to secure more bailout billions from you are but poor countries like therapy have been trying to become part of the interview for years a financial woes are slowly weaker join up as it is tom barton reports. if he 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're not part of the year right now took on the streets seem to have a wide range of opinions on the euro but the country's doorstep europe's economy is worse now turkey says improving turkey is improving in all fields but europe is going backwards say we don't need them to the turkish people are using the euro as 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 lira 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 factor that will 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 women of service these are all integrated any other so it's not only you know exchange of money or turks living turkish mirena the. 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 sound others economic disasters have meant appeals for bailouts this makes it difficult for national governments to defend. me pouring more money into the coffers of irresponsible or inefficient members within creasing tension in the economic mismanagement some forsee 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 an independent trader for some time to come turkey's markets are famous to tourists and traders alike taking that mercantile spirit to europe one seemed like a good idea but with all the riches here and not in europe you no longer seems like

such a profitable move tom barton r.t. istanbul turkey. as the euro zone's debt burden shows a little sign of abating humana burrs that decided to stick to their own national currencies are breathing a sigh of relief that's the view of. editor of german newspaper decide. those european nations that are not the europe will no be much stronger much more of. the right thing whether they're trying to your there's no way we can avoid a default it will have to be done. with it and by the european community everybody together if the greeks leave. that is like you know it's drawing a minor. league of weight into the system but if you want to be totally cool the economic you know. the things like an economist i think us

trust the best solution because. once you know you devalue and once you can underwrite once your value you can retain your competitiveness on the international market does that after all it was the example of argentina which broke out of the monetary union with the us dollar and the beauty of the us that could. overcoming the crisis in the euro zone will be discussed in st petersburg as the international canonic form and it's the last day president mitterrand better was there and has matched the spanish prime minister and will hold talks with the finnish president later and he sonali has more. lots of sessions planned for this final day as well as high level bilateral 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 the most high level meeting today will be of course the final session there the panel consists of president medvedev 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 have of looking at the global market and the financial systems very different views on that and how that in the future do we deal with the global economy so that 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 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 season how to a lock investment potential there so a lot of different issues being covered here in st petersburg on this final day. and he's in our reporting there and there'll be plenty more on on this in our business bulletin of course about twenty about fifty minutes time rather later today though a special edition of our tease on the money were peter lavelle talks to people at the scene but is reform 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 over its deadly crackdown and demonstrations but anti-war activists prime backer says the sanctions are only the first step towards a wider intervention the if it adopts these new sanctions the third wave of

sanctions there incrementally escalating 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 letter 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 they're they're they're condoning 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 principle ie by by france and the u.k. for regime change and i think they see this growing protest movement and the possible slippage of the country in the direction of civil war as an opportunity to overthrow what has been considered to be an independent government in syria middle east expert and blogger karl sharrow told r.t. that america's policies in the region have shown its priority to be geopolitical

interests rather than the interests of the public. exporting democracy and all that sort of reaching the rest of the world i find is highly inconsistent and it's hypocritical and in the case of syria in particular i think the u.s. is caught between wanting to be the same time mortified by what the alternative would be and syria which in my view is completely unjustified it's not necessarily going to turn into a fundamentalist islamic states or anything like what we are seeing there. for freedom and democracy. was. if you like more consistent role in foreign policy has. also and you sort of intervention there with. which is based purely on this desire for stability is to be counterproductive. amid fears of a looming u.s.

military intervention in syria has been asking people on the streets of new york what they think about america's ongoing wars. there was an arab spring maybe america will have its own spring the a wide range of opinions in the residence which is coming your way later this hour also we have. this russian orthodox church. coming up on r.t. we explore the world. about. china's double digit growth rate during the financial crisis have been the end of the world yet many chinese are still not reaping the rewards of the economic boom that includes the millions of graduates entering the workforce each year and they are becoming part of a phenomenon called and try as henry morton explains. despite the global slowdown china's economy is booming and cities are expanding at

