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Sean Kilpatrick/The Canadian Press

Finance Minister Jim Flaherty says Canada must pay the cost of the G20 and G8 summits if the country is to play a leading role on the world stage.

The total cost of hosting the meetings of world leaders hasn't been tallied yet but the security alone has an estimated price tag of nearly $1-billion.

Mr. Flaherty told reporters in Toronto that it's necessary for governments to spend substantial amounts to pay for tight security to host the meetings.

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He added that the United States and United Kingdom have hosted the events previously and now "it's Canada's turn."

Mr. Flaherty also says a majority of G20 countries agree with Canada that there shouldn't be a tax imposed on banks to pay for future government bailouts.

Finance ministers meeting in South Korea on Saturday, including Mr. Flaherty, said that each country will be free to choose its own way to deal with the issue.

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