October 24, 2012 / 10:13 AM / 5 years ago

Ontario finance minister rules out leadership run

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Ontario Premier Dalton McGuinty speaks to the media after making an announcement to resign from the leadership of the Ontario provincial Liberal party at Queen's Park in Toronto, October 15, 2012.Mark Blinch

TORONTO (Reuters) - Ontario Finance Minister Dwight Duncan on Wednesday ruled out a run for the leadership of the Canadian province's Liberal Party after Premier Dalton McGuinty's surprise resignation last week, and he said he would not stand for re-election to the provincial legislature.

In announcing his decision, Duncan acknowledged the huge fiscal challenges the province faces in its fight to eliminate a C$14.4 billion ($14.51 billion) deficit.

"Whoever becomes the next Liberal premier and whoever wins the next general election is going to have to have a very clear plan," he said.

Reporting by Claire Sibonney

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