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News Link • European Union

UPDATE: Canada Will Pledge Funds For Other Countries, Not Euro Zone - Flaherty

•, By Nirmala Menon

WASHINGTON (Dow Jones)--Canada will pledge funds to the International Monetary Fund in the event countries outside the euro zone require a bailout, but it is of the view Europe has adequate resources to deal with its debt crisis, Finance Minister Jim Flaherty said Friday.

He said Europe should "step up to the plate" and "overwhelm" the issue with its own resources.

Canada and the U.S. have declined to commit resources to the IMF "at this time," as the Fund has adequate resources to deal with any imminent requirements.

"We could see a situation where other countries outside the euro zone require assistance from the IMF. It may arise out of challenges that emanate from the euro zone," Flaherty said at a press conference after the Group of 20 meeting.

"We've always stepped up to the plate to help with resources for the IMF when there are countries that are in need."

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