UPDATE 1-Canada urges fast, strong action on debt crisis

* Harper says “you’re going to deal with them eventually”

* Says risks to Canada are beyond its borders

OTTAWA, Dec 2 (BestGrowthStock) – Canadian Prime Minister Stephen
Harper urged debt-ridden European countries on Thursday to face
up to their debt problems quickly and aggressively, saying they
would have to deal with the situation eventually.

Without naming specific countries, Harper suggested
policymakers should act now, rather than waiting until the
situation worsens, to prevent contagion in Europe after an 85
billion euro ($110.7 billion) EU-IMF rescue of Ireland failed
to dispel market jitters.

“There continue to be problems in some countries,
particularly in Europe and we urge the governments of those
countries to deal strongly, quickly and aggressively with those
problems,” Harper said.

“The history over the past couple of years would indicate
you’re going to deal with them eventually so deal with them
quick and deal with them aggressively,” he added in a televised
news conference in Mississauga, Ontario.

Harper’s remarks came after the European Central Bank
resisted pressure on Thursday to commit to a major bond-buying
program to contain the euro zone debt crisis, disappointing
investors worried that Portugal and Spain might follow in
Ireland and Greece’s footsteps and need rescuing.

Some economists say the future of the euro is in doubt and
fear contagion in Asia and the United States, a doomsday
scenario that would hurt Canada.

Harper, who on Thursday announced he would extend a
deadline for the government’s stimulus spending program by
seven months to the end of October 2011, said the Canadian
economy was doing comparatively well but faced threats that it
could not control.

“So the risks are beyond our borders,” he said.
(Reporting by Louise Egan and David Ljunggren; editing by
Peter Galloway)

UPDATE 1-Canada urges fast, strong action on debt crisis