Minister Flaherty will not liquidate GM shares held by Ottawa

Victoria – The federal Minister of Finance Jim Flaherty is not to engage in selling the shares of automaker General Motors that holds Ottawa.

The federal and Ontario governments paid 13.7 billion to help save the North American automakers in bankruptcy, more than three years ago. To retrieve the amounts invested by taxpayers, both levels of Government should sell their shares of GM to double their current price.

Minister Flaherty pointed out Friday that he was not selling shares for half their value when he worked in the private sector, adding at the same time Ontario remained free to do as seemed it.

This statement by the Minister follows a report by the daily Globe and Mail in which it is reported that the Minister of Finance Dwight Duncan would ask Ottawa to sell the securities.

In response to the article, a spokesman for Mr. Duncan said that the province would be «when the time and the context would be appropriate [...]» to ensure that Ontarians receive the best return on their investment. Mr. Flaherty was Friday in Victoria, British Colombia, to initiate national pre-budget consultations in the form of round table discussions with leaders of communities and organizations for the federal budget. According to Mr. Flaherty, the main objective of Ottawa is to reconnect with balanced budgets, which means reduce spending, without however completely stop Government initiatives.

In position until the balance

In the wake of the federal Minister of finance, Jim Flaherty, said want to remain in Office as long as it will not balance the country’s budget. This would mean that it would remain in the saddle until spring 2015 before the next federal election.

Speaking in Victoria, British Colombia, Minister Flaherty recalled Friday that he was the only Minister of Finance of the Government of Stephen Harper, before adding that he wants to be in position when the Conservatives reach their goal of a balanced budget.

The latest Government projections, published earlier this month, saw Ottawa push the balanced budget in 2016-2017. But as Mr. Flaherty that Prime Minister Harper has insisted that the Government could balance the books by 2015.

Monday, Mr. Flaherty joined the Governor of the Bank of Canada, Mark Carney, when he announced that he was leaving his post to become Director of the Bank of England.

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