If the sovereign debt crisis unwinds unfavourably and we get risk of financial contagion, I think most people would see...we assume we would see, basically, a significant recession in Europe, likely to be followed probably by a recession in the United States. If that large amount of the world economy goes into recession, as we experienced in 2008-09, it would mean a recession in Canada as well. I see that would pretty much eliminate chances--simply because of the pressure it would put on government and revenues, and actually upward pressure on spending as well--of getting back to balance in the medium term. But it would be a cyclical issue.
