Canada Blasts Geithner, Blames US For Slow Recovery

From The Globe and Mail:

Bank of Canada Governor Mark Carney is signalling frustration with the Obama administration’s handling of the financial crisis, saying delays in shoring up the banking system in the United States have exacerbated the recession in Canada.

With remarkable frankness, Mr. Carney singled out the U.S. government for criticism in his quarterly economic report Thursday, placing much of the blame for Canada’s economic woes on U.S. Treasury Secretary Timothy Geithner’s abortive attempts to cleanse financial institutions of their toxic assets.

Timely and credible action is required to address the impaired assets on bank balance sheets and to restore the normal flow of credit – a precondition for sustained economic recovery,” the central bank said. “Progress on these measures has been slower than expected in the United States and other major financial centres.”…”

He hasn’t been decisive,” Ian Lee, the head of the MBA program at Carleton University’s Sprott School of Business and a former banker, said of Mr. Geithner. “In Canada, we are doing a lot of good things. The Bank of Canada is on its game. Mr. Carney must be frustrated by the lack of resolution of the banking problem.”

Read the whole thing >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at