Credit crisis hits Canada
Thursday, October 9, 2008
TORONTO: The global credit crisis is starting to restrict the ability of Canadians to obtain loans for mortgages, cars and investments, Canada’s finance minister said Thursday.
Finance Minister Jim Flaherty said he is looking to increase liquidity in the market but declined to release details.
In an indication of the uncertainty in the markets, Canada’s private banks declined to pass on to consumers the full half percentage point cut in interest rates announced by central banks around the world. The banks cut interest a quarter of a point instead.
Prime Minister Stephen Harper said he was disheartened by the banks’ decision and predicted the savings would be passed on eventually.
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