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A sobering look at the world economy today from federal Finance Minister Jim Flaherty, who briefed his provincial counterparts on his discussions at the recent G20 Summit.
BC Finance Minister Kevin Falcon says the news is not good.
"He's confirming what I've been saying publically for quite some time now and that is that the world economy is rapidly slowing down. There is obviously enormous uncertainty that's been created out of the European debt situation…I think a real red flag for those that think that governments should continue to spend, borrow and not think that there's going to be consequences."
Falcon says that push for austerity underlines his government's tough line with public sector workers like the BC Government Employees Union.