a seemingly unstoppable pace as people. to leave their poor rural 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 arriving to find their degrees of furtively worthless and the streets are paved with anything but gold 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 chine is one such ant 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 or forcing 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 you know though all i can find is unskilled part time work so i really feel like i'm letting them in dying are. 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 but number was six million and it's still growing. at that on the one hand chinese universities are 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 going for them you cannot do think 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 cards for outsiders without a stable job however with the number of graduates entering the workforce set to continue rising there seems little hope insights for china's tribes. beijing well there's more on that story and all the news we're covering always available at r.t. dot com you also find a lot of the peace and unusual video played like this one. and forgettable way to celebrate a university graduation from russian students there when you put your textbooks inside the base party recommends you don't try this at home. and disneyland for adults the world's largest museum of erotic art has opened its doors in moscow and it's open twenty four seven all the details.

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 parties roving reporter the president hit the streets of new york to find out what people there think of a growing u.s. military presence around the world. we're number one in the world or we can us a house to show the world we can still do it even though the economy is not the best we can we can still do it why is that so important to be number one has to be the house would be one number one better be as we think about. the americans as being some kind of the world police you know you think about us dick yes you don't think there's any altieri motive no none at all no oil interests no

economic interests no no i don't know what do we want to accomplish them. just the safety of the people to which the money and the lives of the young people you know who do you think this is maybe another reason that we're doing it of course and one reason only or whatever the reason 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 once. had maybe our priorities 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 aren't people in the u.s. standing up against their government saying hey bring our troops home i'd like to think that one day that will happen you know there was an arab spring maybe that 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 soon.

well now let's take a look at some of the stories from around the world in south korea and silverfish fired the passenger jet after mistaking it for a north korean military plane it's reported they shot at an asiana airlines plane which have more than one hundred passengers on board the aircraft was undamaged though it's the latest incident highlighting the ongoing tension on the border between the two koreas. tam. to decontaminate water at japan's fukushima nuclear plants have been halted after radiation levels or the safety limits its fear of the water inside the earthquake and tsunami damaged facility could spread further radiation to the surrounding environment meanwhile international atomic agency report has criticised japan for failing to implement essential safety principles in the wake of the disaster. the u.s. and afghanistan have been holding peace talks with the taliban according to the afghan president america hasn't officially confirmed. if true it would mark the

first open peace overtures since nato forced out the taliban ten years ago. now we continue our journey to the coldest continent on earth antarctica magine the dealing with a fierce climate there is little time for religion but are to shun thomas discovered that isn't the case during a visit to the planet southernmost russian orthodox church. perched atop a picturesque a rocky hill overlooking the sea so it's a typical into tiny russian orthodox church so 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. in fact the trinity church is the southernmost russian orthodox church on the planet and getting it was not an easy operation. in two thousand and two they built the temple from the cedar tree and the church was

built and it's out 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 blowing so that the water is not just coming through the cracks but also it can climb up which to leak inside. 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 station on king george island is a 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 get married here 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 antarctica 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. so this church just by its presence speaks volumes for every person not just russian. but even so foreign as the presence of a church and means a ghostly presence and on top to come. a presence that they hope will last for generations to come in and start because sean thomas. well i'm back with headlines in about ten minutes time but before that though we'll cross to the same bed as burke will update us on what's happening at the economic forum.

that's right it is the third and final day of the st petersburg international economic forum and the main topic of discussion on the table today has been the announcement from president medvedev at the conference that he wants to expand the borders of moscow in order to move infrastructure out there and free up space in the center of the city for business is in order to establish russia's capital and europe's largest city as a major financial hub the idea is to move jobs away from the congested area in order to the center of the city in order to ease traffic which is notorious in downtown moscow and ease the problems associated with large employers there however to help with this this will also help with infrastructure in the city but there are other challenges that the city is facing according to one gentleman we spoke with from melbourne it's a elbrus capital management. i would like to immediately points to. one

