Politics and Public Debt: The Dominion, the Banks, and Alberta's Social Credit

By Robert L. Ascah | Go to book overview

NOTES

PREFACE
1.
For example Harold Chorney of Concordia University.
2.
Robert L. Ascah, "The Deficit Debate: A Survey and an Assessment," presented to the Canadian Political Science Association Annual Meeting, Winnipeg, 8 June 1986.
3.
C.D. Howe Institute, "Avoiding A Crisis: Proceedings of a Workshop on Canada's Fiscal Outlook," 27 January 1993. Cecil Foster, "NDP premiers urge leadership on debt," The Financial Post; 2 March 1993, p. 3. Mel Duvall, "Federal Deficit reaching 'crisis level'," Canary Herald, 30 November 1993, p. D-1 on Premier Roy Romanov speech to the Calgary Chamber of Commerce. Geoffrey York, "Bold plan would give provinces debt relief," The Globe and Mail, 29 November 1993, pp. A-1; A-3. A senior advisor to Premier Bob Rae, Michael Mendelsohn, in a paper to the Caledon Institute of Social Policy, raised the prospect of the federal government assuming responsibility for the provinces' $200 billion in debt. See also Lisa Grogan-Green, "Fear of fiscal crisis hangs ominously over bond market," The Financial Post, 28 December 1993, p. 16.
4.
"The crush of Newfoundland's (and Canada's) debt," The Globe and Mail, 5 March 1993, p. A19 (emphasis added).
5.
J. J. Moskau, "Canada gets IMF deficit warning," The Globe and Mail, 20 April 1993, p. B-1; B-3. See also Grant's Interest Rate Observer, an influential investor newsletter "Northward, the IMF," 7 May 1993, pp. 2-8. In a report in The Wall Street Journal, Robert Blohm, an investment banker noted that a "debt crisis would begin when provinces could no longer roll over their maturing foreign debt at an acceptable cost." Canadian Bond Market Teeters While Provinces Fiddle, 23 April 1993, p. A15.
6.
Martin Mittelstaedt, "Ottawa seeks way to bail out provinces," The Globe and Mail, November 1993, p. A-1. A memorandum from then Deputy Minister Fred Gorbet to Finance Minister Mazankowski entitled "Are Saskatchewan and Newfoundland Becoming Insolvent?" dated 13 March 1992 was released under the federal access to information legislation and a 12 November 1992 federal Finance study of fiscal sustainability of provincial deficits also added to concerns about the financial health of specific provincial governments.

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