G-20 Differences: Half-Hearted Promises and Mutual Blame - setback for Obama

The G-20 summit in Toronto ended with yet more vague promises. The rich nations pledged to slash their budget deficits, without making any real commitments. The result is a setback for President Obama, who failed to find support for new stimulus programs in Europe.

At least Chancellor Angela Merkel managed to look happy. The German team had just beaten England 4:1 at the World Cup as a radiant Merkel addressed the press at the summit of the 20 leading developed and emerging economies in Toronto. "This was a great game and a great victory," she said after watching the second half of the game together with British Prime Minister David Cameron. "I am still very moved."

The chancellor, who was wearing a garish reddish-orange blazer, was in a jubilant mood. She wanted to immediately announce another victory -- this time one of her own. In reality, the results of the G-20 summit are much less impressive than Merkel would have the press believe. The expectations for the Toronto meeting had been low -- and they were not exceeded.

For more: G-20 Differences: Half-Hearted Promises and Mutual Blame - SPIEGEL ONLINE - News - International