Oct 13 NZPA - Finance Minister Bill English visited investor markets in Hong Kong and London and asked to borrow $40 billion.

New Zealand and Australia were "flavour of the month" compared to other OECD countries because we did not have a banking crisis and were recovering reasonably well, Mr English told the New Zealand Herald.

"Our pitch to them simply was that we are coming out of recession better than most, we need to borrow $40 billion over the next three to four years, we have got a high credit rating and we are willing to adapt to the market needs to make the debt attractive."

He was confident New Zealand would have no trouble borrowing.

His trip was "worthwhile to let them know we are there, tell them what we are doing, stimulate interest in buying our debt because the more of them who want to lend to us, the cheaper it will be".

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