Of course. Thank you for the question. We used Greece as a good example. Unfortunately, other European countries are on the same track. We are seeing the consequences of unchecked deficits and public spending increases, and the devastating effects that can have on the countries in question.
In Canada, we were lucky enough to be in a good financial position when the recession began. That enabled the government to implement an economic action plan that was helpful, through enhanced employment insurance benefits and infrastructure projects, among other things. So there was some room to get involved, and the government took advantage of it.
However, we still need to be prudent and vigilant, and keep spending under control, since we must have a long-term vision in addition to a short-term one. You could say that, in the short-term, the deficits are not very significant, but they can increase quickly if we are not careful. So we must always think about long-term sustained growth and about the long-term effects of a serious deficit and debt problem.
You'll no doubt recall that, in the mid-1990s, Canada had a substantial deficit of 6%. That led to some difficult decisions. Therefore, we have to be careful not to fall into the same trap once again.