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Flaherty Says Greek Bank Troubles May Cause Canada Shock

Canadian Finance Minister Jim Flaherty said capital shortages in Greece’s banking system could cause a financial shock that may impact Canada.

Flaherty, speaking today to a parliamentary committee in Ottawa, said Canadian banks are “not completely immune” to the turmoil in Europe even though their exposure is limited.

The European Central Bank said today it will temporarily stop lending to some Greek banks to limit its risk as President Mario Draghi signaled the ECB won’t compromise on key principles to keep Greece in the euro area.

“We have serious concerns about what’s happening in the euro zone,” Flaherty told reporters after the hearing. “In the absence of a government in Greece, it’s very difficult for Greece to deal with its implementation of its austerity program.”

The minister reiterated Canada’s position that Europe should use its own resources to solve the region’s sovereign debt troubles.

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