Apparently they might not have the money to pay the civil service.
The Rock in a hard place: Newfoundland and Labrador is on the brink of bankruptcy
Opinion: Muskrat Falls' debt will be the final straw that leads to rating cuts
https://business.financialpost.com/opinion/the-rock-in-a-hard-place-newfoundland-and-labrador-is-on-the-brink-of-bankruptcy
Newfoundland and Labrador (N&L) is on the brink of bankruptcy. Without intervention from the federal government, the province will go broke. The fall will be precipitated when the rating agencies soon start cutting N&L's credit rating.
Muskrat Falls' debt will be the final straw that leads to rating cuts. Based on analysis of N&L's financials, I see Muskrat Falls leaving the province's decision-makers with two unviable choices: raise the price of electricity to 23 cents KWH from 13 cents today or raise taxes to cover the debt.
The situation in Alberta is not that much better..
We can't afford to send money to Quebec this year.
It aint going to be any better for average Canadians who were already drowning in debt before the Chinese coronavirus went global.
Quote from: "Herman"
I have long worried about people living beyond their means..
This is going to be very bad for Canadians.
Quote from: "Herman"
The Rock in a hard place: Newfoundland and Labrador is on the brink of bankruptcy
Opinion: Muskrat Falls' debt will be the final straw that leads to rating cuts
https://business.financialpost.com/opinion/the-rock-in-a-hard-place-newfoundland-and-labrador-is-on-the-brink-of-bankruptcy
Newfoundland and Labrador (N&L) is on the brink of bankruptcy. Without intervention from the federal government, the province will go broke. The fall will be precipitated when the rating agencies soon start cutting N&L's credit rating.
Muskrat Falls' debt will be the final straw that leads to rating cuts. Based on analysis of N&L's financials, I see Muskrat Falls leaving the province's decision-makers with two unviable choices: raise the price of electricity to 23 cents KWH from 13 cents today or raise taxes to cover the debt.
Public debt is on the verge of soaring across all OECD nations. In Canada, it will be bad at the federal level, but it will be dire at the provincial level.
Ontario lost 300,000 restaurant jobs in March.
I just read that 95,000 restaurant jobs in Alberta were gone in the month of March.
My son was laid off.
Quote from: "Velvet"
Hopefully it is a short time off work.
The United Nation's International Labour Organization is now reportedly considering revising its estimate from just over a week ago that the pandemic would leave nearly 25 million jobless around the world.
More than two million Canadians, or one in ten workers, have applied for jobless claims since the start of nationwide lock downs last month to slow the spread of coronavirus.
In the five days through March 30, about 580,000 Canadians applied for unemployment benefits, according to a senior government official with knowledge of the matter. That brings the total claims to 2.13 million since March 16, or around 11% of the labor force.
The record spike in job losses underscores how rapidly the country's economy has been halted by the spread of the virus, forcing businesses to shutdown.
I saw on the news last night that the North America wide lockdowns might remain in place until 2021. That will be the end of Canada and the US as first world economies if that happens.