“We continue to monitor the situation in Cyprus, which remains fluid,” said Kathleen Perchaluk, spokeswoman for Jim Flaherty, the Canadian Finance Minister. “It is important that the Europeans take the necessary steps to deal with sovereign debt issues while securing financial stability. The situation highlights the importance of Europe advancing efforts on a full banking union, which they have been making progress on.”
Experts say Canadians have little to fear they could ever face a similar penalty, given the strength of the Canadian banking system and the relative strength of the Canadian economy.
“The World Economic Forum has ranked Canada’s banks as the soundest in the world for five years in a row and Canadians have confidence that their deposits are safe and sound,” said Rachel Swiednicki, a spokeswoman for the Canadian Bankers Association.