bailout fever in the e.u. continues as leaders thrash out a second multibillion dollar bailout for greece as the block arms itself against attacks on u.s. credit rating agencies. in the light of the european economies demise more and more serves question whether the country should join the e.u. concerns haven't stopped serbia fulfilling its final conditions towards even a ship. news corp she swallowed the it's a tale of a major media storm critics say there's no surprise the scoundrel erupted in the society and privacy has been severely devalued.

i know you're watching our t.v. world news and much more twenty four hours a day welcome to the program but forced into action by the teacher in economies of italy and spain even leaders and private investors have agreed on a second bailout worth around two hundred twenty billion dollars to prop up greece's unraveling economy in an unprecedented show of solidarity to save the ailing euro the heads of states also agree to a plethora of new laws to protect the union from u.s. credit rating agencies unofficial reports from brussels. greece needs a second bailout and leads what's being called the euro zone's first ever default and deal involves athens boring more cash yet more money it has to pay back the agreement also requires private investors to swallow some losses something they're

likely to resist e.u. leaders will sort of call on them to pump new funds into the country it's unclear how willing they'll be for that after such a kick in the teeth above all the experts are warning this is just a sticking plaster over the euros which will tackle the real problem the vaules bit of southern euro zone states greece have been rioting on the streets refusing to accept the e.u. savage cuts including lower benefits and salary freezes portugal's prime minister was forced to resign when the country's parliament locked his will stare it's a proposal it's early polls to painful spending cuts just last week it italians already planned a national strike to paralyze the country and its economy is much bigger than greece is in the middle of it all the euro's richest member germany reportedly doesn't want to help chancellor merkel facing an election battle at home has claimed anything correctly despite the greeks don't work hard enough i think they

must save themselves french president nicolas sarkozy is quoted as saying german egoism is criminal and that germany quote like solidarity with the euro very much a political project driven by e.u. leaders the size of the euro two powerhouses germany and france in conflict is unlikely to calm investors who fear for the future of the single currency. rather sweeping measures negotiated by the e.u. made it clear the block is committed to saving the euro any cost and economic journalist patrick no says it's only a temporary cure inherent flaws of u.s. and finances. ultimately a lot more money has been thrown at the greek economy in the hope that that can stop the contagion but really a lot of it just looks like hype and i'm very very concerned that we have actually pointed to your we've just got another sticking plaster of the really the european union are trying to do here is they're trying to staunch the blood but following

the money that's flowing out of the greek economy they can has been kicked down the road the danger of contagion still leaking to other countries such as ireland portugal even italy and spain are there and therefore we don't have a cure where we've seen so far unfortunately looks like hollow words and hold words do not inspire confidence in markets and that has got to be some degree of a problem for the euro in the longer term but as the world watches whether a second bailout will finally turn their lives economic fortunes around now we're joined by professor joseph chang from the city university of hong kong for his opinion on the situation there thank you for joining us professor well some reaction been in asia to the latest spate out. well you know first piece is quite concerned with peak impact of the debt crisis and the health of the european economy and in turn that of the world economy north of the emerging economies

you see enter pan. be penned in and foreign trade unities of china for entry concept kills almost sixty five percent of its g.d.p. so it is quite concerned on the whole these countries understand. how to the pen less on trade and more on domestic consumption. westman in fact they probably have been trying very hard to apply versified trade. away from the traditional american and european market and ward to trait among themselves and were for africa and latin america are now many analysts worldwide say it's just a temporary cure all this won't resolve the crisis would you agree with that i care so i think people in this found most rational you countries understand that you

need an overhaul you need a proper balance between consumption and savings and basically you have to go up puff measures to cut expenditure to increase revenue you don't mean. so as to palance the pledgers balance the foreign trade and restore the economy of the european union and this requires political will and a willingness to sacrifice on the part of all parties concerned no there are still concerns that the crisis might spread to italy and spain trading partners frazier what effect would that have on your region. well. beige especially east asia is quite worried about frustrations in currencies and therefore they are also worried about. their