weakness of the russian front actual system which has to be addressed and it's very unique looking. from a global perspective no other major economy in the world house such a tremendous lack of domestic capital for the. financial market being got equities hold bonds and in that sense russia is very unique we've virtually no presence on noisiest in the sofa and mutual farms which would provide the most a couple 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 in order to provide the background for success with creating a financial center and it's it's extremely important i cannot. wait for size it because looking back since ninety eight and two thousand and eight the crisis russia always stands with tremendous void to it too which scares away of us this and makes it very difficult to sell russia as an investment case purely because of the voyage to it to you and i believe the major reason for the volatility he's got

a lack of domestic dedicated capital. and for more on this i'm joined by. apologised to stan's yes from the t.v. capital i appreciate you joining us here on business r.t. thank you very much thank you now aside from a lack of domestic capital what other challenges it is russia facing in order to make moscow a major financial. i don't think actually the issues domestic up do i think you have plenty of domestic apco in in the russia so that's not the sure i believe one of the main challenges. what we've heard actually here in the forum as well is the lack of his infrastructure the legal system. in the russia i think in a sense what needs to be done these to make sure that there is a nice. big reason is for businesses to do business in moscow one thing was the government souls this i think school will become much of

a financial center and merger of russia's two main stock exchanges underway how do you think that's going to be received by business leaders and investors definitely falls to fly thing this is going to make the market transparent it will bring the quiddity as well so i definitely believe it's going to be a match with the support from my investor since international financial lives can be done to make russian financial markets and russian capital markets less volatile and dependent on external catch. i think what needs to be done these for the government to fall that will. wait. for a multi-nation strong recovery to make sure that's true because on the east on a strong. paths that inflation is get. under control we did and within. the targets of the central bank and once you have put a strong economy and inflation under control i think that capital markets will take

up balls to back away into a tailwind out of the. and make sure and to deal with as well that that also. improving and strengthening the bendigo system i think there's that as well and this will close to the fit what you think are the key challenges for the russian financial institutions that are operating abroad. that's that's some of that's that's what we have been faced that should be with as we to be as well as you know we are. the strongest. russian. champion investment bank so to say we have very strong international growth and patients to grow to grow our presence in europe to grow our presence in asia as well and. we're facing all of the challenges that the other big investment banks of face seen. when operating across from the home markets all right well

thank you very much for your perspective on this time here. at this. hour we have some other information to tell you about before we wrap up business here on r.t. the form is not quite finished yet but so far there have been two billion dollars committed to paper in the course of this forum so there's a lot of business going on here a lot more to come on day three here at the forum among the deals philips has signed a memorandum of agreement with a russian atomic agency for establishing an eco system for nuclear medical technology so that's an important development here's what ronald is your own senior vice president of philips had to say about the collaboration and what they hope will be the result. of these partnerships we will not only work together in many fracturing and developing that equipment but it is the first time also in history that's a manufacturer will transfer intellectual property of knowledge and a license. to a foreign company or in this case that scan ash. and there's another deal

that we need to tell you about russia and spain. have signed god deals more about eight hundred million euro and among them the countries will jointly build new trains to develop oil and gas into russia russia and spain aiming to boost trade to about ten billion dollars a year so lots of big business going on in russia's northern capital stay with us throughout the day here on our t.v. as we bring you the latest from the st petersburg international economic forum day three.

just. wealthy british study it's not on the front. of the. market why not. find out what's really happening to the global economy cars report on our. welcome back here with our team here's a look at the top stories greece's new finance minister takes office with

a hard task of convincing people to accept further cuts as a second wave of bailouts cast a shadow over the future of the eurozone nations like turkey earlier desperate to join are now having everything. president to be out of criticizes the state's role in the russian economy and slams gore option for threatening the country's development speaking at the international atomic forum in st petersburg hearing state of his commitment to modernization and pledged rest of measures to create a better investment climate. plans a third set of tougher sanctions against syria as the crackdown on protesters continues report of the claiming at least sixteen lives on friday but some experts warn the sanctions could be paving the way for a levy a style intervention. one next hour interviews show spotlight talks to the project leader of the south stream gas pipeline. about what the new route could mean for supply.