greek imports did if those countries go bust they could lose that money. we might see scenarios like a bank run that means that people will run to the bank in order to withdraw their deposits because they believe that the bank might not be able to pay them the euro's facing an existential crisis admits german chancellor angela merkel that's raising tensions across the globe not indeed there are problems in three time zones at the moment the most visible the most obvious is clearly the euro zone problems but on the other side of the atlantic you have the u.s. economy not in the session but showing some very weak economic figures and suffering as well. e.u. leaders could sign that this warrant for the single currency here at the summit if again they fail to do a deal and halt the spreading your a virus experts fear public panic will take over denying them control. see

brussels get some thoughts about the crisis now from paul nuttall is member of the european parliament for the u.k. independence party folks ever so much for being with us mr an apple the summit still going on out there in brussels but we heard earlier the president of the euro group saying that even with a new bailout greece could still do fold if only partially does that ring worrying bells for you at this early stage. well i think it rings warning bells for the european commission and the mandarins in brussels and the fact of the matter is that this european currency the euro was never going to work anyway it was always about politics it was never about economics the idea that you could fix greece into the same economic zone or the same economic cottonseed is germany is quite frankly ridiculous what greece needs to do is it needs to come out of the euro it needs to be able to devalue its own currency it needs to be able to set its own exchange rates and it needs to get its economy moving and as i say it can't do that with the

euro let's look at the last example of a country or a major country which defaults of which was argentina it's a fault in two thousand and one from two thousand and two to two thousand and six its economy grew by sixty five percent so to fall for greece wouldn't be the end of the world you know you look at it it's a big old mess as much heated discussion between the key eurozone members like germany and france are we likely to see much the way of political fallout from this economic crisis well i think we're already seeing much fallout in athens with the people on the streets as i say this team could spread to italy if it spreads through italy that a serious problem cicely's the third largest country in the eurozone spain accompt spread there as the fourth largest economy in the euro zone if it spreads the thing will collapse and you will end up with people on the streets of madrid and people on the streets of rome this thing could spell serious problems for the european union and it then could spill over from the economics into the political and i think you'll see a man well but also it was said that this isn't a problem all along now recognizes there is

a problem but i think that they are in serious trouble indeed for greece simply spread didn't get money it didn't have the drug much of the continent in doing is trouble some say the country should be left to its own devices to solve its own problems is that a view you agree on then. well absolutely it's the only and i mean we can continue propping up the euro we can continue pouring money into this and the idea that britain my own country isn't putting any money in it's complete nonsense because we're all we've already doubled our contribution to the i.m.f. it's now over twenty billion so we're contributing to this we don't want to bail out these basket case economies anymore and as i say the only way greece will be able to get its economy kickstarted is by breaking out of the prison of the euro and i guarantee you as benjamin franklin once said that only two certainties in life that's death and taxes if greece remains in the auto i guarantee you the smaller the thing i will be back here in six months have this exact same conversation was the year of the common european currency always doomed to failure

. of course it was because it was never about economics as i said earlier the idea that you could have the northern economies the fast growing economies the productive economies like france and germany in the same economic sphere as spain and italy and many of the mediterranean states is complete nonsense the idea that they should share the same exchange rate the same interest rates it was never going to where it was all about creating a political united states of europe it was never about economics it was never ever going to work in a million years fall ever talk about the losers here if the euro were to collapse as we're in a report some people saying it could disappear within two years you could be winners be enormous if it goes down. well i think it could be sooner than two years i think you possibly could be within the next six months as i say they will press ahead with this bailout it will cost more money to the german taxpayer i think the germans will in effect get fed up with bailing out the basket if you could only noise end of the range of the fall of the euro. i'm not sure i think that i think

the for example the people of greece will benefit from the fall of the order because that's the only way that they could kick start the economy i mean look look in germany there are new parties now starting germany has always been the most probably you country out of the lot but a new party starting up in germany at the moment and two european union the youngsters in germany do young people of fed up with the european union and angela merkel's personal approval rate is lower than it's ever been and it's at the lowest it's ever been simply because she is seen as being weak on the you one hundred over german taxpayers' money paul not let me pay for u.k. independence party thank you for being on the line for a murder liverpool as you are tonight is thank you. well the. the joy that still as we report later this hour. with the effect struggling to keep it had a pump water there is still some time that are ready to get a phone call it was some commentators. climbing on the titanic are thinking.

