When asked how close Canada was to a debt crisis similar to the one that threatened the country in the 1990s, Stronach said: “I think fairly close, you know, our debt rises about $400 million every day, right? So that should be a great concern.”
In his op-ed, Stronach wrote that Canada is not immune to the slide toward bankruptcy seen by other countries such as Argentina and Greece. “On the contrary, at the rate we’re going, we’re moving closer and closer toward that scenario. Canada’s debt-to-GDP ratio in 2021 was approximately 109 per cent — the same percentage as Greece just a few short years before it was bailed out. In other words, the amount of money Canada owes is more than the amount we produce in goods and services. That’s never a good sign,” he wrote.Article content
During the BNN interview, Stronach used an example of how he had to fix the balance sheet of his own company after he took time off to run for the federal Liberal Party in the 1980s. “I stepped away for a year, you know, I was seeking political office and during that time [Magna’s] debt grew by about a billion and a half, which in today’s dollars, it will be about $15 billion. So I put in [measures] and we had the debt paid up five years later.
financialpost ...wow, and investment in Canada has never been higher!
financialpost Lol the whole system is broke. Buy Bitcoin.