Jim Flaherty says Canada is ready for fallout

First up Tuesday morning, Jim Flaherty says he’ll be on the phone with his Group of Seven counterparts to discuss worsening conditions in the eurozone.

Just try to keep the panic on hold.

The finance minister says Canada’s “fundamentals are sound,” and it is ready and able to respond to economic fallout.

"If we needed to take steps in response to a shock from outside Canada . . . we are in a position to do so because we have fiscal room to move," he told reporters.

"Our situation is imperfect but it’s better. We are in a position to act to protect Canada, but we’re part of the world and we would get buffeted as well as other countries."

The Canadian Press says Flaherty boasted of another advantage: "We have a government that can act . . .These continue to be sensitive times. We’re not out of the woods yet."