Europe may already be in recession, says Canada

Tue Nov 1, 2011 4:29pm EDT
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OTTAWA (Reuters) - Europe may already be in a recession, or at least on the verge of entering one, Canadian Finance Minister Jim Flaherty said on Tuesday.

Flaherty spoke to a parliamentary committee a few hours after the Bank of Canada repeated predictions Europe would enter a short recession.

"Europe is going through a very difficult time. It may well be in - or entering into - recession," Flaherty said.

(Reporting by Randall Palmer, writing by David Ljunggren; editing by Rob Wilson)