Canadian Union of Public Employees (CUPE)

Canadian Union of Public Employees (CUPE)

June 05, 2009 13:39 ET

CUPE: Media Advisory-P3s Even More Expensive Since Financial Crisis: Report

P3 hospitals will cost taxpayers even more, says new report to be released Monday, June 8 at CUPE media conference

ST. CATHARINES, ONTARIO--(Marketwire - June 5, 2009) - Private financing for "public private partnerships" (P3s) can cost up to 23 per cent more today than it did before the financial crisis, says a report to be released Monday by the Ontario Council of Hospital Unions (OCHU/CUPE).

Economist Hugh Mackenzie's report, Bad Before, Worse Now: The Financial Crisis and the Skyrocketing Costs of Public Private Partnerships (P3s), documents how the financial crisis has made P3s an even more expensive and risky way to build public goods like hospitals, roads and schools.

WHAT: Release of report on P3 financing since financial crisis
WHO: Hugh Mackenzie, Economist
Michael Hurley, President, OCHU
WHERE: Holiday Inn, Merritt Room, 2 North Service Rd, St Catharines
WHEN: Monday, June 8, 2009, 1:30 PM

Borrowing costs today can be up to 23 per cent higher for private companies, in part because the financial crisis has increased the spread between borrowing costs for the private and public sectors.

Despite this, the McGuinty government remains fully committed to this flawed funding model for vital institutions like hospitals, even though hospitals cost hundreds of millions of dollars more when financed privately rather than publicly.

Contact Information

  • CUPE Communications
    David Robbins
    613-878-1431 (C)