G7 is discussing Dubai debt problems - Canada

TORONTO Nov 27 (Reuters) - The Group of Seven leading industrialized nations is watching the situation in Dubai, which has requested payment delays on billions of dollars of debt issued by conglomerate Dubai World, Canadian Finance Minister Jim Flaherty said on Friday.

"There have been discussions and we are monitoring the consequences of the credit issues related to Dubai World," he told reporters when asked whether the G7 was planning to take any coordinated action.

Flaherty also said there was no reason for significant concerns when it came to possible exposure of Canadian financial institutions. (Reporting by John McCrank, writing by David Ljunggren) ((david.ljunggren@reuters.com; +1 613 235 6745; Reuters Messaging: david.ljunggren.reuters.com@reuters.net))