IMF Denied Bailout Funds by Canada

SIMON KENT
IF Press
April 29, 2012

TORONTO – Federal Finance Minister Jim Flaherty dropped the n-word last week and taxpayers across Canada should be glad he did.

The forum was an International Monetary Fund (IMF) meeting in New York. Its members had just tried, for the second time in eight weeks, to hit up Canada for a loan of, well, let’s just say it was something in the order of a lazy $7 billion or so.

True to his conservative financial instincts, Flaherty wasn’t having any of it. So he leaned forward and uttered a word now so rarely heard in global financial circles that many wondered if they’d heard him correctly the first time.

They had. He just said `no.’

In doing so he put Canada at odds with almost the entire membership of the G20. All members (bar the US) backed the IMF’s Christine Lagarde’s effort to raise more than $400-billion (U.S.) to build a financial buffer against the threat posed by the seemingly endless Eurozone debt crisis.

Full story here.

This article was posted: Sunday, April 29, 2012 at 6:48 am

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