Only a few months ago, many assumed the Canadian economy would be insulated from the impact of the global recession. Commodity prices had softened, but remained high by historical standards. Canadian banks, almost uniquely among Western economies, emerged from the U.S. mortgage crisis with balance sheets intact. And the Federal government was forecasting a balanced budget. But as the economic crisis has widened, it has become clear that no country – and no company – has been spared.

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