Posted on 04/12/07
Ontario braces for ABCP blow
TORONTO -- The Ontario government will join a growing parade of banks and private sector companies taking multimillion-dollar writedowns on commercial paper investments ravaged by a global liquidity crisis.Ontario Finance Minister Dwight Duncan acknowledged in an interview yesterday that the government will be forced to write down the value of its investment in a class of short-term debt known as asset-backed commercial paper (ABCP).
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