| |
| | Bank of Montreal Economics - Economic Research and Analysis on Canada, United States and International Economies (Site not responding. Last check: 2007-10-23) |
 | | Newfoundland’s 2003 budget shows clearly, or at least somewhat more clearly, the true state of the province’s finances. |
 | | The Newfoundland government states that, for a few years, this size of deficit is manageable and, indeed, it would be if the debt were not so high and there were convincing evidence that deficits were headed sharply lower. |
 | | In Newfoundland’s case, debt as a percentage of government revenue is perhaps a better measure of the government’s ability to pay, and that ratio is rising quickly, from 235% in 2001-02 to, by our estimates, 242% in 2002-03 and 258% in 2003-04. |
| www.bmo.com /economic/special/nfbud2003.htm (1284 words) |
|