Category: News

Pierre’s math

(March 23, 2000) When first challenged over the Export Development Corporation, Pierre Pettigrew asserted that it made commercially sound loans. This wasn’t very plausible, since the EDC exists precisely to make loans that commercial institutions won’t.

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Minister’s numbers don’t add up

(March 23, 2000) International Trade Minister Pierre Pettigrew’s glowing presentation in the House of Commons this week of large profits at the Export Development Corporation — and a 50-year total of "only $1 billion" in federal grants to the trade agency — is undermined by the Chretien government’s quiet write-off of $800 million in bad EDC loans since 1992.

This is a race to the bottom! Export Development Corporation ‘will do anything’

(March 21, 2000) For 50 years the federal Crown export credit agency, the Export Development Corporation, has financed and insured the world’s most environmentally damaging and economically reckless projects, from the Three Gorges dam on China’s Yangtze River to the gold mines in South America and the former Soviet Union that spill cyanide into major waterways.

EDC is buying off its opponents public-private collusion to create export cartel

(November 18, 1999) In 1993, the federal government greatly expanded the powers of the Export Development Corp. by allowing it to move into the private sector’s turf and finance Canadian firms’ activity in Canada. As a sop to the banking and insurance industries, which cried foul upon learning that they would soon face unfair competition from this Crown corporation, the government promised to review the new EDC legislation five years hence. That review, conducted by the law firm of Gowling Strathy & Henderson and now before the standing committee on foreign affairs and international trade, fails utterly to address EDC’s fundamental problems.