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Edition: U.S. Article Comments (14) Slideshow Video Save Email Print Reprints Most Popular Most Shared Court to rule on Sarbanes-Oxley and gun rights 27 Jun 2010 Trapped drunk driver opens another beer as awaits rescue 23 Jun 2010 Russia alarmed by CIA view of Iran's weapons 27 Jun 2010 Factbox: Winners and losers at the G20 summit 8:26am EDT Obama says he's serious about tackling deficits 27 Jun 2010 BP says Hayward remains CEO as storm Alex looms | Video 11:30am EDT White House launches plan to boost broadband 5:00am EDT Central banks warn of new crisis if exit left too late 9:02am EDT BP's Hayward set to resign, Russian official says 10:51am EDT Apple boasts 1.7 million iPhone 4 sales 10:41am EDT Trapped drunk driver opens another beer as awaits rescue 23 Jun 2010 Supreme Court rules Chicago gun ban unconstitutional 10:27am EDT Court to rule on Sarbanes-Oxley and gun rights 27 Jun 2010 Obama says he's serious about tackling deficits 27 Jun 2010 White House launches plan to boost broadband 5:00am EDT UPDATE 1-US top court extends gun rights to states, cities 10:23am EDT For sale - village with pub, 40 people 25 Jun 2010 BP says Hayward remains CEO as storm Alex looms | Video 11:30am EDT Factbox: Winners and losers at the G20 summit 8:26am EDT Accused Jamaican drug lord Coke pleads not guilty 25 Jun 2010 Do-little G20 summit leaves markets unperturbed Paul Taylor PARIS Mon Jun 28, 2010 11:17am EDT Related Video Protests at start of G20 and G8 Sat, Jun 26 2010 Police car burns during G20 protests Sat, Jun 26 2010 Hundreds arrested at G20 Summit Sun, Jun 27 2010 G20 protesters clash with police Sun, Jun 27 2010 Police car burns during G20 protests Hundreds arrested at G20 Summit G20 protesters clash with police 1 / 31 U.S. President Barack Obama gestures as world leaders gather for a group photo at the G20 Summit in Toronto June 27, 2010. Pictured are: South Korean President Lee Myung-bak, Canadian Prime Minister Stephen Harper, Obama, Saudi King Abdullah, French President Nicolas Sarkozy (front row, L-R), Spanish Prime Minister Jose Luis Rodriguez Zapatero, Prime Minister Jan Peter Balkenende of the Netherlands, South African President Jacob Zuma, Russia President Dmitry Medvedev, Ethiopian Prime Minister Meles Zenawi and Turkish Prime Minister Tayyip Erdogan (back row, L-R). Credit: Reuters/Jim Young PARIS (Reuters) - Stock markets perked up on Monday after world leaders abandoned a global bank levy and eased the timetable for new capital requirements at a G20 summit in Canada which posed questions about the forum's effectiveness. World Shares climbed in Europe and Asia, led by banks, after the U.S. Congress adopted a landmark financial regulation package on Friday and the G20 dropped a 2012 deadline for banks to adopt more stringent risk-provisioning rules. Leaders of the main developed and emerging economies papered over differences on the right balance between reviving economic growth and cutting budget deficits at weekend talks in Toronto, in what was seen as a setback for U.S. President Barack Obama. Unable to muster the unity of the past three crisis-era G20 summits, the leaders fell back on the "Sinatra doctrine," leaving each country to do it "my way," move at its own pace and adopt "differentiated and tailored" policies. European leaders got what they saw as a green light to pursue austerity measures they consider essential to restore market confidence in the euro dented by the Greek fiscal crisis and wider concerns about high European sovereign debt. "To be honest, it was more than I expected," German Chancellor Angela Merkel said of the G20's non-binding pledge to halve budget deficits by 2013 and balance budgets from 2016. The United States had pressed the Europeans before the meeting to avoid withdrawing economic stimulus measures prematurely and urged countries with current account surpluses such as Germany to boost domestic demand. "The positive outcome is that the European consolidation programs, which are moderate and appropriate given the confidence crisis in Europe, have been endorsed and accepted by others at the G20 level," Michael Heise, chief economist of Europe's biggest insurer Allianz, told Reuters. The world's central bankers endorsed an early drive for deficit cutting, warning that global recovery could be derailed by surging interest rates unless industrial economies take determined action to reduce debt. "High and rising levels of public debt imply significant