Well, if the opposition parties wanted to topple the Conservative party they could form a coalition government. If the opposition parties banded together they would have the majority vote in the House of Commons. But, it would mean all the opposition parties (Liberal, NDP, and Bloc), would all have to make concessions because their platforms do not completely overlap.
A criticism of coalition governments is that they are prone to disharmony. Because so many different perspectives compose the government, there can be disagreement between the ranks and less may get accomplished. Also, less dominant parties within the coalition may become silenced by the dominant parties. Is this true? There are several countries that employ coalition governments on a regular basis: Germany, Belgium, Finland, India, and Australia to name a few. Coalitions have also been used in Japan, the UK and Israel. What is so evil about a coalition? In fact, Stephen Harper "discussed forming a coalition with the Bloc Quebecois and NDP in 2004" . weird.
I think the threat of a coalition appeals to the right leaning liberals. They are probably the least connected to the leftist politics of the NDP and the separatist politics of the Bloc. If these right leaning Liberals get scared of the possibility of negotiating with the left, they would be more likely to jump on the Conservative bandwagon. Which is slowly riding towards the centre. Just think, even if you're a Liberal in Alberta, you're still in Alberta. The last thing you want is a party that is %100 centred around Quebec being able influence the other side of Canada. That would rustle some feathers?
(p.s. Ignatieff has explicitly said he will not form a coalition)
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