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The G20 wrapped up this weekend in Toronto with Summit leaders agreeing to various proposals of different stripes. The Mayor will attempt to decipher the various promises world leaders made while doing so by only using one solitary word:
Heads of state also agreed new rules that would force British banks to boost their funds by £130 billion to reduce the risk of another Lehman Brothers-style collapse.
In a reversal from the unity of the past three crisis-era Group of 20 summits, the leaders decided to adopt “differentiated and tailored” economic policies for each country.
“Our challenges are as diverse as our nations,” US President Barack Obama said. “But together we represent some 85 per cent of the global economy, and we have forged a coordinated response to the worst global economic crisis of our time.”
George Osborne hailed the G20 statement as a vindication of the coalition government’s policy.
In a sign of how much work was involved to forge the G20 consensus, negotiators spent at least 45 hours drafting the summit’s final communique.
In the document, the Group of 20 endorsed a flexible timeline for building up higher levels of capital and liquidity, giving some breathing room to banks that say they are still struggling after the global recession.
Stephen Harper, the Canadian prime minister, said the group’s richest members should halve their deficits within three years, a timeline that every major G20 country had already committed to before the summit.
Mr Harper also said government debt, as a proportion of the economy, “should be at least stabilised or on a downward trend by 2016″.
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Mitchieville readers get the first crack at my new stuff, but if you liked that one, I have quite a few more denialist detournements of climate change propaganda at my Youtube homepage.