NZ well-placed to meet multi-billion dollar quake bill

Wellington

NEW Zealand faces billions of dollars in damage from the powerful earthquake that hit the country on Monday, but the government's strong balance sheet means it will have little trouble footing the bill, officials and economists said.

Central New Zealand was hit by a 7.8 magnitude earthquake just after midnight, killing at least two people, destroying road and rail links and damaging hundreds of buildings. Strong aftershocks continued throughout Monday. "You've got to believe it's in the billions of dollars to resolve," Prime Minister John Key said in a statement emailed to Reuters.