Canada’s household debt is now bigger than its GDP, for the first time

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OTTAWA — The insatiable appetite of Canadians for cheap credit has been well-documented since the Great Recession, as consumers piled on debt by ever-increasing numbers.

Now, household borrowing has reached a new milestone, of sorts.

For the first time, the level of debt held by Canadians has exceeded the country’s gross domestic product as the red ink spilled over in the second quarter to 100.5 per cent of GDP, up from 98.7 per cent during the previous three-month period. Continue reading

Canada applies to join China-backed AIIB, latest US ally to apply

BEIJING: Canada will apply to join the China-backed Asian Infrastructure Investment Bank, or AIIB, Canadian and bank officials said on Wednesday, making it the latest ally of the United States to join the new international development bank.

The multilateral institution, seen as a rival to the Western-dominated World Bank and Asian Development Bank, was initially opposed by the United States but attracted many U.S. allies including Britain, Germany, Australia and South Korea as founding members. Continue reading