Canada Offers to Add to Europe Bailout Fund

Jim Flaherty, finance minister, recently stated that Ottawa would be willing to contribute to the IMF’s European bailout fund on the condition that other G20 countries participate as well.

“There’s some sense around the world that is at the end of the day we have to provide some help somehow, that we would not turn a blind eye to it because of the world consequences of the collapse of the Eurozone,” Flaherty said.

“If at the end of the day all of the other G20 countries were going to provide more resources to the IMF, and let the IMF deal with part of the situation in Europe, then I think there would be support for that overall, because of the fear, quite frankly, around the world of a global economic crisis,” he added.

In the past, Prime Minister Stephen Harper has said that the federal government is not open to using Canadian funds to help out with the debt crisis. He claimed Europe has enough of its own resources to handle the situation, and that the International Monetary fund should put its efforts towards developing countries.

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