Canada, alone in the industrialised world, has not faced a single bank failure, has no need for a bailout or government intervention in the financial markets. According to the World Economic Forum, Canada's banking sector is best placed to weather the global financial turbulence (which apparently began in America).Reuters describes the WEF findings like this:
Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.
But Britain, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru, after a 50 billion pound ($86.5 billion) pledge this week by the government to bolster bank balance sheets.
The United States, where some of Wall Street's biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.
How did they do it? It doesn't have anything to do with oil shale, does it?