- Title: CANADA: G20 - Prime Minister Stephen Harper greets G20 leaders
- Date: 27th June 2010
- Summary: HARPER GREETING PRESIDENT DIMITRY MEDVEDEV AND HIS WIFE SVETLANA MEDVEDEVA HARPER AND MEDVEDEV SHAKING HANDS PRESIDENT CRISTINA FERNANDEZ WALKING HARPER AND FERNANDEZ STANDING FOR PHOTOS PRESIDENT FELIPE CALDERON WALKING HARPER GREETING CALDERON HARPER AND CALDERON STANDING FOR PHOTOS CHINESE PRESIDENT HU JINTAO WALKING HARPER GREETING PRESIDENT FRENCH PRESIDENT NICOLAS SARKOZY WALKING HARPER GREETING SARKOZY U.S. PRESIDENT BARACK OBAMA WALKING ON CARPET WITH FIRST LADY MICHELLE OBAMA HARPERS GREETING THE OBAMAS AND STANDING FOR PHOTOS
- Embargoed: 12th July 2010 13:00
- Location: Canada
- Country: Canada
- Reuters ID: LVAEQV7Q40FAFDABAP8PEQCEHYI7
- Story Text: Leaders of the Group of 20 nations gathered in Toronto on Saturday (June 26) at a summit hosted by Canadian Prime Minister Stephen Harper. Harper and his wife Laureen Harper greeted the heads of government and state at a welcoming ceremony on Saturday night.
The G20 leaders of the world's richest and emerging nations, holding a two-day summit, neared agreement on broad principles to halve their budget deficits within three years and toughen bank capital requirements, according to a draft communique obtained by Reuters.
But they are leaving room for each country to choose its own timetable.
China conceded that its yuan currency was a valid topic of discussion here, reversing its earlier opposition, as the G20 tries to make good on a promise to iron out imbalances between export-rich countries, such as China, and indebted consumer nations including the United States.
The shift toward tailor-made solutions -- seen in the approach to budget deficits, bank reform and trade -- contrasts with the last three G20 summits where they linked arms to combat the worst global recession in decades.
The draft document shows countries will be given a choice whether to levy taxes on banks to recoup bailout costs -- Europe had pushed for a global tax -- and can phase in stricter bank capital rules to fit national needs.
Trillions of dollars in stimulus spending, bank bailouts and emergency loans to combat the worst recession in decades have saddled governments with budget problems. Greece's debt troubles have focused attention on the need to get public finances back on track.
The draft G20 statement acknowledges the multispeed recovery and the delicate balance needed between restoring budget discipline and sustaining growth.
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