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People around the world question if it were possible to reach such rudimentary agreement just using telephone and advanced telecommunication means rather than wasting so much time, effort and money to organize that event.

June 28, 2010 (Hamsayeh.Net) - G20 group of major economies ended this year’s summit in Toronto coming up with some general agreements on cutting down spending and an overall global austerity measure for the next three years.

The broad agreement also envisions government debt level within an acceptable bracket in six years. But to some leading economists, these  outlined goals are absolutely meaningless. What’s more, the G20 countries are left alone to decide on their own terms and pace over how to go about tackling domestic economic problems.

This meeting did cost $1 billion dollars mainly to provide massive security for all those diplomats traveling to Toronto during the summit. People around the world question if it were possible to reach such rudimentary agreement just using telephone and advanced telecommunication means rather than wasting so much time, effort and money to organize that event. 

Leading economist Joseph Stiglitz, described the broad agreement as a fantasy to believe that cutting down deficits will rejuvenate the global economy. ‘I think it's fantasy. I think it reflects the excess optimism about the recovery, there are almost no successful cases of countries cutting back on their expenditures as a way of getting out of the kind of economic downturn’ he said.

‘There are many cases where these kinds of austerity measures have led to downturns [turning] into recessions - recessions into depressions,’ he added.

Western economies continue to grapple with major economic turmoil after the 2008 burst of a huge real estate bubble created following US-led invasion of Iraq in 2003.

In short the G20 meeting came to the following conclusion that until 2016 big governments promise to do their outmost  holding their own as against those of the majority of people.

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