the dire financial situation in europe is premier or two of the other side of the atlantic where from a financial times correspondent david double told us the dollar is disappearing down the drain just as fast as the euro. i don't believe there's either the european economies or the united states have yet. really begun to get to grips with the very grave collapse that occurred after two thousand and eight. lots of pain therefore is is facing is going forward. from an all steel point of view the sooner we start to get to grips with that and take some of your measures necessary the better we will all have to recognize in the process that we are a lot poorer than we thought we were in two thousand and seven the story is that the euro as a phenomenon is in quite serious danger. there's more for the world of finance next to magnetize as part of this weekly report for you where he's asking if people in the u.s. will rise up against the big banks. they're encouraging at least twenty thousand

people to show up on wall street occupy wall street and don't leave just like that the people in tahrir square didn't leave and told their demand that mubarak step down with the americans saying don't leave until obama forms a presidential commission to investigate whether or not there's ben financial fraud . more from cards from coach shortly tonight the next investigations into the phone hacking case that's rocking the u.k. a growing by the day with ever more questions being asked of key figures in political media and police circles and as the scandal intensifies in polk threatens careers now across the board parties or a bit reports on how the case continues to hold not just rupert murdoch but the u.k. prime minister david cameron as well. this is

a humble. i'm enjoying this so. some major pins in the news hacking scandal may be warbling but at the moment they're still standing despite the pull off the ball threatening to smash them out of the game. in the frame british prime minister david cameron and the murdoch's chiefs of global news empire news corp also implicated the police accused of bribe taking but where will the next strike come in the phone hacking scandal and who'll end up the biggest turkey. there's been a large element of just a kind of heads in the sand and that is lethal for a prime minister and he's now in a real fight is in a real really bad situation he could well be looking at some serious consequences for himself at the very least star still around him fancy a flutter on the much of the century betting shops and flashed the odds on cameron

being the first m.p. to fall over hacking. and we've seen cameron over the last few weeks fall from one hundred to want to be the next cabinet member to leave to forty one years and he just slightly crept up again to five to one today as a result of his statements in the house where we thought he gave quite a good performance the murdoch's may have dodged bullets coming from every direction from m.p.'s but it was someone not even in the game who hit the eighty year old kingpin right in the face with a foam pie despite profuse apologies to victims of his own newspaper's unethical behavior he had no intention of stepping down. what's less clear is whether david cameron remains the best person to lead britain out of this crisis of confidence it's cameron's arch rival ed miliband who believes he's got the skittle shaking and he's eyeing up a spare that will see the whole lot come crashing around so that the country can

have the leadership we need why why doesn't he do more why doesn't he do more than give our apology and provide the full apology now for hiring mr colson and bringing him into the heart of downing street. commentators say the pin spotted machine has placed the prime minister on a firmer footing following wednesday's game in the house of commons but the match is still far from won you know. he is damaged before base he was he was beginning to develop the turf on camera because none of that sort of damage that we can the government actually stuck to him the scandals for stress ignatius' all round top executives at news corp and the u.k.'s two most senior police officers many are asking if the prime minister will be next to find himself lying face down in the gully. david cameron's promised

a full some apology if it turns out and he calls and was lying to him about his involvement in phone hacking but some say that won't be enough when this is over and we're a long way from that it's far from clear who can survive the frames still to come and remain standing at the top of the media the police and the government. we. know we're at it ought to. go to dave cell danis communications director of the american n.-g. o. free press he told me we've only seen the tip of the iceberg in the crisis as he sees it. there's been a very cozy relationship between media and government throughout western democracies it's no less true in the united states than it is in the u.k. . and what we've what we've seen is is sort of a laying bare of that relationship in a way that that everybody suspected but now we now we can see that it's the. that

our suspicions are proven true the only surprise would be if there weren't more surprises and there is suspicion that something similar or to a lesser or greater extent has been happening in the united states if in fact it is found that the allegations that news corp properties were looking for looking to hack the telephones of nine eleven family victims or victims' families that is going to be a storm the likes of which you've never seen in the u.s. . a lot of thoughts about that story launch not things taking part in the debates if you are on a web site for many of the stories of the discussion to it all to go home plus this is well known story so the day delivery with a difference in the law in. place to spend five weeks with his family a big cats he won't be their lunch because cross will be there made one sweet story followed more months and also passions and fashions run high in some papers because

