Crisis still threatens Canadian economy: Flaherty
2008-10-09 08:44 Ottawa, Ont. - Finance Minister Jim Flaherty is warning Canadians the global financial crisis has more in store for the Canadian economy, but he said the government is watching the situation closely.
He held a news conference in Ottawa, Thursday, before heading to Washington, D.C. for a G-7 conference of international finance ministers.
Flaherty said these are "extraordinary times" in global financial markets and he warns that, while it is better placed to deal with the crisis than most, Canada is not immune.
He said the deterioration of global credit markets is beginning to squeeze the ability of Canadian financial institutions to raise longer-term funds.
The finance minister said that could affect the cost and availability of longer-term credit in Canada to household and businesses.
He said Ottawa is prepared to take whatever action is necessary to protect the stability of the Canadian financial system.
2008-10-09 08:44 Ottawa, Ont. - Finance Minister Jim Flaherty is warning Canadians the global financial crisis has more in store for the Canadian economy, but he said the government is watching the situation closely.
He held a news conference in Ottawa, Thursday, before heading to Washington, D.C. for a G-7 conference of international finance ministers.
Flaherty said these are "extraordinary times" in global financial markets and he warns that, while it is better placed to deal with the crisis than most, Canada is not immune.
He said the deterioration of global credit markets is beginning to squeeze the ability of Canadian financial institutions to raise longer-term funds.
The finance minister said that could affect the cost and availability of longer-term credit in Canada to household and businesses.
He said Ottawa is prepared to take whatever action is necessary to protect the stability of the Canadian financial system.