OFF THE AUCTION BLOCK.Colombia's privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned program was dealt a setback when only two companies bid on the Empresa de Telecomunicaciones de Santafe de Bogota (ETB ETB - End Transmission Block )--then both withdrew from the sale at the last minute. Bogota Mayor Enrique Penalosa says the kidnapping of 80 people by anti-government guerrillas near Cali prompted Spain's Telefonica and Telecom Italia to pullout pull·out n. 1. A withdrawal, especially of troops. 2. Change from a dive to level flight. Used of an aircraft. 3. An object designed to be pulled out. Noun 1. of the sale, which the government hoped would bring in US$1 billion. Already postponed three times, the telecom privatization is now indefinitely delayed, and the International Monetary Fund is not pleased. The IMF IMF See: International Monetary Fund IMF See International Monetary Fund (IMF). conditioned $2.7 billion in credits on the country's privatization program. |
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