dozens of glamorous contestants put on their very high and steals for one hundred meter sprint. find out what drives the girls the chasing on our website but we've got the details and don't have a go. so be as expecting progress on the speed to join the e.u. after the arrest a war crimes suspect go to how they should that have been a key hurdle indeed on the road to membership that still needed clearing out it may be extradited to the hague now on saturday. ports from the serbian capital belgrade . whilst the government's very much to the west the public opinion actually does this quite significantly now the last time i was in belgrade at the end of last year i spoke to the deputy prime minister hen i asked him why there's still such a government drive to this membership and he said that they really see this as a chance for serbian people to have a normal life well the people here in serbia only have to look at what's happening

right now in greece in spain in italy to see that quite clearly even membership is not going to be the answer to all our country's problems now add to that that they're also a very disillusioned with the government's policies and the way that they've handled this whole partnership and dealings with the e.u. they feel the serbia is being made to jump through hoops and that was their feeling all these the monster to put on them by the this thing that very little in return we will get in return what it usually gets it has nothing whatsoever. so we have got many many more hoops to jump over before we can get anywhere close to. the e.u. has always linked thirty years membership with the full cooperation with the hague and we've already heard from president had it that he feels that they have felt that moral and legal obligations to the hague so it's going to be very interesting

now to see with this latest arrest of had it whether or not the e.u. is going to school not just with words but with actions now because it seems that with the arrest serbia really has called brussels bluff brussels is not going to fulfill promises it gave. to the rest of go to even know which is from the sober historical project. the list of demands will grow president there which is true in people who also. won by one. serbian three into the european you who were here because. we knew. there was economy. going for human sacrifices made so far over several had no results whatsoever all sure about sixty percent of the serbs are opposed to all skeptical about joining the e.u.

many have relatives abroad and are getting the picture or things or why. we saw it. there also occasionally be successful we can see. why even the pros skillful broker gambles so but there. is a committee that's the population. of the. placating offering them something more serious think about anyway. also making headlines this thursday night the us has announced it will send aid to famine in somalia but only if assured that deliveries won't be hindered as they pass there is a mist minutes and controlled areas the us declared a state of famine in southern somalia were nearly four million people are in danger of starvation devastating drought caused the crisis said to be the worst hit the region in decades it's estimated the stricken country needs over one and a half billion us dollars and. for all the kenyans have been given legal permission

to sue the british government over alleged atrocities committed during colonial times claimants allege they were systematically abused in special count set up to crush the rebellion against british rule the foreign office says it should not be held responsible for the actions of the current ministration. atlantis is back to earth for its very last landing of. almost a fortnight in orbit the touchdown brings to the end thirty years of the american space shuttle program atlantis is the last shuttle to be retired and to be put on display at the kennedy space center and the future missions by u.s. astronauts to the international space station will go entirely and i want help from russia. sometimes you have to dig deep to reach for the stars and that at least is the case in central russia roseann region where the true ride fever spread in recent years i think xander boy could jump to the chance to catch a falling star. they don't believe in aliens had a time machine but they do spend most of their time looking for extraterrestrial

matter that will take them billions of years back in time most meteorite hunters in russia do it for profit but some still see it as their way of he chocking through the galaxy. this is the oldest matter you can hold in your hands there is a theory that meteorites are part of planets core just imagine this piece is about four and a half billion years old like the earth this valley about three hundred kilometers east of moscow is their latest pitstop about ten thousand years ago the local fields took a heavy pounding from an audience shower creating the most fertile metre of ground in central russia is this covering two thousand was a pure accident. a few ditches were dug kids help with the draining off the excavators left a local resident was passing by he noticed a rather strange broken picked it up the rug lay idly in his barn for two years until the store program brought me to write some t.v.

and sent it in for testing that. within the next few years about three tons of meteoric material was discovered here some of the unlikely help of the donation he's on our staff he's the only dog in russia trying to hunt for rocks from other planets in many ways meteorite hunting is a lot like gold digging you have to spend weeks and a while hoping for struggle. blog but in today's press is searching for these accidents arrests or rocks can be more profitable than even the good old gold fever marchionne no lou and i meteorites we are in high as the month can cost two or even three times their weight in gold the biggest findings usually gravitate to the united states and western europe where most me to write collector is a base and about russia the law expert the facts are terrestrial rocks ten percent of their value must be paid to the state still some delusion to try and dodge the meteorite tax base for taiwan hall was uncovered earlier this year at

a moscow airport on its way illegally to the czech republic for some their fallen stars but for others meteorites are increasingly becoming a blazing hot new commodity. art scene. just over time going to school the road between part of sun moscow be paved with gold as a question or interview more about the show also be revealed there's business not just a moment. for the full story we've gone to. the biggest issues get a human voice face to face with the news makers. in some petersburg she's available in hotels a story and. ambassador. hotel patroclus hotel a true story hotel. never tell center.

