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I cannot comment on SBB Cargo in particular, but I would say that most European National Railway Freight Operators are in bad shape, except RAILION (German) perhaps.
France of course simply does not allow competition.
In Italy, private competitors easily succeed where the State fails, in the railway or any other business.
In fact the State would expect a bid for the railway business.
And, strange as it may seem, the Italian State Railways are having a healthy return from TX LOGISTICS in Germany (they own the majority of stocks).
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