Setback for Port expansion plans

The Globe and Mail is reporting on line and in print today, that the expansion plans for the Fairview Container Port have been delayed by at least eighteen months, reportedly owing to financing troubles and the current worldwide economic climate.

According to the Globe and Mail, which obtained what it describes as confidential documents, the Port Authority has hit what is called a debt wall and will not be able to seek out borrowing on the port’s 200 million dollar share of the project to see it move forward. A point that is disputed by Don Krusel of the Port Authority, who is quoted in the Globe article as describing the delay of expansion plans until 2010, as more of a result of the global economic slowdown, a tidal wave of economic factors in the shipping world, than any internal financing difficulties…

(from  the blog a town called podunk, click on the link below to see the entire article … 4930779496 )-

I can live with that.  18-24 months is just fine considering the economic situation we are facing and issues with products produced and manufactured in China.  I was more concerned that it would be delayed indefinitely.