Masthead graphic based on a painting by Gudrun Thriemer.

Tuesday, June 16, 2009

Kevin Carmichael, "Household debt emerges as the greatest risk to Canada's financial system," Globe and Mail, June 15, 2009.

Surging household debt is emerging as the greatest risk to Canada's financial system, the Bank of Canada said Monday.

On the whole, the country's banks and credit markets are as strong as could be expected amid the deepest global recession since the Second World War, the bank said in its bi-annual Financial System Review.

  Canadians' household debt is about 140 per cent of disposable income, compared with about 150 per cent in Britain and almost 170 per cent in the United States.

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