Canada says on track to eliminate deficit

Fri May 25, 2012 9:51am EDT
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OSHAWA, Ontario (Reuters) - The Canadian government is well positioned to balance its budget in the medium term, Finance Minister Jim Flaherty said on Friday shortly before Ottawa was scheduled to release preliminary 2011-12 budget figures.

"We are on track to balance the budget in the medium term," Flaherty said in a speech in Oshawa, Ontario.

Flaherty also spoke at length about the dangers of the European sovereign debt crisis, calling the situation there "very unstable."

(Reporting By Claire Sibonney; Writing by Louise Egan; Editing by Peter Galloway)