MLI study in Financial Post, Globe and Mail, CBC, Wall Street Journal, Toronto Sun, Huffington Post Canada and more: European style debt crisis could happen here
October 18, 2012 – MLI’s latest study, Provincial Solvency and Federal Obligations, by author Marc Joffe, is in the Financial Post, The Globe and Mail, CBC News, Wall Street Journal, and Toronto Sun. It is also being talked about on radio and television shows across the country!
According to the study, several provinces are heading towards unsustainable finances in the medium and long term unless their policies change. The study puts the yield threshold for a default at 25%. With near-term maturities, none of the provinces appears to be at risk. At the longer end of the spectrum, defaults become much more likely.
Ontario would be the most vulnerable. The study calculates the province’s bond yield would reach 42.9% over 20 years and 79.3% for 30 years. Alberta’s yield would rise to 42.4% and 84.0%, respectively. Quebec’s yield, meanwhile, would be 8.1% and 28.2%, respectively.
Radio and TV coverage:
MLI’s Philip Cross will appear on CBC’s Lang and O’Leary Exchange today at 7 PM ET to discuss the paper and on QR77 radio’s Calgary Today with Angela Kokott at 7:45 pm ET. Tomorrow, Friday, October 19, he will appear on CTV’s Afternoon Express with Todd van der Heyden and Amanda Blitz.
Also on tomorrow’s lineup, Marc Joffe will appear on CBC’s World Report in the morning (CBC Radio One). You can also catch Marc on the Roy Green radio show at 4:30 pm ET on Saturday, October 20. Tune in on the Corus Radio Network. If you miss these interviews, Marc will be on the Rutherford radio show on Monday, October 22 at 12 pm ET.
Print media coverage:
“Risks of eurozone-like debt crisis exist in Canada: report” by Gordon Isfeld, Financial Post, October 18, 2012 (republished in the Ottawa Citizen)
“Some Canadian provinces lurching toward ‘unsustainable finances,’ study” by Michael Babad, The Globe and Mail, October 18, 2012
“Alberta, Ontario face EU-style debt crisis, report warns,” CBC News, October 18, 2012
“Study Warns on Provinces’ Finances” by Paul Vieira, Wall Street Journal’s Canada Real Time, October 18, 2012
“Euro-style financial crisis could happen in Canada: Think-tank,” Toronto Sun, October 18, 2012 (republished in cnews)
“Canada may have to cut economic outlook: Flaherty,” Financial Post and Reuters, October 18, 2012
“Canada Provincial Debt: Eurozone-Style Crisis Could Hit If Provinces Don’t Take Finances In Hand, Report Warns” by Daniel Tencer, Huffington Post Canada, October 18, 2012
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