currencies been forced to appreciate because of the crisis since most of these countries have very substantial foreign seeing reserves less there so the china japan and to a lesser extent india. these it seems reserves are very much concentrated on the u.s. dollar denominated assets so the they have to think their strategy of investing their foreign exchange reserves but at the moment. because obviously they are under political and economic pressure not to withdraw through the american capital assets markers to create the temptation of course is to use their heart currencies to resurface to even less solidly in terms of acquisitions of enterprises in terms of acquisitions of. natural resources like oil

natural gas. and so on but with all that pressure and from your perspective but what's more beneficial for asia and with or without the euro. these countries in the long term certainly would like to have their currencies are being accepted as currencies for international trade settlements especially on the part of japan and china they also want to have their currency used to play a more significant role their international reserve currencies so their weaknesses of your role and to some extent the weaknesses of the u.s. dollar are perceived as opportunities for them to articulate this kind of piedmontese ever seen on the part of china because of the substantial following

seems reserves. to invest and hire some vets from the european union in the first place to demonstrate is support for european union to cultivate goodwill and to demonstrate is. your status as a responsible stakeholder internationally but in the broader sense than that how do you think this crisis is going to affect the european union in the future. both this is a major test for european union in key gratian five six years ago a lot of people certainly see the european union as a more all for regional integration is the level of integration is far ahead of the united states and of course that's of east asia now you has to demonstrate that is sufficient political will to put european interest here you did with your

country's interest and this is a very severe test as mentioned certainly germany and france are under a lot of pressure whether the french and germans are willing to foot the bill of the european union countries in economic difficulties is a serious matter of concern and then of course it is so the past of the european people were willing to just. cut back to social security to match their social welfare systems to face the realities in the financial world ok after living there for now professor joseph straying from the city university of hong kong finally be joining us here live in r.t. thank you all. still to come in the program nato has perspective on the libya idea now it's turns

a blind eye on edge rights violations going on to rebels expert opinion coming out of. the operation to bring the sunken areas to the surface on the phone with the stand and says it's fun state. news international chairman james murdoch has been accused of trying to mislead british and piece by saying he was unaware of the chew extent of phone hacking by reporters his testimony was challenge trying to force my senses to say well look it was interesting from years ago that legal practice went beyond just one more group journalist and the scandal continues to grow critics believe the issue is just the tip of the iceberg in a society that will no longer value privacy of the people. as the scandal over voicemail and phone hacking by the murdoch media empire rages on public and political theory has mainly focused on ruthless tabloids out of control prepare to

invade people's private lives and even the dad to get the story but some say in this day and age the whole concept of privacy is falling apart and in the u.s. more rapidly than elsewhere every time you tap on your cell or click on google or use your mail service everybody sort of just clicks through that you agree to our terms and conditions well those terms and conditions are very very heavily weighted against you and your privacy interests and we see you breaches of privacy happening . all across america all across the world really in every sector surveillance is rampant but really this is all a microcosm of biggest surveil or of all which is the state there's little americans can do with the state having sweeping access to their private information access that followed the nine eleven terrorist attacks under a new law known as the patriot act hassani law his privacy was taken away from him in two thousand and two when he was detained by the f.b.i.

for absolutely no reason he says and scrutinized for months without charge he's response for nine years he has voluntarily documented nearly every waking hour of his life on the web he has subsequently even turned it into a form of art sealed the sort of used so you know that over here for example you know that on sunday november twenty fourth two thousand and seven i just heard i went grocery shopping at safeway over there there were some two that guy pass over here he posts copies of every debit card transaction so you can see what he bought where and when a g.p.s. device in his pocket reports his realtime physical location on a map and this is the shot he took on his way to our studio which was immediately out loaded on his website. son says his extraordinary abandonment of his own privacy stems from the ignorance of the authorities in the fear they decided well i looks a little different so he must be arab and if he's arab then he must have explosives