risks for the global economy," the Basel-based Bank for International Settlements said in a report on Monday. France is likely to be the next European state to announce deficit-cutting steps this week, with the cabinet due to approve measures on Wednesday to curb public spending, and further cuts to be spelled out in September in a tough 2011 budget. Prime Minister Francois Fillon said last week the government might have to reduce tax breaks next year by 8.5 billion euros rather than the 5 billion initially targeted. Budget Minister Francois Baroin said at the weekend he was looking for up to 10 billion euros in savings on tax breaks. "We have an untouchable goal to reduce the deficit level by two points from 8 percent to 6 percent next year. That's never been done before," Baroin told France 2 television, adding the 2011 budget would be "the most difficult in more than 30 years." In a sign markets are still nervous about euro zone debt, the premium investors charge to hold French, Belgian, Spanish and Italian bonds rather than benchmark German bunds rose to the highest levels since early June. The interest rates at which banks lend to each other in euros also rose. G20 VALUE QUESTIONED The Toronto summit exposed issues that are harder to resolve when countries loosely united in the G20 are emerging from the downturn at different speeds and with divergent priorities. China avoided a scolding over the weak yuan, which has fueled its export boom, by announcing a more flexible foreign exchange regime a week before the summit and letting its currency rise by 0.5 percent against the dollar. But Beijing also refused to let the G20 praise it for the shift, insisting the issue had no place in international forums. On trade liberalization, the G20 arguably moved backwards, dropping 2010 as the target date for concluding the long-stalled Doha round of World Trade Organization negotiations. Opposition from Canada, Japan, Brazil and Australia, whose banks did not need state bailouts during the crisis, thwarted European calls for a common tax on banks to shield taxpayers from the costs of rescuing the financial sector. On financial regulation, leaders endorsed a long phase-in for new Basel III bank capital and liquidity rules, allowing different speeds for different countries at the risk of encouraging regulatory arbitrage. While the International Banking Federation welcomed the more flexible timeline, Heise of Allianz warned: "The outcome makes it more difficult to guarantee stability on financial markets if all the countries go their own direction, because you get the possibility of regulatory arbitrage in markets." But the central unresolved rift was over the pace of fiscal consolidation after governments in the industrialized world ran up huge debts and deficits coping with the crisis. While Obama masked his disappointment diplomatically, others were more critical of Europe's German-led austerity drive. "If European countries proceed with their fiscal austerity plans, the global economic turnaround may slow down," said South Korean President Lee Myung-bak, who will chair the next G20 summit in Seoul in November. Analysts said the meager summit outcome raised doubts about the G20's value as a forum for managing the world economy. "The G20 is fragmented as it transitions out of its role as a crisis-fighting committee," said Tom Bernes, vice-president of the Center for International Governance Innovation in Toronto. "While G20 leaders agree on the need for stronger financial regulation, actual details continue to be vague and lacking a solid deadline.... There is a huge unfinished agenda." (Additional reporting by Lesley Wroughton, Simon Rabinovitch and Brad Whitehouse in Toronto, Jonathan Gould in Frankfurt, Huw Jones, Steven Slater and Emilie Sithole-Matarise in London and Elizabeth Pineau in Paris; writing by Paul Taylor, editing by Sonya Hepinstall) World Comments See All Comments (14) | Post Comment Jun 27, 2010 8:53pm EDT The US needs to go through the same Austerity programs Europe is going through. All the while pulling a rabbit out of the hat and boosting job growth STORYBURNcool Report As Abusive Jun 27, 2010 9:31pm EDT Obama is the worst example for austerity as possible. He’s single handedly bankrupting the U.S. and knows NOTHING about economics. Spending and borrowing are all he knows. Which is just the opposite of what’s required. If Al Qaeda were trying to destroy our economy they couldn’t do a better job than Obama’s doing right