Bloomberg News

Flaherty Reiterates Europe Should ‘Overwhelm’ Debt Crisis

May 15, 2012

Canadian Finance Minister Jim Flaherty said Europe should use its own financial resources to “overwhelm” the region’s sovereign debt crisis.

Flaherty, speaking today to a parliamentary committee in Ottawa, said the “incremental” approach used by European leaders hasn’t worked.

Speaking to reporters after his testimony, Flaherty said Germany is among those countries that should contribute more to end the turmoil.

Germany “certainly is wealthy and has substantial resources,” Flaherty told reporters after speaking to committees of the House of Commons and Senate.

To contact the reporters on this story: Andrew Mayeda in Ottawa at; Theophilos Argitis in Ottawa at

To contact the editor responsible for this story: Chris Wellisz at

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