Canada has contingency for fiscal cliff, Europe crisis: Flaherty

Tue Nov 13, 2012 1:27pm EST
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TORONTO (Reuters) - Canada has a contingency plan should the United States not reach an agreement with respect to a series of tax hikes and spending cuts set to kick in next year or if the euro zone's debt crisis worsens, the country's finance minister said on Tuesday.

"I can assure you, we have contingency plans. This is not a new subject for us. We have been concerned about this subject for many months. And we prepare. So we have contingency plans not only with respect to the fiscal cliff, but with respect to the European situation were that to unravel in a disorderly way," Finance Minister Jim Flaherty told a news conference in Fredericton, New Brunswick.

(Reporting by Solarina Ho; Editing by Jeffrey Hodgson)