Finance Minister Jim Flaherty during a press conference in Ottawa on May 14, 2012. THE CANADIAN PRESS/Sean Kilpatrick
June 29, 2012 - 11:36 AM
OTTAWA - Finance Minister Jim Flaherty says European leaders have taken "significant strides" toward containing the continent's banking problems.
He says a decision to let euro emergency funds flow directly to struggling banks, removing the vicious circle of bailouts piling more onto already stressed government books, is something he has urged the past three years.
But Flaherty, speaking from Ireland via conference call, says he is only cautiously optimistic, and wants to hear more about what leaders have in mind.
He says he always worries about decisions reached in the middle of the night and wants to see the commitments followed through.
He added that much work still needs to be done before Europe can be said to be out of the woods.
News from © The Canadian Press, 2012