Australian infrastructure: Greenfield gambit
Sydney's cross city tunnel entered voluntary administration in September 2013 after failing to refinance its debt. The project launched eight years earlier but slipped into insolvency in 2006 due to low traffic volumes.
It is one of starkest and most recent examples of what happens when public-private partnerships (PPPs) - where private sector interests help finance a project and hold it for a set period before it reverts...
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