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Edition: U.S. Article Comments (4) Slideshow Video Save Email Print Reprints Most Popular Most Shared New troubles at Al Gore's Current TV 25 Jun 2010 New Apple iPhone hard to find, but not impossible 25 Jun 2010 Trapped drunk driver opens another beer as awaits rescue 23 Jun 2010 Teen love triangle at center of new "Twilight" | Video 25 Jun 2010 Obama, Cameron expected to talk BP spill | Video 2:05am EDT Henry, Evra make case for defense after "fiasco" 25 Jun 2010 Leaders play down austerity split on eve of G20 | Video 25 Jun 2010 More American women not having children: report 25 Jun 2010 Miley Cyrus "no underwear" photo is fake, blogger says 15 Jun 2010 Analysis: Wall Street still in the hedge fund game 25 Jun 2010 Trapped drunk driver opens another beer as awaits rescue 23 Jun 2010 Maimed cat walks again with artificial paws 25 Jun 2010 New US oil rigs face inspections, fines in proposed law 25 Jun 2010 Leading Tibetan art collector gets 15 years in jail 25 Jun 2010 Bradley warns Americans of Ghana's unpredictability 25 Jun 2010 Obama praises lawmakers for financial reform bill 25 Jun 2010 More American women not having children: report 25 Jun 2010 Storm in Caribbean likely to form Saturday 25 Jun 2010 Wet wipes may cause rashes 21 Jun 2010 New Apple iPhone hard to find, but not impossible | Video 25 Jun 2010 Leaders play down austerity split on eve of G20 Alister Bull and Gernot Heller HUNTSVILLE Fri Jun 25, 2010 11:53pm EDT Factboxes Factbox: Developments in G8, G20 summits in Canada Fri, Jun 25 2010 Factbox: Key quotes from G20 leaders ahead of the summit Fri, Jun 25 2010 Related News Lula skips G20 summit due to deadly Brazil floods Fri, Jun 25 2010 Related Video Global economy in focus at G20 Fri, Jun 25 2010 G20 battles over cut or spend Fri, Jun 25 2010 G8 Summit begins in Canada Fri, Jun 25 2010 G20 battles over cut or spend G8 Summit begins in Canada 1 / 27 A protestor runs through the streets during a demonstration in downtown Toronto, Canada, June 25, 2010 ahead of the G20 summit. Credit: Reuters/Mike Segar HUNTSVILLE Ontario (Reuters) - The world's richest economies, saddled with huge debts after spending their way out of the credit crisis, papered over differences on Friday on how to clean up their finances with minimal damage to growth. World Leaders from the Group of Eight, a club that spans the large industrialized nations and Russia, met in Canada before a broader summit with China and other rising economic powers of the G20, now the world's dominant economic policy forum. Washington appeared to be at loggerheads with Berlin in the run-up to the Canada summits. U.S. officials expressed concerns that a nascent recovery from the global recession could be derailed by accelerating austerity in much of Western Europe. German Chancellor Angela Merkel said, however, that the G8 talks had not produced any conflict over economic policy. "The discussion was not controversial but was based on great mutual understanding," she told reporters. A U.S. official said, "There is a broad consensus among the G8 leaders, a convergence of views ... about how to maintain durable growth while also reaffirming, of course, the common shared commitments to fiscal consolidation going forward." According to off-the-record briefings by European officials, U.S. President Barack Obama told his counterparts he was worried that excessively deep and fast cuts in Europe could eat into growth, but he did not question the need for cuts themselves. The Group of 20 has struggled to keep the unity of last year when governments pumped trillions of dollars into the economy to prevent recession turning into depression and vowed to prevent another credit crisis from endangering the world economy. Obama, buoyed by a deal in the U.S. Congress in the early hours of Friday to toughen rules for Wall Street, urged other G20 leaders to make good on promises to curb risky bank behavior that sparked the financial crisis in 2007. "We need to act in concert for a simple reason: this crisis proved, and events continue to affirm, that our national economies are inextricably linked," Obama said, calling on other leaders to match the U.S. progress on financial reform. SURGING DEBT BURDEN Burdened by surging debt, G8 leaders said on Friday they would spend $5 billion over five years for mothers and their newborns in Africa, shying away from bold aid pledges to the world's poor after failing to meet previous targets. As rich economies slowly heal, helped by strong Asian growth and demand, disagreements over the next steps in the response to the crisis have unsettled investors who fear that a