A possible independent Quebec would have to take on its share of the 2022 federal debt, estimated at more than $185 billion. Add to that Quebec’s current debt, which is estimated at $212.2 billion, for a total of more than $397 billion. (Photo: The Canadian Press)
An independent Quebec would have to take on a gross debt of almost $400 billion (G$).
That’s according to a portrait of the public finances of a sovereign Quebec that PQ leader Paul Saint-Pierre Plamondon released on Monday.
The 84-page document had been expected since the spring and its publication was postponed by the Parti Québécois (PQ) after the supplementary election in Jean-Talon.
It says a possible independent Quebec would have to take on its share of the 2022 federal debt, estimated at more than $185 billion. Add to that Quebec’s current debt, which is estimated at $212.2 billion, for a total of more than $397 billion.
Still, the PQ argues that Quebec would do well, ranking second among G7 countries in terms of debt-to-GDP ratio.
According to the party, there is no doubt that an independent Quebec would not only be able to absorb federal spending and maintain all services, but would even have significant new sums to invest as it saw fit.
In addition, the party asserts that Quebec would do better than most advanced economies in terms of its deficit and debt.
This exercise, which the Parti Québécois (PQ) has carried out many times throughout its history, is essentially aimed at demonstrating the financial viability of an independent state and countering opponents’ arguments that Quebec is a beneficiary of federation. .
Patrice Bergeron, The Canadian Press
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