Debt delaying Europe high-speed rail plans?

Cut back?

All around Europe, high-speed rail networks have, forgive the pun, been gathering speed. However, the continent's crushing debt could be about to bring all high-speed rail plans to a crushing halt.

According to the Associated Press, decades of borrowing too much money has left major European powers in billions of euros worth of debt and as such, having to scale back any major infrastructure projects - such as high-speed rail networks.

It is in fact the planned inter-continental high-speed rail network that is most at risk. Planned to be "a vast, unified network based on north-south and east-west axes, linking such cities as Lisbon to Kiev and London to Budapest, and expanding the extensive French and German rail systems to embrace more of the continent", the project's sheer cost has meant that it is to either be drastically delayed or dropped entirely.

Meanwhile individual countries are cutting back on rail projects with Hungry reducing its number of train routes as well as stopping the construction of new ones. Portugal are also making cuts, while the continent's high-speed train makers are pitching to the likes of China and the US rather than closer to home.

It is hoped that by cancelling expensive rail projects, many governments will find favour with their citizens rather than increasing taxes and cutting jobs.

A turning point

Speaking to the AP, Olivier Deleu, who advises French legislators on transport policy, said: "Our trains used to be the most admired in the world. Our roads, our system, was among the most advanced.

"Today, there is little motivation to invest in this. After years of budgetary policy that is questionable, we have reached a turning point."

The cut in infrastructure spending has also seen countries cut projects such as plans to rebuild a high-profile Prussian-era palace in the heart of Berlin and a proposed 25 million pound (US$38 million) visitor centre for the famous prehistoric monument Stonehenge, in southern England.

In comparison, the US has invested heavily in infrastructure as part of its stimulus package with $8 billion being spent on high-speed rail projects.

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