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 street seem to have a wide range of opinions on the euro but their country's doorstep with europe's economy is worse now turkey says improving turkey is improving in all fields but europe is going backwards so we don't need them. to fish 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 the 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.

important factors that make euro skeptic or euro file public opinion analysts 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. here 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 it sound 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 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 seems like a good idea but with all the riches here not in europe you no longer seems like such a profitable move tom barton r.t. istanbul turkey. while the e.u. struggles to pull its members out of a destructive default spiral the countries which stuck to their own currencies are

breathing a sigh of relief and that's a view from germany which has always been the chief proponent of the euro. those european nations that are not in the europe will no be much stronger much more convinced that they're the right thing when it didn't join your there's no way we can avoid a default it will have to be done or leave it is within and by the european community everybody together if the greeks leave. that is like you know a lot stronger mind. we just wait 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're out you can. devalue and once you can do that once your value you can retain your competitiveness on the international market does that after all as the example of

argentina which broke out of the monetary union with the u.s. dollar and the beauty of the us that could. and in just a few minutes the highly qualified people destined for a low quality life china's boom produces more university graduates than it can cope with turning out thousands of virtually worthless degrees every year also. this russian orthodox church child wandered far from its home on showing promise and hard to go and coming up on our feet we explored the world of the southern most russian orthodox church. while in st petersburg leading business and political figures have been thrashing out how best to avoid another fatal economic meltdown the last session of economic forum has taken place in a city which has also been getting major firms to take another look at investing in russia and he said now is there for us close to any so will the forum has rounded off now so what has been discussed in terms of global recovery there. of course the

main topic of a session on global financing with european officials there is going to be euro crisis a lot has to be aside from the two officials finland's president spain's prime minister both stated that it's not a euro crisis that the separate countries in the euro zone are having crises and they kind of outlined that it would be proper about the euro crisis for the currency being weak because really as they see it the currency is very strong back could of course be debated from the president of kazakhstan and president medvedev we've heard a little less optimistic things about the euro saying that it could be expected that when so many different states get together and share one currency that eventually they're going to run into problems overall it has to be the session went pretty optimistically president medvedev pointing out that the economy is a lot like the weather here in st petersburg one day but on the first day of the form you have beautiful sunshine on the next day you have rain and that's how

really experts and these officials are looking at the economy and optimistic that adventure. they will somehow get out of that the main challenge though that europe the european union i should say and russia and countries like kazakhstan are facing is not to allow the euro crisis to affect their trade and that's really what was the focus at this final session it has to be said as well though that the final question actually from the moderator wasn't in fact about money it was the question that was really on everyone's mind and would it come up before the end of the forum and that of course is whether or not president made a difference going to run the election he said that this was not the place again to announce something like that and that of course every story needs some kind of intrigue and he asked his counterparts and of course the business figures that came to hold on to that intrigue just a little bit what's. funny is that just as in the previous years this forum has attracted a lot of movers and shakers from around the world so how do russian and the

visiting business leaders think it's gone this year. so secret that president may platform as president and if you runs for reelection will certainly be modern station that's what he opened this forum with and this is the best place to really work in detail on projects like school which of course the plan to build somewhat like silicone valley institute just outside moscow it's well underway in terms of development a lot of c.e.o.'s and figures here for the three day summit in st petersburg from silicon valley we had eric schmidt from google and they're actually meeting with all of the officials from the scope of my work you signed by side with them to make sure that this project moves and develops the simply as possible so it's a great venue for the movers and shakers as we call them to really get together with these officials and in a very informal matter proves that the way they think that it should be done. for

any states for much of the for bringing us the latest from the canonic forum and saying pittsburgh. and more from st petersburg in our business bowl then of course in about fifteen minutes time then later this hour a special edition of our tease on the money where appear lavelle talks to people at form about what lies ahead for business and russia. the latest show of defiance against syria's president assad has seen at least another sixteen people killed as thousands of people protested in major cities urging him to go the e.u. is lining up a third round of sanctions against syria as a comic and imposing them on companies meanwhile the united states has discussed what action in the region with russia has condemned the violence calling on both sides to engage in talks and says it will not support any u.n.

