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> Don't they also own a huge amount of the provinces debt, basically turning the provincial finances into a house of cards

Didn't the feds just demonstrate they would just bailout a province going bankrupt?

I think it was Newfoundland who managed to get to the brink of bankruptcy with a failed hydro project. The results? Everyone up north ended up paying for it. Makes any junk bond with a province name's on it de-facto insured.