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OTTAWA, Oct 6 (Reuters) - Following is the text of a statement on Monday on the markets by Canadian Finance Minister Jim Flaherty. Tumultuous shocks to the global credit system, beginning in the United States and now spreading to Europe, have required dramatic responses by governments in the U.S. and in a number of European countries. With the U.S. Congress ratifying the Emergency Economic Stabilization Act, Treasury Secretary Henry Paulson can now begin to fully address the severe credit crunch unfolding in that country. European leaders have also acted swiftly to address troubled institutions in their countries. These are welcome moves and they come at a critical time. Canada's financial system has handled the persistent global market turmoil very well. Canada's banks and other financial institutions are sound and... [read full story]
