Finance ministers focus on debt crisis during call
Posted: Jul 5, 2012 2:04 PM AT
Last Updated: Jul 5, 2012 3:35 PM AT
P.E.I. Finance Minister Wes Sheridan said a short conference call Wednesday with his Canadian counterparts gave him a chance to catch up and discuss the economic challenges facing the country.
During the call, Federal Finance Minister Jim Flaherty told provincial finance ministers to stay on course and be prepared for the potential of a continued economic downturn.
"In the Eurozone right now there are a number of countries that have fallen into recession and that always creates a downward pressure on strong economies such as Canada that are starting to rebound," Sheridan said. "So we have to be prepared and he just wanted us all to make sure that we were staying on target."
The teleconference replaced the traditional summer meeting the federal, provincial and territorial ministers hold most years. Sheridan says the midday call last about half an hour.
The finance ministers were also briefed on the recent G-20 meeting and the economic crisis in Europe.
Sheridan said the finance ministers aren't expected to meet again in person until December.
However, Sheridan said given the state of the world economy, a meeting before that would be appreciated.
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