resolution that may result in intervention but anti-war activist brian becker says that sanctions are only the first step towards a wider action. the 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 they're 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 watchers have been telling r.t. that countries like the u.s. may talk of public protection concerns but actually has its eyes on a different prize. all the talk of exporting democracy and all that sort of preaching to 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 put at 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 are really for freedom and democracy and. why it could have been if you like played a more consistent role in foreign policy has. but is also

a new sort of intervention there with. which is based purely on this desire for stability is to be counterproductive. still to come as barack obama gets sued for going into libya without asking congress we asked people in new york whether the words were. a waste of money to live with the young people do you think there's maybe another reason that we're doing it one reason only. this another takes on america's military motivations that's gathered by the residents in a few minutes. countries may have and recently watched china surging growth but it has proven to be flawed and at least one area the rapid expansion of universities means cities are now awash with former students on the employment scrap heap o. are forced into menial jobs and we morton reports on the rise of china's graduates

ghettos. despite the global slowdown china's economy is booming and its cities are expanding at a seemingly unstoppable pace as people look 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's cities are university graduates like those from this campus in downtown beijing however many are arriving to find their degrees of furch leave 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 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 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 made 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 anything for themselves he's going to give people like this work. with reports of rioting taking place in some tribal areas the government is now looking to take action measures being discussed include limiting residents 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. and if you miss something on air you can always watch it at your leisure at r.t. dot com we've got loads lined up for you online what to do with those university no it's once you've finished college here's how russian students liberate their own library by making a trailer of textbooks and writing out of pamphlets. and

an exhibition for the uninhibited the world's largest museum of erotic art opens its doors in moscow and it's open twenty four seventh's all the details grown ups only please at our team dot com. american lawmakers are suing barack obama for violating the constitution by going too far in libya they say use breached the time limit for mobilizing the military abroad without asking permission from congress argues roving reporter the residents took to new york's sidewalks to hear what people there think of sending more troops into more countries problems. we're number one in the world that we can us the house sure the world we can still

do it even though you're going to be some of the best we can we can still do it why is that so important to be number one has to be the us would be one number one better be as we think about. the americans as being some kind of. world police you know you think about us dick yes you don't think there's any altieri a motive no none at all no oil interests no economic interest no no no no what do we want to accomplish then. just the safety of the people to which the money and the lives of the young people did you think there's maybe another reason that we're doing it of course and one reason only oh. 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 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 that it's not going to stop anytime soon. well let's bring you up to date on some other top stories this hour. the united states has been negotiating peace conditions with the taliban according to ghana stands president hamid karzai added that the talks were going well though american officials have not confirmed they are taking place the taliban ruled afghanistan for five years until two thousand and one when they were ousted by nato forces taliban militants. scale taps and called police and suicide bombings to resist the current regime and nato troops. work on decontaminating water agile pan's

fukushima nuclear plant has been hold today after radiation surged well above safe levels with ortiz or anxious that the water inside the damaged facility could spread further radiation into the environment meanwhile u.n. atomic energy agency report has criticized japan for failing to put essential safety measures in place in the wake of the disaster. more than half a million people have fled areas ravaged by severe floods in the young river valley in central and southern china the military has been mobilized to help rescue efforts and the disaster alert has been raised to the highest level the heavy rains and flooding have already left one hundred five people dead and sixty five missing well the downpours it's going to continue for several days. when it comes to devout religious worship the russian orthodox church will go to the ends of the earth for its faithful fog sean thomas reports on a saintly side to the south pole. perched atop a picturesque

