When the safeguards are ignored.... For example, when any government embarks on spending or taxation patterns—and they can be both—that lead it to register significant deficits year in and year out, leading to an ever-increasing debt-to-GDP level, that makes it such that at one point it becomes much more difficult for the government to finance itself at reasonable rates. Eventually, if that continues, it makes it very difficult for such a government to finance itself, period. That can lead, ultimately, to a debt crisis, which is clearly not the case in Canada but which has been the case in some countries in recent history. For example, in Greece there were severe and very profound fiscal issues. That is one example of something that can happen if there is an uncontrolled debt-to-GDP ratio that's ever-increasing.
On January 31st, 2022. See this statement in context.