Canada's Finance Minister Flaherty Resigns Unexpectedly

In a surprising development out of Canada's cabinet, moments ago the finance minister, Jim Flaherty, a noted deficit hawk and proponent of paying down government debt, just announced his resignation.

  • CANADA FINANCE MINISTER FLAHERTY RESIGNS FROM CABINET
  • FLAHERTY SAYS DECISION TO LEAVE POLITICS WAS NOT RELATED IN ANY WAY TO HIS HEALTH

As Bloomberg and Globe and Mail add, Flaherty said he’s stepping down to pursue work in the private sector. "Yesterday, I informed the Prime Minister that I am resigning from Cabinet,” Flaherty said today in a statement e-mailed by his office. “This was a decision I made with my family earlier this year, as I will be returning to the private sector."

"As I begin another chapter in my life, I leave feeling fulfilled with what we have accomplished as a government and a country during one of the most challenging economic periods in our country’s history," he said.

Flaherty said there’s “no doubt” Canada will balance its budget as promised in the year starting April 2015, and said the decision isn’t related to his health issues

Still, there is rife speculation that it was indeed his health that was the reason for this unexpected resignation. Either way, Canada's housing mess will now be someone else's problem.