and see if. you visit. when welcome to business see the clock is ticking for the u.s. to resolve its debt problems and failure to raise the debt ceiling could mean a default on its massive obligations there are concerns this will harm brushes international reserves a quarter of which is held in u.s. bonds now we've recently talked to jacob from morgan stanley russia there's nothing to worry about just yet. no u.s. treasury secretary will allow the u.s. to default on external obligation so if the debt ceiling doesn't get raised then what will happen is the u.s. will skip some domestic payments however if the deal that is done doesn't satisfy

the credit rating agencies there is a chance of a ratings downgrade and that may have an impact on the treasury bill market it may have an impact on the price of tea bills and that may have an impact on the value of russia's international reserves we don't think it will have much of an impact because the depth of the us to build market is so big it's the cost source of funding of low risk assets for so many companies that we don't expect it to significantly move the price. minority shareholders of t. and k. b.p. are preparing a lawsuit over b.p.'s failed bid to partner ross now after an arctic exploration shareholders have won a russian court ruling ordering papers surrounding the multi-billion dollar deal to be revealed this were louder than to value the damages b.p. and rosneft failed to strike the deal this spring as a team came appreciable disclaimed the piece of russian joint ventures should be the primary vehicle for exploration in the arctic. chill mr though you took that

off the board members nominated by b.p. didn't make it clear there was an opportunity for corporations which they should have done as a result team g.b. didn't get to participate in this partnership and dance might have had losses. like look at the markets this hour and first stop it's crude and it's been very volatile the day is up one dollar forty one cents light sweet this is because u.s. crude in the trees have dropped and that's pushing oil prices higher brant is up thirty nine cents it's moved to the u.s. stock markets and they've had a very strong session bounce off the morgan stanley report into smaller than expected quarterly loss driving financial stocks ford around the globe the bank itself was up at six percent at one point jobless claims however did come out with a slight increase but there was a lot of drive coming in from europe a signal that and chancellor merkel and french president sarkozy agreed on a joint approach to greece's debt crisis ahead of today's new summit level footsie

gameplay percent the dax point nine here in moscow this is the closing picture for first day session markets saw a boost at the very end of the session yasir sending up one point nine percent my six one point six secular some of the main drivers of their growth and because of rising crude prices energy shares like gazprom went up one point seven percent burbank was down pretty much all session long but it caught on to the global. financial rally in a managed to gain one percent half a percent at the close to gaining five a half in the end of wednesday said. it's been a really rocky market over the last the last few days as everybody is watching what's happening in europe here can the eurozone governments find a longer term solution to this ongoing saga with the peripheral european countries in particular greece and today is the day thursday today is the day when eurozone

countries are supposed to come up with some long term solution if they do that it's going to be respectful and you're going to see russia really very if they don't. you know there is a potential disaster scenario that will make people very very nervous and you see that in today's trading section of the markets started off lower. moved down and then there's a little bit more through just in case through the some leaks that are coming out of the european negotiations and therefore the markets rallied on the day the headlines are next to monte with can they stay with us.

more news today violence is once again flared up. these are the images the world has been seeing from the streets of canada. trying to corporations are on the day. in india. we go to

the grand imperial truly the talk. of the same hotel treat. top stories. for a. crisis but many say. it's the. top story tonight. join. the hague.

and investigations into the u.k. phone hacking scandal intensify with more political figures coming under scrutiny and public. media executives including. the political future of prime minister david cameron. discusses the prospects of economic cooperation between moscow with the french president's special representative to russia. last question representative of the french president on cooperation on russian french business relations thank you very much for being with us today so you come

to russia every fifteen days what is your primary mission. my first mission given by presidents are cozy in line with president medvedev is to report and scope out the establishment of your russian economic zone and the second part of this mission is to strengthen economic cooperation in all possible areas between our countries. now you have responsibility also developing the trade between french france and russia which sectors of the russian economy do you think are most attractive for business leaders and friends will the board of course have yes your team that you today for france it is of course more materials in trade we have gas oil is essential but there is much more and look at what alstom is doing with trans march holding building locomotives for export across the world look at what's on offer use doing in the pharmaceutical area we cooperate in many new technological areas and today these areas are multiplying because we are in the heart of russia's modernization plan and for.