Parties counting pennies

OTTAWA -- Do you ever wonder why the credit card companies offer all kinds of freebies in December to get us hooked while we are busy filling our Christmas baskets? You know the sinking feeling you get in January when the bills come in for purchases you made spontaneously on the way to the checkout counter during the last desperate shopping hours before Christmas?

Well, the same headache is about to hit three federal political parties. Several Liberal and NDP staffers have reportedly been laid off during the holiday season, ostensibly to keep costs in line with what is permitted by law.

However, a quick perusal of the Elections Canada website tells a more fulsome story. The new election legislation requires detailed reporting of the financial status of every party beginning in 2004. The most recent annual financial update of each party gives us a glimpse into the precarious state of the Liberal Party treasury.

According to Elections Canada, in their last annual filing, the Liberal Party of Canada was $34,818,257.32 in debt, by way of 13 bank loans. The Bloc Quebecois has more than $10 million in outstanding loans, mostly from the Caisse Desjardins. The NDP has several modest loans outstanding, totalling a little more than $3 million. The Conservatives are debt-free.

http://torontosun.canoe.ca/News/Columnists/Copps_Sheila/2005/12/24/1366613.html