G 20: Industrialized countries agreed that they will cut their budget deficits in half by the year 2013

The G-20 summit in Toronto Canada has now got down to business with reports saying agreement is close on allowing member countries to impose levies on their banks -- but not a tax on financial transactions. Meanwhile, German Chancellor Angela Merkel says that she and her counterparts have agreed that industrialized countries will cut their budget deficits in half by the year 2013. And although US President Barack Obama says the world's leading economies have succeeded in stabilising the global, he's clearly not entirely happy.