
G20 Summit: Leaders Agree to Cut
Deficits by 2013
The fourth G20 summit in less than two years has ended at Toronto on 26-27
June, 2010. The summit ended with global leaders evolving a consensus of sorts
on several issues of economic importance. India, which was represented in
strength at the summit, says it is happy with the outcome. The leaders of the
world's most powerful economies pledged to slash back spiraling debts on Sunday
as they sought to rebalance a global economy knocked off its axis by a financial
crisis.
The heads of the G20, which groups established world powers and the most
dynamic emerging players, vowed to nurture the still shaky recovery with
coordinated measures to spur growth and ensure financial stability.
But observers quickly noted the agreements were not binding and the summit
statement was filled with caveats and exemptions, pushing many of the tougher
decisions on to the next G20 summit in Seoul in November.
The leaders' joint statement, released at the end of two days of talks in
Toronto, warned that "failure to implement consolidation where necessary would
undermine confidence and hamper growth."