September 11, 2012 / 4:31 PM / 7 years ago

Canada's Flaherty cites U.S. fiscal woes as potential threat

OTTAWA, Sept 11 (Reuters) - Canadian Finance Minister Jim Flaherty said on Tuesday there is growing concern about the capacity of the United States to tighten its budget as needed while continuing to grow, and said this and the European debt crisis could seriously harm Canada.

“While we are not currently facing the depths of the downturn of a few years ago, the global economy remains stubbornly fragile. Any potential offshore setbacks could generate serious adverse impacts on Canada,” Flaherty said in a speech in St. John’s, Newfoundland.

“For example, growth in a number of emerging-market economies is slowing, and concerns are growing about the capacity of the U.S. to balance the necessary fiscal consolidation while sustaining economic growth,” he said, adding that the most immediate threat is the banking crisis in Europe.

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