and. wealthy british scientists are told so that's not on the time. card. for their. markets why not scandals. find out what's really happening to the global economy in the kinds of reports on.

fast fast. fast. debt crisis and a fresh round of bailouts in europe casts a shadow over the future of the euro forcing a rethinking nations who had been desperate to join up. the final day of the international economic forum here in st petersburg is well underway joining me at least an hour away from war to tell. you plans of tougher sanctions against syria has some experts warning it could pave the way for a libya style intervention. and a bleak future for chinese a college graduates as an increasing of the city leavers forces millions without jobs and to life with and tribes.

international news and comment twenty four hours a day you're watching r t welcome to the program. greece's 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 e.u. for years the financial woes 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 anymore turkey's attitude in short can be summed up very simply very glad you're not part of the euro right now 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 need. to fish people are using the. there is an investment to earn money here is a more reliable and turkish money people don't want to save their money in the euro . few invest in euros you get more than leave 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 economics but about their own personal finances so much economy is actually beyond the important factors that make euro skeptic or euro file the public opinion analysts a 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 any other so it's not only you know exchange of money or turks living. thing you're all 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 send others economic disasters have meant appeals for bailouts this makes it difficult for national governments to defend. personally pouring more money into the coffers of irresponsible or inefficient members within creasing tension in the you are economic mismanagement some for c. big problems ahead because army corp. based on

a single currency in europe. is. going to be history in the near future meaning that turkey will likely remain independent trader for some time to come turkey's markets are famous to tourists and traders alike taking that mercantile spirit to europe what once seemed like a good idea but with all the riches here not in europe you no longer seems like such a profitable move on 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's a view of yourself your faith editor of german newspaper did cite. those european nations not the you're. the right thing. there's no way we can avoid

a default it will have to be done. by the european community everybody together if the greeks leave. that is like you know a lot stronger mind. read your way into this is. but if you want to be truly economic you know. think like an economist i think is trust the best solution because. once you know you devalue and once you can once your value you can regain your competitiveness on the international market does that after all it was the example of argentina which broke out of the monetary. the u.s. dollar. but overcoming the crisis in the usa will be discussed in st petersburg as the international economic forum enters its last day president dmitri medvedev is there as the spanish prime minister talks to the finnish president later he said

no way has. lots of sessions planned for this final day as well as high level by lateral meetings. the sessions go from internet privacy to global food security from really such a wide range of issues being covered to 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 need to do along with his counterparts the presidents of kazakhstan and the spanish and finnish leaders and they are 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 prices hamper 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 and

then the u.s. and the eurozone how those looking at 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's some of the questions that we'll be looking at in that session but i want to point out that in some of the other sessions which may seem less high level there's no less important discussions taking place i was that 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 season how to investment potential there so a lot of different issues being covered here in st petersburg on this final day and they said no way that. this is when it's in about fifteen minutes time and they. today a special edition of r.t.s. on the money people the velvet talks to people that the st petersburg forum about what lies ahead for business in russia. at least sixteen more

people have been killed in syria as mass protests continue the e.u. is planning a third round of sanctions against the regime of president assad for its deadly crackdown on demonstrations but antiwar activist abroad becker says the sanctions are only the first step towards a wider intervention. if it adopts these new sanctions the third wave of sanctions there incrementally ask a lady in the u.s. and western european intervention into syria i think that we're going down the road as we when libya where one step leads to another step there climbing the escalation ladder they have a very sort of selective concern for the lives of protesters and democracy movements or movements that call themselves democracy movements you take bahrain there are only in the 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 in the 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. middle east expert and blogger told r.t. that america's policies in the region have shown its parity to be jew political interests rather than the interests of the public. all the talk of 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 in particular i think the u.s. is caught between wanting to be active but 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 it could have been

if you like played a more consistent role in foreign policy hasn't done. also any sort of intervention there were doing 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 to me is going off people in the streets if they think about america. you know there was an arab spring maybe that america will have its own spring. you can see a wide range in the residence is coming your way later this hour also ahead. this russian orthodox church has wandered far from at the moment. and coming up on r.t. we explore the world the southern most russian orthodox. china is a double digit growth rate during the financial crisis has been the envy of the

world and yet many chinese are still not reaping the rewards of the economic boom that includes the millions of graduates entering the workforce each year they are becoming part of the moment and called and tribes in the morton expects. despite 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 of virtually worthless streets a page. 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 ants that are suffering. my parents and sister went through a lot of hardship to save the money that put me through university i studied hard and did 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 in two thousand and ten that number was six million and it's still growing at that for on the one hand chinese universities were already in

a weak state we need them 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 who'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 and tribes and remorse and r.t. beijing well there's a more on that story and all the news we're covering it always available at r.t. dot com also find blogs opinion and i'm usually video clips like it's fun and unforgettable way to celebrate investing graduation

a tip from russian students the seat is soft when you put your textbooks inside the base and what he recommends and try. disneyland for adults the world's largest museum of the not so good its doors in moscow it's open twenty four seven the details of. u.s. involvement in nato campaign in libya has just one day left before a ninety day limit on military action without congress approval runs out lawmakers are demanding president obama complies with the constitution so our roving reporter the resident hit the streets of new york to find out what people think of the growing u.s. military presence around the world. number one in the world. the world. best.