everyone knows that that's a logical robbery and we we realize how ridiculous that logic sounds but when your country in your own country takes that on as the basis for national policy. ignorance as the basis of national policy is a pretty scary situation and that's how i got caught up in it for her son privacy has become a rally of the past and he says he's not surprised that journalists or anyone else really would use the same surveillance tactics as the state in that sense it might be of no surprise that the chief architect of the peter in act the lawyer who put it together happens to be one of murdoch's hands pick for board directors you didn't serve as assistant attorney general in the bush administration and was described by some as the purview of the most sweeping curtailment of freedom in the u.s. system across the euro at a time when corporations and the government can easily hack into people's private

lives it doesn't come as a surprise when for example social networks give your personal information to ask companies or when other industries leave on breaching people why they think in the u.s. it's so widespread and people have gotten so used to it that rupert murdoch seems to be perfect part of the system rather than some special bill and with corporation has been undertaking some unique all lawful practices because here in america they're not so unique i'm going to check our reporting from washington r.t. . where they say people develop grills his crosstalk guests the consequences the phone hacking scandal is having on both sides of the atlantic program coming up plato seven g.m.t. but has a history. we're you know you care you would make more our news corp of violator of the foreign corrupt practices act which is criminal and civil. basically it doesn't allow us corporations to bribe foreign officials of malarky is bribing for

officials as these really case their trauma one hundred hundred thousand pounds or one hundred thousand dollars worth of bribes to the london police if that happened while the law and the f.c.c. should look at that and say that the twenty four stations he owns cover forty percent of united states he should not be allowed to license other news corp's licenses should be revoked i don't ask kevin to define what he means by bribe a little more carefully because that sounds slightly as though he's overstating it what some of rupert murdoch's british newspapers have been accused of doing is paying the police the story the story it's giving them tips in return for tip offs and i think that is absolutely in turn make within any tabloid newspaper culture in virtually any country in the world. serbia extraditing its last war crimes suspect i get that should fulfill the file

conditions needed membership you know over some experts in the process of joining us and then insider bite of a bad economic situation some european states many serbs doubt that the country needs to join the. has more from belgrade. the last of the war crime suspects wanted by the un is heading for the hague it's seen by many as the last obstacle to serbia now gaining. some brussels. taste once again the government keeps. fulfilling new commands are coming from brussels where people are not feeling any benefits from it actually feeling that things are becoming worse so as a result. support for e.u. is dropping so there is a growing gap between the forty the borders and the government that stands and it

will probably continue to an official government poll just out shows support for a human service at its lowest ever fifty three percent in favor the down from seventy percent eight years u.k. it's nice surprise the way portugal italy and many more are now struggling for the people here no longer believe the. gate. their problems all show. many heroes and. besides. all. this is a disillusionment in serbia and the government apparent willingness to bend they get back with the easy to. get in return for years against nothing whatsoever i

mean serbian serbia has got many many more hoops to jump over before you can get anywhere close to a you membership so what could be next will be easily with another major sticking point is due to the study is failure to recognize breakaway cost of a belgrade fouls that will never. happen despite the state fishing that that. study is moral and legal obligation now. the song remains the same as. i mean it hasn't changed has a chance is there why do you think has hundreds being arrested for and had it not for me it will have a major obstacle and it's great. there with it seems. thirtieth those it is part of the deal will be. a great.

mass grave of their program soldiers have been discovered in a rebel controlled area and then being called into a british newspaper the bodies were reportedly mutilated and some concerns of human rights abuses by rebels such crimes committed being swept under the carpet support in the region. a spokesman for the blue civilians for peace in libya. i think really fundamentally there's been a problem the way nato the nato nations and their media have related to these so-called rebels i mean these rebels have been conducting mass lynchings of black people throughout the first several weeks and months of this crisis and i raised this directly in press conferences and their answer was what silence it was uncommon in the media before because this does not fit the narrative since the one nine hundred ninety nine nato aggression against yugoslavia which was we are conducting these wars not for geopolitical control and domination of monopolization

