And since the probability of bankruptcy depends in part on the democratic process in the country itself, and on the other countries that may help the one in difficulty, it may be useful for financial market participants who bet on the failure of countries to use part of their future earnings to convince people that there is no other way possible, that an “orderly” failure that puts public finances back on track is better.
Introduction I am always happy to be here in St. John’s, a unique corner of our country. Given the city’s geography, its history and rich culture, those of you who get to call St. John’s home are fortunate, indeed. The idea of “home” is a preoccupation for us at the Bank of Canada.