why is that so important to be number one has to be has to be one no one better think about. the americans as being. world police you know you think about us. you don't think there's any algerian motive. none at all no oil interest no economic interest no i don't know what do we want to accomplish that. just the safety of the waste of money and the lives of young people do you think this is maybe another reason that we're doing it one reason only. i don't think it's logical i don't think it makes any sense but i think there's a big disconnect between what people in government are thinking and what they think we want and what we're letting them know that we want. to be our priority just aren't the same so you have all these countries in the middle east where the people are standing up against their government why are people in the u.s. standing up against their government thank you hey bring our troops home i'd like

to think that one day that will happen you know there was an arab spring maybe the america will have its own spring no matter how you feel about the imperialism of the united states the bottom line is let's face it it's not going to stop anytime there. are some other international headlines for you know. south korean soldiers have fired at a passenger jet after mistaking it for a north korean military plane supported a shorter. plane which more than a hundred passengers on board the aircraft was undone edged though it's the latest incident highlighting the ongoing tension on the border between the two koreas. attempts to decontaminate water at japan's fukushima nuclear plant have been halted after radiation levels sort of safety them it's it's fear the water inside the quake and tsunami damaged 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 this government has held talks with the rebels something they did not like those who accuse nato of asking. violence in the country i mean fresh air raids five explosions in tripoli thousands of colonel gadhafi supporters have staged the rally in the capital to be one of the biggest since the winter began. we continue our journey to the coldest continent on earth antarctica. dealing with a fierce climate that leaves little time for religion but artie's thomas discovered that isn't the case during a visit to the planet's southernmost a russian orthodox church. perched atop a picture ask a rocky hill overlooking the sea so it's a typical empty tiny russian orthodox church so this scene looks like it could be

taken right out of a siberian picture book think again. at the words 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 it is. 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 parts 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 they face extreme 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 the water is not just coming through the cracks but also it can climb on foot to leak inside of you now 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 boudin a russian architectural tradition. more than just a popular tourist destination the building at billings house and station on king george island is a gem of the russian orthodox church and it's a fully functioning facility even performing rare matrimonial honors for those. i came here for a long stay sixteen months and i had no idea that there was a church in 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 atlanta was still in russia i got the idea why not have our wedding in this church. 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 this church very much it is very comfortable and you feel very special here the russian tradition in 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 and means a godly presence in antarctica. a presence that they hope will last for generations

to come in antarctica sean thomas. moore from the center petersburg international economic forum with the transit. hello i am mad très a live in the same petersburg international economic forum with you r t 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 he hopes to come to fruition in the relatively near future and he's laid out a vision during his speech to the conference to the 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 into structure but move much of the city's apparatus of government and 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 city 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. we. could be implemented only by many but disciplined said a real authority is most go authorities and professional communities almost each.

cd a program is devoted to the police partly through ideas so for international financial center in the city transportation must be dollars to education medical aid they need 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 dollars dialogue has suggested creating two working groups in order to address this now to talk more about all this i'm joined by jack aren't off a fun director at elbrus capital management thank you very much for joining us here on business r.t. will now tell us more about what you think of 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 invest 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 gravitational center and therefore there is no reason why each and bills of financial said the political region. but there is a lot of work to be done and i would like to immediately points to. one weakness of the russian front national system which has to be addressed and it's very unique looking. from a global perspective no other major economy in the world has such a tremendous lack of domestic capital for the financial market being got equities all bonds and in that sense russia is very unique we've virtually no presence annoyed systems of pension and mutual funds which would provide the most to capital to support the equity market and to provide liquidity for the and i think that's a very specific domestic problem that go forward just have to address you know to provide background for success but it 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 to a deal which scares away of us this and makes it very difficult to sell russia as an investment case purely because of the volatility and. i believe the major reason for the volatility is doubtful lack of domestic dedicated capital if you 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 got asians and that's why none of these markets really have experienced any way close to the volatility that russia experienced during two thousand and eight and i believe that will be a major step forward. develop beauty of deep pool of money which russia has in any way but it's not organized will really provide in the truck. interest from not only

from investors but also from companies to regional companies which would like to access the volatility and in doubt so this will expand 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 patient system and insurance system and in dot sense and and that is something that russia lacks completely so putting in place the framework for the for the pension funds in 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 politically. very risky venture but they really need to address all right thanks very much for your segment jack are not in every scrap of fuel and we do have some important deals to tell you about there have been some very successful progress in that regard here at 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. yes.

liz. let's just say. to.

us. we'll. bring you the latest in science and technology from. the future. is easy to.

eat. you're watching r t a time for a look at the main international headlines now greece is the new foreign minister takes office with a hard task of convincing people to accept further austerity cuts as a second wave of bailouts casts a shadow of the future of the eurozone nations like turkey only desperate to join up and now having a rethink. president beard of criticizes the state's role in the russian economy and slums corruption threaten the country's development speaking at the international economic forum in st petersburg reinstated his commitment to

modernization and pledged to drastic measures to create a better investment climate. from the e.u. plans a third set of tougher sanctions against syria as a crackdown on protesters continues reportedly.