We’re into the final ten days of the month and approaching the deadline for a review panel to submit its findings on the MOU with Quebec to the provincial government, but a national newspaper says, without it, Newfoundland and Labrador will face a dire fiscal future.
The province is nearly $20-billion in debt – about five times as much as Prince Edward Island – and has a current account deficit of close to $1-billion.
Two former premiers – Francois Legault and Andrew Furey – hatched the plan a year-and-a-half ago to expand Churchill Falls and develop Gull Island. However, that deal is in a murky limbo as Premier Tony Wakeham takes a second look at it.
Globe and Mail columnist Konrad Yakabuski contends that Newfoundland and Labrador cannot say no to the MOU.
Former Premier John Hogan, who was a member of Furey’s cabinet when the hydro deal was forged, is calling on Premier Wakeham not to let it slip away.
“I know that Ontario is looking at small nuclear options; I’m not sure if Quebec might go that route,” Hogan told the Tim Powers Show.
“We will support government in any effort to get a good deal on the Churchill, but we need him to just tell us where he’s going on it.”
