Quake-hit New Zealand takes axe to public services

WELLINGTON (AFP) – New Zealand said Thursday it would cut public service spending and partially privatise state-owned assets to help pay for devastating Christchurch earthquakes and kickstart the flagging economy.

Unveiling his annual budget, Finance Minister Bill English said the damage from the quakes in September and February was NZ$15 billion ($11.8 billion), equivalent to eight percent of New Zealand's gross domestic product (GDP).