find out what's really happening to the global economy in these kinds of reports. if. debt crisis and a fresh round of bailouts in europe cast a shadow over the future of the eurozone forcing a rethink in nations who are desperate to join up. with the final day of the international economic forum here in st petersburg is well underway joining me anything now away from forty three of. the e.u. plans a third set of tougher sanctions against syria some experts warn it could pave the way for a libya style intervention. and a bleak future for chinese college graduates an increase in of this city leave us forces millions without jobs and to life with and tribes.

international news and commentary twenty four hours a day you're watching r t welcome to. greece is a new finance minister is getting down to work by describing his job as a real war he needs to convince angry greeks to face fresh austerity cuts to secure more bailout billions from europe but for countries like turkey who have been trying to become part of the new for years for those are slowly weakening their resolve to join up as artie's tom barton explains. if you talked about turkey in the e.u. ten years ago turkey's hopes of joining would have been inseparable from joining the euro not any more turkey's attitude in short can be summed up very simply

very glad we are not part of the euro took from the streets seem to have a wide range of opinions on the euro but their countries doorstep europe's economy is worse turkey's is improving turkey is improving in all three but europe is going backwards so we don't really you don't think people are using the. as an investment or earn money here is a more reliable and turkish money people don't want to save their money in the euro . but few invest in euros to get more than libra euros also stronger than dollars having said that i don't want to risk investing. but academics analyzing public opinion have found a common logic in decisions about the euro people polled don't care about wider economic but about their own personal finance its. economy is actually beyond me in court in fact that would make me you're a skeptic or you're a fire the public opinion analysts are keen to point out that further economic

integration into europe doesn't just mean money and that people shouldn't only think about their pocketbook economics they have to take into account the freedom of movement of labor the freedom of service you know service these are all integrated in others so it's not only exams of money or turks living. thing. one thing everyone does agree on is the mess the eurozone is in whereas turkey's economy grew nine percent last year and over ten percent in the first quarter of this year europe especially southern europe has come to the point of catastrophe because of excessive borrowing greece has so far been the worst hit it send others economic disasters have mentioned peals for bailouts this makes it difficult for national governments so you friend. personally pouring more money into the coffers of irresponsible or inefficient with increasing tension in the

economic mismanagement some for c. big problems ahead economy corporation. based on a single currency in europe. is. going to be history in the near future meaning that turkey will likely remain an independent trader for some time to come turkey's markets are famous to tourists and traders alike taking out mercantile spirit to europe but once seemed like a good idea with all the riches here not in europe you no longer seems like such a profitable move tom barton r.t. istanbul turkey. but as a euro zone's debt burden shows little sign of abating e.u. members that decided to stick to their own national currencies are breathing a sigh of relief that city of yourself your fame editor of a german newspaper site. all those european nations not be your.

the right thing. there's no way we can avoid it before it will have to be done. by the european community who together if the greeks leave. there is like you know a stronger mind major major break into the system but if you want to truly. you know. the truth like an economist i think the stress test solution because. once you know you value what you can look at once your value you can regain your composure if we use only international markets this after all is the example where actions you know. but overcoming the crisis in the usa will be discussed since and this is but as the

international economic forecast has its day president is there the spanish harvester talks with a finnish president. no way has. lots of sessions planned for this final day as well as high level five lateral meetings of the sessions to go from internet privacy to global food security for really such a wide range of issues being covered what is called an economic forum but it really is a global forum when you when you get down to it look at the real issues being discussed how the most high level meeting today will be of course the final session there the panel consists of president midday different along with his counterparts the presidents of kazakhstan and the spanish and finnish leaders and they're the focus is going to be managing fault lines and avoiding future crises of course a lot of talk these days about the euro crisis and the main challenge there is how to not let the euro fry says temper trade between the e.u. and countries like russia and kazakhstan and how they're also going to be speaking