of mineral wealth but for humanitarian reasons so how can it fit the narrative of these rebels which nato and the nato countries are supporting lynching black people who are conducting all the atrocities they accuse him of gadhafi side of conducting but i think the rebels are conducting these things so it doesn't fit the narrative . well there we're all around the clock but you can always find more stories on our web site at www dot com here's some of what we've prepared for you to this day russia is pumping up its military right neutrally basement ranks and jets complete with problem missoni it's nice to meet contention in. trying to direct taking pictures of russian cossacks performing incredible stunts. and going to be in full on our web sites on a thing. which

if. specialists have started raising the sunken passenger ship dog area from the bottom of the volga river russia's central republic. it went down in minutes almost two weeks ago drowning one hundred fourteen people a complex operation involves cautioning refloating the vessel pumping out water before telling it to a floating dock with her efforts for fire and the importance to missing often tragically a plan is weather dependent or difficult though you experienced technical problems . because of other top stories from around the world this hour. a senior leader of yemen it's a power qaeda branch has been killed on the town of zinjibar or brains on the artillery shell of his compound killing more than twenty one innocence by running

was the most wanted car the terrorists in the country is accused of giving asylums a top terrorists all the second deadly attacks some officers. three ecuadorian newspaper executives and the former prime minister and sentenced to three years in prison a guy being present clear for other journalists are on the record thirty million u.s. dollars in a column titled do you think you guys journalists refer to the president as a dictator. times against humanity. must be surprised. because i'm ten rebel officers took korea hostage to be dismissed from. the heatwave gripping the us has reached the east of the country where you can see officials in new york philadelphia boston and other cities along the coast and taking precautionary measures of bridges and there is that about thirty seven

degrees celsius we clone conditions have already resulted in these twenty two deaths across the country. whether in the states to the biting son of a law to. bring you a special report one of the most picturesque of mountain there is a rational and evils. discovery to be. communicated with the want to. test yourself and become free. nature can give you the. next operator in the world of business with.

thanks very much gary and let's now take a look at how the world of business is doing this hour first to russia where the country's economic growth is slowing despite a high oil price economics minister he says the country's g.d.p. increased around three and a half percent in the second quarter compared to more than four percent of the beginning of the year however the album for the second half is. in the first off of this year the ministry of finance ran a tight fiscal policy and the central bank started typing military policy in order to get inflation back under control and they've done it inflation peaked at nine point four percent in may and it's no fooling us the new harvest comes on the market and in advance of the election fiscal policy is no turning from being time to money a surplus to being expansion really and running a deficit so i think that you'll see this fiscal stimulus on the back of the

tightening labor market in the best of news from construction agriculture push second half growth up strongly so i think that this is just the last. the last of the central bank the ministry of finance is tight first. take a look at the markets crudest lining for a fourth day as investors hope for a growing demand amid optimism in europe and the u.s. will deal with their debt crises also the international agency energy agency rather says a row nic stand a release of oil supplies. and in asia shares are trading strongly in the black on news about a new bailout for greece and plans to prevent sovereign debt problems from spreading to other countries banks are among the best performers with heavy weight h.s.b.c. up almost two percent in tokyo technology sector is also supported by strong earnings reports of u.s. firms such as micro devices and san disk in hong kong air g.

firms are benefiting from higher crude. and hours ahead of the opening bell here in moscow russian markets and thursday's session in the black following the gains on wall street. let's have a look gavia index movers on the my six energy stocks were on the rise with gazprom adding almost two for sam banking stocks were also trading in the positive territory for bank was up around one percent. and ross telecom continued to rally on speculation and to be completely sold to private investors well the russian markets are yet to price and agreed deal and draw a national capital expects the stocks to join the global rare rally. well you know mark is going to be digesting yesterday's announcement but it looks like it's good news that the euro zone governments of managed to find song reasonably credible solutions to clear the problem at least temporarily out of the market and trading down because all the fear that they would not be able to do that so now i think

it's going to be risk on and russia will will perform hopefully in coming weeks we can move back to a situation where people actually look at russia for russia reasons rather than what's going on and europe. but you know for temporarily at least it looks like good news. plus all the business news for now for more stories we always log on to our web site r t dot com slash business see you next hour.

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