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Are you worried the European debt crisis could affect Canada?

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A failure to deal with the European debt crisis could be a significant problem for Canada, financial experts say.

 The demise of the euro would have a significant impact on the global economy, including Canada's own financial well-being. (Michael Probst/Associated Press)"The situation in Europe would create a tsunami that would reach our shores very, very quickly," Louis Gagnon, a finance professor at Queen's University School of Business, told CBC News.

The crisis is also placing Canada's economy under greater stress and Canadians with large debts at greater risk, the Bank of Canada warned Thursday.

Members of the European Union are split on a new treaty that would enforce stricter budget rules in an effort to solve the continent's debt crisis and hold the eurozone together.

Twenty-three of the 27 countries in the European Union, including all 17 that use the euro as their currency, have tentatively agreed to the treaty.

But Britain's leaders argue the revised treaty would threaten its national sovereignty and London's esteemed financial services industry.

Germany and France had hoped to get unanimous agreement from all EU countries. The European Central Bank, the International Monetary Fund and others are unlikely to commit more financial aid to European countries without an agreement on fiscal discipline.

Are you worried the European debt crisis will affect Canada? Why or why not? Let us know what you think.

With files from the Associated Press.

(This survey is not scientific. Results are based on readers' responses.)
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