about the difference between the way emerging markets like the brics countries in the u.s. and the eurozone how to looking out for the global market and the financial systems very different views on that and how then in the future do we deal with the global economy so that some of the questions that we'll be looking at in that section but i want to point out that in some of the other sessions which may seem loves high level others no less important discussions taking place i was at a session about sport of course russia is hosting three of the world's biggest sporting events within the next decade that of course is unprecedented a lot of challenges there so that's important there's also a session on the situation in the fall this is and how to unlock investment potential there so a lot of different issues being covered here in st petersburg on this final day. and it's no way that the place more no place is when it's in about fifteen minutes time. today a special edition of on the money people the velvet talks to people that listen to this book for about but lies ahead for business rush. at least

sixteen more people have been killed in syria protests continue and the u.s. planning a third round of sanctions against the regime of president assad for its deadly crackdown on demonstrations i don't see war activists abroad becker says the sanctions are only the first step towards a wider intervention. the e.u. if it adopts these new sanctions the third wave of sanctions there incrementally as cool lady in the u.s. and western european intervention into syria i think we're going down the road as we went in libya where one step leads to another step there climbing the escalation letter they have a very sort of selective concern for the lives of protesters and democracy movements are movements that problem solves them are. only in a crackdown on peaceful protesters i think what's really happening is that syria

syria has been targeted by the united states and also in principally by. france and the u.k. for regime change and i think they see this growing protest movement only possible slippage of the country in the direction of civil war as an opportunity to overthrow what has been considered to be independent government in syria at the least expert and blogger told r.t. that america's policies in the region have shown its parity to the geopolitical interests rather than the interests of the public. all the exporting democracy and all that sort of preaching rest of the world i find is highly inconsistent and is hypocritical and in the case of syria i think the u.s. is caught between wanting to be put at same time mortified. by what the alternative would be in syria which in my view is completely unjustified it's not necessarily

going to turn into a fundamentalist islamic state or anything like that what we are seeing there are really for freedom and democracy and. while could have. played a more consistent role in foreign policy hasn't done. also any sort of intervention there were doing now which is based purely on this desire for stability is bound to be counterproductive. but amid fears of a looming u.s. military intervention in syria has been asking people in the streets of whom they think that america is going. you know there was an arab spring maybe america will have its own spring. smelled like rain from the residence is coming your way to the south also ahead. this russian orthodox church has wandered far from at the moment . coming up on our journey we explore the world the southern russian orthodox your

. child is a double digit growth rate during the financial crisis has been the envy of the world and yet many chinese are still not making the rewards of economic think that billions of graduates entering the workforce each year they are becoming part of the nominate called tribes in the morton expects. to spite the global slowdown china's economy is booming and cities are expanding at a seemingly unstoppable pace as people look to leave the pool rule backgrounds behind in search of the chinese economic miracle and one of the largest groups of people currently moving into china cities are university graduates like those from this campus in downtown beijing however many are writing to find their degrees all virtually worthless in the streets of pay. with anything but goals these graduates often end up living in the most basic and squalid of conditions and forced to do

menial jobs sociologists have dubbed them the ant tribes and there are thought to be more than one hundred thousand living in beijing alone in june chin is one such and he shares a twenty square meter room with five other graduates in a former workers dormitory in the north of beijing washing and toilet facilities are shared and there is nowhere for them to cook but it's not just the answer it's a suffering. my parents and sister went through a lot of hardship to save them money and it put me through university i studied hard and in part time jobs to support myself and i thought all i can find is unskilled part time work so i really feel like i'm letting them dying part of the problem is that there are simply too many university graduates now entering the system in one thousand nine hundred eighty two when the government began to seriously look at expanding higher education chinese universities that were producing eight hundred thirty thousand graduates a year and two thousand and ten that number was six million and it's still growing

well for the on the one hand chinese universities are already in a weak state we need in weaker with an over rapid expansion so the education received by many of today's graduates has been very poor on the other we have a whole generation who are used to having everything done for them you cannot do anything for themselves he's going to give people like this work. with reports of rioting taking place in some areas the government is now looking to take action measures being discussed include limiting residence permits to skilled professionals and introducing electronic id cards for outsiders without a stable job however with the number of graduates entering the workforce set to continue rising there seems little hope in sight for china's own tribes and i'm also an r.t. beijing well as i'm on that story and all the news we're covering always available at r.t. i also find blogs opinion and i'm usually video clips like this one an unforgettable

way to celebrate investing graduation a tip from russian students and see it is soft when you put your textbooks inside and they seem to recommend you try. disneyland for adults the world's largest museum of art so good it's dollars in moscow it's open twenty four seventh's details of. u.s. involvement in nato campaign in there has just one day left for a ninety day limit on military action without congress approval runs out. president obama complies with the constitution so artie's roving reporter the resident hit the streets of new york to find out what people there think of the growing u.s. military presence around the world.