now. As such anything he recommends should be disregarded as dangerous and disastrous. nodeception Report As Abusive Jun 27, 2010 11:20pm EDT Obama is all talk and i bet $1 trillion that QE2 and more Federal Reserve currency manipulation via printing is just around the corner. Add to that, the Federal reserve will continue interest rate manipulation via buying (monetizing)USA debt. It makes perfect sense why gold is over $1200/oz, even though Bernanke lied to congress during questioning saying he did not know why gold was doing so well. So if Obama and Bernanke are lying, you can count on more of the same from Washington DC. Smart people are short dollars and long gold. TheMarketTruth Report As Abusive Jun 28, 2010 12:14am EDT Austerity = letting the poor starve Financial reform = letting the poor starve Fiscal restraint = letting the poor starve The G20 is scheming to find ways to turn us all into cheap labor for the corporate oligarchy. They are sharing citizen-information databases with each other. They are beefing up and consolidating their police state apparatus in anticipation of the day when the People rebel against the capitalist-imposed poverty that is taking us down one family at a time. Governments/corporate-oligarchy will be ready to crush us as soon as we become desperate enough to fight back. Death to capitalism! LolaF Report As Abusive Jun 28, 2010 6:55am EDT Perhaps the US is right, the austerity measures reduce spending on services as consumers spend on necessities only, dropping the morning coffee seems minor until millions do it, and that in turn causes job losses. Those job losses are most probably in the service industry, those people also don’t but the morning coffee, etc. etc. With cumulative losses in tax, which was needed to pay for Unemployment to keep people from starving (contrary to popular belief, people in service industries most at risk do not have alarge savings. Consumer spending accounts for about two-thirds of U.S. economic activity so European austetity measures would have a crippling effect on the economy – realistically, export led growth must be on the basis of a realistic and stable local / internal economy. nilbud Report As Abusive Jun 28, 2010 7:25am EDT People (and nations) are buying gold because it has intrinsic value and is scarce. It is a form of currency that has maintained value over thousands of years hence such demand. When you see the ‘likely lads and lasses’ above it begs the question, would you buy a car off any of them? They are managing the worlds economy and I see very little coherence between what they are saying and what they are doing. They are actually trying to push Germany into being a spendthrift so as to boost the EU economies!! Madness. tbink Report As Abusive Jun 28, 2010 7:30am EDT Don’t spend what is yet to be earned!!! This simple truth, was taught to me as a youngster. I sought credit, only for large ticket items like an automobile and the house. The bank will earn thrice what the house cost; but my taxes are increasing, and the house is depreciating relative to its final cost. My first credit card was not used for some twelve years. I obtained it to cover unforeseen circumstances. Oh yeah; I usually saved up over a period of time to purchase most consumer items. I liked getting a cash discount. Governments need to be more fiscally responsible. They are killing the goose that lays the golden “taxable” egg!! kaceltd Report As Abusive Jun 28, 2010 9:24am EDT There are enough resources in this world for the whole mankind, but not for their greed. The wealth of the most developed countries are being spent on illegal wars for looting natural resources of another countries. They give exorbitant subsidies to their farmers and advice poor countries to abandon subsidies.And they squeeze them with stringent conditions for providing loans from the financial institutions that they control. This is injustice. dastu11 Report As Abusive Jun 28, 2010 9:36am EDT Let’s see, I don’t have enough money to pay my household bills, so I’ll just take out a high-interest loan for that. Then I’ll get another credit card to buy myself some new shoes, a nice car, and then perhaps I’ll see about going out to get a job…. But if I can’t get a job, I’ll just apply for more unemployment benefits. Yeah, that makes sense, right Obama? Good Lord. FriendlyTxn Report As Abusive See All Comments (14) 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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