splintering of policy could undermine recovery. "The cohesion generally evident among policymakers in dealing with the global crisis is in danger of giving way to a more divisive debate about how to manage the recovery," Credit Agricole analysts said in a note to clients. Canadian Finance Minister Jim Flaherty said he was cautiously optimistic the G20 nations could reach an agreement on targets for cutting their budget deficits, while South Korean Finance Minister Yoon Jeung-hyun highlighted concern the recovery is too fragile. "No one knows for certain how the post-crisis world economy will look like. It is my opinion that we will enter a phase of jobless and low economic growth," Yoon said. Obama, concerned that the recovery is tenuous, faces high U.S. unemployment and the possible loss of his Democratic Party's control of Congress in elections in November and he has been reluctant to adopt spending cuts to curb the deficit. The aggregate debt of the rich countries within the G20 is expected to hit 107.7 percent of GDP this year, almost three times the 37 percent debt forecast for emerging market economies of the G20 and up from 80.2 percent at the outset of the crisis in 2007, the International Monetary Fund says. British Prime Minister David Cameron, whose government unveiled an austere budget this week, said smoothing out imbalances between export-rich countries and debt-laden consumer nations would require belt-tightening by America too. "Part of dealing with the imbalances is for the worst deficit countries to roll up their sleeves, get on with the job and make sure they are living within their means," he said. The G20 pledged last year to coordinate a string of banking reforms by the end of 2012. [ID:nLDE65O0RV] Obama can boast he is meeting the bulk of those commitments. Europe has yet to come up with comprehensive rules for financial reform. SECURING RECOVERY Other G20 conflict zones include trade and China's yuan currency. China seemed to defuse some of the G20 trade tension last weekend when it said unexpectedly it would ease its grip on the tightly managed yuan. But some economists have questioned whether the move was anything more than symbolic. A Brazilian official said G20 negotiators were considering including a line in the summit communique that would welcome Beijing's latest shift and urge it to follow through with a stronger appreciation in its currency. "The communique might come up with this idea, it depends on China. The Chinese are still negotiating over the terms and the language of this particular statement," said the official, who spoke on condition of anonymity. About 2,000 anti-G20 demonstrators marched to within a couple of blocks of the U.S. Consulate in Toronto before they were halted by riot police. At least one person was arrested. Should the G20 need a moment of levity, it has the soccer World Cup in South Africa. Asked if he and Merkel would watch England play Germany on Sunday, Britain's Cameron said: "There is an idea we might try and watch it together. I will try not to wrestle her to the ground during penalties, but we will have to see." (Additional reporting by Claire Sibboney, Louise Egan, Huw Jones, Lesley Wroughton, Sumeet Desai, Chisa Fujioka, Natuza Nery, Reuters G20 team; Writing by Emily Kaiser and Brian Love; Editing by William Schomberg and Peter Cooney) World Comments See All Comments (4) | Post Comment Jun 25, 2010 10:11pm EDT Austerity means a double dip recession globally I’m afraid. It’s all about confidence and Austerity doesn’t produce jobs when all of Europe and the US have record unemployment STORYBURNcool Report As Abusive Jun 25, 2010 10:20pm EDT I’m afraid this will mean deflation and a depression. Actually, I’d say we are in a depression albeit not as severe….yet. Austerity with workers and no taxation of the rich will lead much social unrest. bangsplat Report As Abusive Jun 25, 2010 10:26pm EDT Wow, when will our President learn that we want him to cut budgets, we want him to address the debt, we want him to STOP spending, we want him to create jobs and stop the give outs, bail outs and etc. policywhiz Report As Abusive Jun 26, 2010 2:20am EDT In Europe the austerity measures will not create more jobs, will increase unemployment. In the USA have a huge deficit continued to spend more and more and unemployment will reach two digits. They are both wrong. Take the example of the economies that are growing and creating jobs. EUR and USA are not the owners of knowledge, they lack a lot of humility. JorgeCosta Report As Abusive See All Comments (4) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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