Referring to the current economic crisis affecting financial markets around the world as "a global cycle", Premier Dennis Fentie says Yukoners need not worry.

"It is a message of reassurance that the Yukon economy is not in crisis," Fentie told the local media as to why he called a news conference for this morning.

"And it is a message to Yukoners that the Yukon is well-positioned to manage our economy through this global cycle and the troubled times that the world market is in."

On Wednesday, NDP Leader Todd Hardy accused Fentie of taking a laissez-faire approach to addressing the potential impacts that falling commodities prices and sagging global markets could have on the territory.

Today, Fentie dismissed those comments as mere fearmongering.

"I'm going to point out the opposition is being extremely irresponsible here in trying to raise fear in the minds of the Yukon public and are motivated entirely by partisan politics versus any genuine caring of Yukoners and their economic future," said Fentie

"Both the NDP and the Liberals in this territory had their chance to manage the economy and it was a miserable failure that we all suffered through."

The NDP formed its last government between 1996 and 2000, while the Liberals were in office from 2000 to 2002, the year Fentie won the first of his two mandates.

The premier said he would hold roundtable discussions with "key stakeholders", something Hardy said he had urged "repeatedly", but the premier refused to do.

Today, Fentie appeared to change tack, and added an "internal committee" of deputy ministers, with himself as chair, to keep an economic vigil.

"This committee will be constantly monitoring and reviewing trends in our economy and ensuring that our investments and procurement practices will be there ready and able to provide positive impact should the situation occur," the premier said.

While hinting the government could run a deficit, at this juncture, it's unnecessary said Fentie, who doubles as Finance minister.

He also cautioned that such deficit spending could not carry over into the next fiscal year.

"The Yukon will not follow Ontario's lead of announcing a deficit because we don't have to at this time; we have a very healthy net financial position, six year-end surpluses in a row," the premier said.

"But should the cycle take us there, the possibility of deficit on an annual basis will occur ... what is important to recognize is that under the Yukon Taxpayer Protection Act is we cannot go into an accumulated deficit."

According to the Department of Finance, the governement's current net fiscal position is $165 million. The premier assured the Star today that of that figure, there is more than $100 million cash-on-hand.

(The net fiscal position consists of the government's assets, revenue and cash on hand, minus its liabilities.)

Last Monday, Fentie met with other territorial and provincial premiers in Montreal to discuss a "co-ordinated" effort to "steer, manage Canada through this period of uncertainty that we're in."

Federal Finance Minister Jim Flaherty announced today that Canada will provide "backstop" funding to the nation's banks, designed to keep them competitive with other global lenders, some of whom have received huge cash infusions from their respective governments.

It is a move Fentie heralded.

The premier also mined the wisdom of former Alberta premier Ralph Klein. That could raise the ire of the NDP, whose leader suggested yesterday Fentie is ripping speaking notes from the "extreme right-wing", the likes of U.S. President George W. Bush and Prime Minister Stephen Harper.

"Canada's economy has been on a growth cycle for well over a decade, and I think the obvious here, as one of my former colleagues, premier Klein pointed out, 'What goes up, will come down,'" said Fentie.

"And always, governments should be well-prepared to deal with that kind of circumstance."

While Fentie said his government is acting in a prudent manner, Liberal Leader Arthur Mitchell disagrees.

"This is incredibly too little, too late, full of things he should've done a long time ago ... he's striking a committee; what does he call management board?" Mitchell asked during an interview today.

"And hosting roundtable discussions - why didn't he do this sooner?

"This premier has said all along that we're immune, and shown a complete lack of understanding of where this economy is."

The legislative assembly reconvened at 1 p.m. today.

It was expected that the economy and the Fentie government's response to protecting the territory against potential impacts from the global fallout would dominate question period.