March 22, 2012 / 3:23 PM / 6 years ago

Canada takes "realistic" view on Europe: Flaherty

STITTSVILLE, Ontario (Reuters) - Finance minister took a cautious view of the Greek debt situation in remarks on Thursday, urging countries in Europe to follow through on austerity programs.

“I’d like to be optimistic about the international situation. I‘m realistic about Europe,” Finance Minister Jim Flaherty said when asked whether he thought the Greek debt crisis was over.

“There are some fundamental issues yet to be dealt with, particularly implementation issues in those countries that have undertaken austerity programs. There has to be a capacity to implement and actual actions.”

Greece secured a new bailout package from the International Monetary Fund and the European Union this month after agreeing to a series of painful economic reforms and spending cuts and completing a debt swap that imposed losses of as much as 74 percent on private bondholders.

Reporting By Randall Palmer; Writing by Louise Egan; Editing by Peter Galloway

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