Ehrhardt, David, and Timothy C. Irwin. 2004. “Avoiding Customer and Taxpayer Bailouts in Private Infrastructure Projects: Policy toward Leverage, Risk allocation, and Bankruptcy.” World Bank Policy Research Working Paper 3274. Washington, DC: World Bank.

"Key References: How PPPs Are Financed" Describes how high leverage combined with high-risk projects and a reluctance to allow a PPP company to go bankrupt can create problems for PPPs, and suggests options to address the problem. Includes PPP case studies in Australia, the United Kingdom, Brazil, and Mexico. "Key References: Managing PPP Contracts" Describes the experience of default and re-negotiation in several PPP contracts including the Melbourne Tram and Train Concession, and the United Kingdom National Air Traffic Services PPP.

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