Concerned over the forecast of yet another recession, Canada’s Finance Minister Jim Flaherty has urged the European leaders to take stern steps to tackle the menace of recession. It has come to light that
if Europe didn’t controlled its financial crisis then soon the Canadian economy would become the victim of it.

During a television interview, Flaherty said, "The avoidance of a recession depends on the ability of the Europeans to take the actions they need to take”. While addressing to the banking sector of the
country, Jim Flaherty said that it’s high time to gear up for the worse financial turmoil as the banking sectors would witness a credit crisis. He further said that there is possibility that the banks might refuse to
lend funds to each other, which would ultimately lead to recession.

A number of countries taking part in the G20 summit have urged the European leader to prepare a plan to deal with the financial crisis before 23rd of October, when the G20 summit would take place. There
is a need to keep the banks afloat of funds so that debt crisis could be reduced.

It is said that Europe would require a $600 billion bailout plan to drag itself out from the crisis. However, Flaherty is of the view that the Europe would need a $1 trillion bailout plan. He further said that the
Europe can help itself and does not require International Monitory Funds help to get rid of crisis.