number one in the world that we. can still do it even the. best. we can still do it why is that so important to remember why has to be it has to be one of. the americans as being. the world police you know. yes you don't think there's any algerian motive. not at all no oil interests no economic interests no no i don't know what do we want to accomplish that. just. a waste of money and the lives of young people do you think there's maybe another reason for doing it of course the reason only. i don't think it's logical out of the it makes any sense but i think there's a big disconnect between what people in government are thinking and what we want and what we're letting them know that we want. to be our priorities aren't the same so you have all these countries in the middle east where the people are standing up

against their government why aren't people in the u.s. standing up against their government thank you hey bring our troops up i'd like to think that one day that will happen you know there was an arab spring maybe america will have its own spring no matter how you feel about the imperialism of the united states the bottom line you let's face it it's not going to stop anytime there. was an international headlines for you down. south korean soldiers have fired at a passenger jet off the mistaking it for a north korean military plane and supported a shotting. playing more than one hundred passengers on board the aircraft was undamaged though it's the latest incident highlighting i'm doing tension on the border between the two koreas. the terms to decontaminate water at japan's fukushima nuclear plant have been faulted after radiation levels sort of safety

limits for the water inside the quake and tsunami ravaged facility could spread further radiation into the surrounding environment meanwhile an international atomic agency reports has criticised japan for failing to implement essential safety principles in the wake of the disaster. libya's prime minister says his government has held talks with the rebels something they know also accuse nato of skin. violence in the country i mean fresh air raids five explosions in tripoli thousands of colonel gadhafi supporters have stayed there for one year. and again. we continue our journey to the coldest continent on earth antartica. dealing with a fierce climate then the time for religion but i. discovered that isn't the case because it's the planet's most of us an orthodox church. perched atop

a picturesque or rocky hill overlooking the sea so it's a typical any time the russian orthodox church though this scene looks like it could be taken right out of a siberian picture book think again. at the world this is important so far this is the only antarctic station that has a russian orthodox church. the trinity church is the southernmost russian orthodox church on the planet and getting it was not an easy operation there. in two thousand and two they built the temple from the cedar tree and the church was built and it sat there for a while until the end of two thousand and three they numbered all the parks every beam was disassembled and they transported it to kaliningrad from there it was shipped all the way here to antarctica since feb fifteenth two thousand and four the church has been officially up and running with the orthodox church providing a staff of two specially trained monks each year but given the extreme climate in which they operate let's face it stream challenges as well. because the conditions

in antarctica are unusual with strong winds we need to hold back the power of the wind with such strong tight walls and special chang's sometimes the rain here comes out as horizontally with the wind so that water is not just coming through the cracks but also we can climb up which to leak inside of you and our trinity church has become a sort of antarctica landmark even becoming somewhat of a tourist destination for v.i.p.'s and diplomats. no matter who visits this church they always say it's beautiful it's a remarkable church made out of good in a russian architectural tradition. more than just a popular tourist destination the building at belize thousands station on king george island is a gem of the russian orthodox church and it's a fully functioning facility even performing where matrimonial honors for those. i came here for a long stay sixteen months and i had no idea that there was a church and russia i was not

a frequent visitor to church but here somehow i started to be before i left russia i promise atlanta that i'll bring her here i was not sure how but i promised that i would whilst i was still in russia i got the idea why not have our wedding in the stretch. one of only two couples to have been married here at trinity making very marriage a part of antarctic history. it's a very good feeling but in reality you don't think that you belong to some exclusive circle because for me at least the most important thing is the marriage itself and the occasion is secondary but i like the streets very much it is very comfortable and you feel very special here the russian tradition in one's article goes back to the very discovery of the continent and according to the russian orthodoxy it is only fitting that there is an official testament to that history. of this church just by its presence speaks volumes for every person not just russian but even for foreigners the presence of a church means

