We weren't actually anywhere near bankruptcy in 2003. We were also running massive deficits in a vacuum.
Investors didn’t want our bonds which forced Chrétien and Martin to drastically cut federal spending, which in turn put pressure on provincial budgets forcing their debt to increase. The BoC has already started quantitive easing which is basically printing money and Canada will probably lose its AAA credit rating. That means it will pay higher interest rates. You seem to think there is some kind of free ride here.
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