Harper and Flaherty call for urgent action on European debt crisis

In an open letter published in Thursday’s edition of The Globe and Mail, Prime Minister Stephen Harper urges the world’s leading economies to take "decisive action" to quell market fears about the state of the global economy. Allowed to fester, the sovreign debt crisis in Europe has grown to unwieldy proportions, the PM, but it’s not to late to halt the financial panic. "A slow response to the recent crisis has allowed it to spread, but political will, decisiveness and a clear plan can resolve it, if we act now."

Finance Minister Jim Flaherty echoed Harper’s concerns about Europe’s response to the debt crisis at news conference ahead of a meeting of G20 finance ministers in Paris. “It is critical that Europe deliver on a comprehensive package of measures that will address their sovereign debt and banking issue,” Flaherty told reporters in Ottawa.

The Globe and Mail

Financial Post