a godly presence and i'm talking about. a presence that they hope will last for generations to come in antarctica sean thomas. more from the center i just work international economic forum with the transit. hello i am mad très a live at the st petersburg international economic forum with you our t.v. business update and the main theme that we're talking about now is the creation of moscow as an international financial hub something that is a stated goal of president medvedev and something even hopes to come to fruition in the relatively near future and he's laid out a vision during his speech to the conference with a forum about how he hopes to accomplish this now europe's biggest city moscow is set to grow even more the president has laid out

a plan to expand the boundaries of the city and move much of the city's not of the structure but moved much of the city's apparatus of government other and other buildings toward the outskirts in order to make way for more financial development in the center of the city due to move jobs away from the congested cities center where the traffic can be somebody who lives in moscow the traffic can be a little bit difficult at times something they want to ease up in order to get things more moving quickly and hope that business will follow as the traffic gets moving even more russian authorities have long hoped to make with the russian capital a major financial hub but it has been overloaded. the infrastructure in order to accomplish that but apart from infrastructure the city does have some other problems to deal with according to the city's deputy mayor. it's quite complicated. which could be implemented

only by men you've been disciplined spender a little reduce most go authorities and the professional community to almost each most cd a program is devoted to the sparkly. idea so for international financial center in the city transportation must get dollars to education medical aid and any any on that aspect. now the key challenge to doing all of this is to attract foreign investment to the russian capital the head of in for investment management a troika delegate dialogue has suggested creating two working groups in order to address this now to talk more about all of this i'm joined by jack are not a fund raiser at elbrus capital management thank you very much for joining us here on business r.t. or now tell us more about what you think the russian capital has the potential for in terms of becoming this kind of international financial well looking back twenty years since we first started to be invested in russia there's been

a tremendous progress no doubt and russia is russia mostly in particular again becoming a gravitational center so there is a political economical good day for the city and therefore there is no reason why it should be also financially set for political reasons. but it's there is a lot of work to be dark and i would like to immediately points to. one weakness of the russian front axle system which has to be addressed and it's very unique looking. from a global perspective know how the major economy in the world has such a tremendous lack of domestic capital for the for the financial market being that equities fold bonds and it got sense russia's very unique we virtually no presence annoyed system so for our pension and mutual funds which would provide the mystique of pople supports the equity market and to provide liquidity for that and i think that's a very specific domestic problem the authorities have to press you know the provide

background for successfully creating a financial center and it's it's extremely important i cannot always full size it because looking back since ninety eight and two thousand and eight the crisis russia always stands with tremendous will it's only two which scares away of us this and makes it very difficult to sell russia as an investment case purely because of the go into it to you and so. i believe the major reason for the forward to it is doubtful lack of domestic dedicated so if we look around being brazil india china turkey i'm just talking about emerging markets right all of them now have rapidly developing pension systems which is dedicated capital for for the local markets they provide support for the good asians and that's why none of these markets really have experienced anywhere close to the volatility that russia experienced during two thousand and eight and i believe that will be a major step forward. to

a deep pool of money which russia has in any way but it's not organized will really provide in the troggs. interest from not only from investors but also from companies to regional companies which would like to access the volatility and in that sense would span and diversify the russian market what do you think the government can do in order to help foster this well they need to put the legal framework in place and basically really show a commitment towards building the pension system in the country no major economy can exist without structured patients system and insurance system and got science and and that is something that russia lacks completely so putting in place the framework for the for the pension funds and the mutual funds is something very important the legal framework and i'm actually. not able to explain why they haven't done it so far i'm not sure whether that's a politically. very risky venture but they really need to address all right thanks very much your second jack are not help us cap the well and we do have some

important deals to tell you about there have been some very successful progress in that regard here in the st petersburg forum and there have already been a deals on two billion dollars for the forum is not finished yet so stay with us here on our team we'll bring you all that and more as our coverage continues of the st petersburg international economic forum.

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