Greece’s fiscal crisis may improve the euro’s long-run viability if it forces nations using the currency to deepen their fiscal integration, according to Craig Wright, Royal Bank of Canada’s chief economist.
Along with the leadership of Canada’s largest province and the keys to its 120 year-old pink- sandstone legislature, the winner of Ontario’s election tomorrow will claim the largest pile of debt of any province, state or local government in the world.
Canada’s budget projects almost C$45 billion ($41 billion) in surpluses over four years, giving Prime Minister Stephen Harper a war chest for increased spending and tax cuts ahead of next year’s election campaign.
Canadian Finance Minister Jim Flaherty will release a budget today that will keep the country on path for surpluses starting next year, and set the stage for a political battle over how to use the coming fiscal room.
Canadian Finance Minister Jim Flaherty ramped up efforts to return the country to surplus in a budget that raises taxes on cigarettes and cuts benefits to retired government workers while providing more aid for carmakers.