October 10, 2008 / 2:55 PM / 9 years ago

RPT-Canada's Harper says mortgage plan not a bailout

BRANTFORD, Ontario, Oct 10 (Reuters) - Canada Prime Minister Stephen Harper said on Friday a plan to buy C$25 billion in mortgage assets from the nation's banks is not a bailout, but a market transaction that will represent no cost to government.

He said the plan was one of the many tools available to government help credit conditions, and shows the Canadian government is acting in advance instead of waiting for a crisis to hit the Canadian financial system. ($1=$1.16 Canadian) (Reporting by David Ljunggren, writing by Richard Valdmanis; Editing by Peter Galloway)

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