BUSINESS

Canadian finance minister wants eurozone to boost bailout fund, speed up implementation

09/09/2011 05:42 EDT | Updated 11/09/2011 05:12 EST
MARSEILLE, France - Canada's finance minister says the eurozone's bailout fund should be bigger than the current euro440 billion (US$618 billion).

Jim Flaherty said Friday that the 17 countries that use the euro should also quickly push through changes to the fund's powers, which have to be ratified by most national parliaments.

Referring to the fund's lending capacity of euro440 billion, Flaherty said "frankly, that could be higher."

The Canadian finance chief was speaking at the meeting of the Group of Seven most developed economies.

As the ministers and central bankers debate ways to revive the faltering economic recovery, the group's European members are facing pressure to find a lasting solution to their debt crisis.