a rocky hill overlooking the sea sits a typical in a 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. 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 or unusual with strong winds we need to hold back the power of the wind with strong tight walls and special chang's sometimes the rain here comes out as horizontally the wind so that the water is coming through the cracks but also we can climb on foot to look inside. now a 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 george island is a russian orthodox church and it's a fully functioning facility even performing rare matrimonial honors for those. missions and. i came here for a long stay sixteen months and i had no idea that the. it 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 promised atlanta that i would 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. your children's headliner or one of only two couples to have get married here trinity making their marriage a part of antarctic a story in antarctica sean thomas all too. well we're almost up today no money talks with peter lavelle soon as he meets delegates in st petersburg which is where we had next forty is business bulletin. that's right day three it is of the st petersburg international economic forum where president dmitry medvedev has just wrapped up his keynote address here to the

assembled crowd he shared the stage with the spanish prime minister who says up to taro finished president tardy a holiday and kazakstan president of yourselves on those are by of talking about the common challenges that are facing the global economy facing the world and how to overcome them he called on all contraries to jointly handle the challenges that are facing the global economy he said there united efforts and policy that will help a whole global economy from the deadlock and doldrums that it's currently in another to keep priority for russia he said in this case is to integrate more into the global economy and do better corporate partnerships and it's something that he has made a point that's been repeatedly made here at the conference talking about how the role of russian government should be to not stand in the way but rather to foster an environment and an ecosystem of growth and stability one that will help lure companies here and help them grow once they've established themselves doing things

to battle corruption in the country and to spur on investment by cutting back on regulations that would hinder economic growth. as part of that has a key place in this plan in turning it into a global financial center and it was a focus of the third day of the forum here in moscow. russia's biggest city but also europe's biggest city set to grow even more the president outlined ambitious plan to start decentralizing certain companies and state owned organizations that are based in the center city center of moscow and move them out toward the. areas of the city in order to free up space and infrastructure in the city center for companies and businesses to set up shop there to reduce traffic congestion in the center which is a problem and something that is going to help free space for new investment and bring new business and therefore new up financial stability to the russian capital

now i spoke without and i suppose from the t.v. capital he believes the key is to create a good environment for investors to work in moscow. 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 essence what needs to be down this to make sure that there is easy 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. but adding on to that jack are not from elbrus capital management says it is important to boost domestic capital in russia also. 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 house such a tremendous lack of for domestic capital flows of financial markets being got equities hold bonds and in that sense russia is very unique with virtually no presence of noise is the sort of patron and mutual farms which would provide them a stick up of support the equity market and to provide liquidity for the and i think that's a very specific domestic problem go forward to help to address you know the provide the background for success with creating a financial center. and as the forum is drawing to a close it's been a lot of business that's been conducted here more than two. billion dollars worth has been committed to paper here at the conference among those deals phillips signed a memorandum of agreement with the russian atomic agency to establish an eco system for nuclear medical technology something very exciting that has been established here at the st petersburg forum ronald jong senior vice president of philips so the

collaboration is important and they hope that there will be a good result. of this partnership we will not only work together in many fracturing and developing. equipment but that is the first time also in history that's a manufacturer will transfer intellectual property and knowledge and a license. to a foreign company or in this case that skirmish. and as i had mentioned among the special guys here today spanish prime minister jose rodriguez zapatero in a meeting with president medvedev there was a signed contract worth some eight hundred million euros that is for the countries to jointly build new trains developing oil and gas in a russia russia and spain aiming to boost trade to about ten billion dollars a year big money there big business going on here in russia is northern capital and that's what we've got for now live at the st petersburg international economic

forum.

thank. you. all go back to watching r.t. live from moscow these are the top stories that is over curbing its catastrophic debt and ballooning bailout budget as other countries once eager to join the blog

have second thoughts. about how to stop the crisis happening again major business and political leaders have discussed just that at the international atomic forum wrapping up in st petersburg. syria faces third round of sanctions a bit more deadly anti-government crackdowns which saw more than a dozen dad and thousands rage nationwide. next we head back to saying that has worked where peter wells been quizzing delegates on the form over boosting the investment mood in russia. business. today. economics and we're talking about. to discuss branding i'm joined by robert sasson he is senior managing director at

private equity also we have.