European Debt Crisis: Jim Flaherty Says Canada 'Not Alone' In Reluctance To Commit Cash To IMF

European Debt Crisis: Jim Flaherty Says Canada 'Not Alone' In Reluctance To Commit Cash To IMF

Toronto : Canada | Apr 21, 2012 at 2:19 PM PDT
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Jim Flaherty: Canada's Finances

WASHINGTON - Canada is far from isolated on the world stage in its resistance to commit more money to the International Monetary Fund's efforts to combat a European debt crisis, Finance Minister Jim Flaherty said Friday.

The United States and several other countries have also ruled out doling out more cash to the IMF, which succeeded earlier in the day of securing an additional US$430 billion to its euro-zone bailout fund.

"I can assure you there is not a uniformity of opinion on this subject," Flaherty told a news conference after a tense day of meetings with G20 finance ministers that reportedly saw him clash with his German colleague, Wolfgang Schaeuble.

Instead, Flaherty said, the debate is an "ongoing issue." He added his friendship with Schaeuble would survive the disagreement.

"It doesn't mean when you're good friends that you agree all the time; if that were true none of us would be married," he said to laughter from assembled reporters.

But he added the IMF has traditionally helped the countries in the most "desperate" financial straits.

"Quite frankly, that's not the situation in the euro-zone. Some of the wealthiest countries in the world, including Germany, are in the euro-zone. So it's a rather different situation," he said.

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Canada's Finance Minister Jim Flaherty
Canada's Finance Minister Jim Flaherty
r4razi is based in Islamabad, Federal Capital Area, Pakistan, and is a Stringer on Allvoices.
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