Memo To Michael: Walk Away

Finance Minister Dr Michael Cullen's move to buy back New Zealand rail is a loser for taxpayers that has not won Labour any votes - he should just walk away from the deal, ACT Leader Rodney Hide said today.

"Dr Cullen is sitting down to negotiate with other people's money, pushed up against a tough timetable, and with no bargaining power because he's trying to avoid political embarrassment.

"Dr Cullen should simply walk away and save taxpayers hundreds of millions of dollars," Mr Hide said.