Debt addiction threatens Canada By DIANE HART Special to the Beaver At least, that‘s what the Bank of Nova Scotia‘s chief economist, Warren Jestin, said this week, commentâ€" ing on Canada‘s chances of being weaned off its depenâ€" dence on international debt. E ven an international debt junkie can get off drugs. Today‘s Paper A Metroland Community Newspaper Vol. 32 No. The art of art criticism is not easily mastered ces Robert Fulford speaks Top bank economist warns OAKVILLE TOWN /AL ANIMAL SERVICES 1A N. JOâ€"ANN McKINNON B.Sc. D.V.M. M.R.CVS. Canadian Publications Mail Product Agreement #435â€"201 SPECIAL SUPPLEMENTS The Bay, Overdrive, The Bay, New Homes Page 14 Jestin, who told a group of lawyers and_ accountants Wednesday, that he believed fedâ€" eral finance minister Paul Martin‘s 1996â€"7 deficit projection of 3% of gross domestic product â€" the $25â€" billion goal â€" is attainable, but said it was imperative the country recognize it can no longer be hooked on international debt. He predicted a vibrant export economy, strong business investâ€" ment environment, and consumer spending to continue, although he said consumers may spend in spurts. But, clearly, it is governâ€" ment debt which will continue to be "the big drag" on the economy. "We haven‘t quite passed Italy yet (in terms of debt), but where we have surpassed others, is in our massive international borrowâ€" ing to service our foreign debt," he said. Jestin was the guest speaker at a gathering of lawyers and accountants at a Wednesday evening "economic symposium" sponsored by Scotiaâ€"MacLeod. And, calling the federal finance minister "courageous" for putting his own job on the line, Jestin said he believed the finance minister was on target when it came to his goal of slashing programs to reach the $25â€"billion. He said once a country â€" like Canada â€" has won the race of international debt, it loses imporâ€" tant economic sovereignty in the eyes of the rest of the world. For that reason, it is essential it trim its debt, he said. He noted the irony in a bank representative saying negative things about borrowing, but explained borrowing is good if it is an investment. "If we were borrowing to improve the infrastructure or creating jobs that were permanent, (See ‘Bank‘ page 3) Enter our Halloween Colouring Contest and you could win a Tim Hortons Halloween Cake. ( Pick up colouring contest entry forms and drop off before Oct. 28th, 1994 at participating Tim Hortons locations. Enter and you could be a winner! I IT‘Ss THE THOUVGHT THAT COUNTS Fans of the comic strip For Better or For Worse had the opportunity to meet its creator this week when artist Lynn Johnston visited Quest Booksellers to sign copies of her latest comic colâ€" lection, the 15th Anniversary book, It‘s the Thought that Counts. The adventures of the Patterson family are loosely based on Johnston‘s own family life but while the Johnstons have two children, the Patterson‘s have three, a baby April born in 1991. Johnston was working as a commercial artist when her obstetrician suggested she create cartoons for the ceiling of his examining room so women would have something to look at during preâ€"natal examinations. (Photo by Christine Chew) FRIDAY, OCTOBER 21, 1994 48 Pages 75 Cents (GST included)