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 sorts of the euro two powerhouses germany and france in conflict is unlikely to comb investors who fear for the future of the single currency. while the sweeping and measures negotiated by the e.u. made it clear the block is committed to saving the euro any cost but economic journalist patrick young says it's only a temporary cure patching over the inherent flaws of euro zone 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 haven't actually find it sure we've just got another sticking plaster what really the european union are trying to do here is they're trying to staunch the blood that's flowing the money that's flowing out of the greek economy that 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 what we've seen so far unfortunately looks like hollow words unholy 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 well as the world watches whether a second bailout will finally turn the 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 chang what's the reaction been in asia to the latest spate out. well in the first place asia is quite concerned with the impact of the crisis on the health of the european economy and in turn on that of the world economy most of the emerging economies in asia and japan are high dependent on foreign trade in the case of china for

entry concept deals almost sixty five percent of the g.d.p. so it is quite concerned on the whole these countries understand that their economies have to depend less on strait and more on domestic consumption on domestic investment in fact they probably have been trying very hard to diversify their trade. away from the traditional enough american and european markets and more to trade among themselves and with africa and latin america now many analysts worldwide say it's just a temporary cure or this and won't resolve the crisis would you agree with that i guess so i i think people in this age or in found most rational economists understand that you need an overhaul you need

a proper balance between consumption and savings and basically you have to. tough measures to cut expenditure to increase revenue. taxation so as to balance the budget is balanced a farming trait 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 but now there are still concerns that the crisis might spread to italy and spain trading partners for asia what effect would that have on your region. well. asia especially east asia is quite worried about for sure asians in currencies and therefore they are also worried about. their currencies being forced to appreciate because of the crisis since most of these

countries have very substantial foreign seems reserves especially china japan and to a lesser extent india and these big scene three services are very much concentrated on the u.s. dollar denominated assets so day they have to think their strategy of investing their foreign exchange reserves but at the moment they can't do much because obviously they are under political and economic pressure not to withdraw from the american capital assets markers to create the temptation of course is to use their heart currencies their research to even invest saw that the in terms of acquisitions of enterprises in terms of acquisitions of our natural resources like oil natural gas. and so on well with

all that pressure and from your perspective 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 being accepted as currencies for international trade settlements especially on the part of japan and china they also want to have their currencies to play a more significant role international reserve currencies solve their weaknesses of the 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 at the same time on the part of china because of the substantial following seems reserves may be tempted to invest and there are some debts from the

european union the first to demonstrate is support for european union to cultivate goodwill and to demonstrate is. its status as a responsible stakeholder internationally in the broader sense then that how do you think this crisis is going to affect the european union in the future. well this is a major test for european union integration are 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 than that of the united states and of course that of east asia now it has to demonstrate that there is sufficient political will to put the european interests ahead of you dividual country's interest and disses

a very severe pass as just 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 a test of the european people whether they are willing to. cut back because social security to match their social welfare systems to face the realities in the financial world ok we have to leave it there for now professor joseph chang from the city university of hong kong thank you for joining us here live on r.t. . thank you. still to come in the program nato has perspective on the libya audio alliance turns a blind eye on edged human rights violations by rebels expert opinion coming up.

in the operation to bring the sunken ship galia to the surface on the phone with the stan and says it's one stage. news international chairman james murdoch has been accused of trying to mislead british and piece by saying he was unaware of the cio extent of phone hacking by reporters his testimony was challenge like to force myself to use a medical was interesting three years ago that the legal practice went beyond just one rogue journalist and the scandal seems to grow critics believe the issue is just the tip of the iceberg in a society that no longer values the privacy of the people. as the scandal over voicemail and phone hacking by the murdoch media empire rages on public and political fury has mainly focused on ruthless tabloids out of control prepared 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 we see breaches of privacy happening by corporations all across america all across the world really in every sector surveillance is rampant but really here this is all a microcosm the 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 i listen i've used so you know that over here for example you know that on sunday november twenty fourth two thousand and seven i've used this toilet i went grocery shopping at safeway over there on october seventeenth i got gas 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 uploaded on his website. sam says his extraordinary abandonment of his own privacy stems from the ignorance of the authorities but in the fear they decided well that guy looks a little different so he must be arab and if he's arab then he must have explosives everyone knows that that's the logic we're operating we we realize how ridiculous

that logic sounds but when your country when your own country takes that on as the basis for national policy. ignorance is the basis of national policy is a pretty scary situation and that's how i got caught up in it for haasan 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 patriot act the lawyer who put it together happens to be one of murdoch's hand-picked used for board directors served as assistant attorney general in the bush administration and was described by some as the purveyor of the most sweeping curtailment of freedom in the u.s. since the mccarthy era 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 ad

companies or when other industries leave breaching people filing in the u.s. it's so widespread and people have gotten so used to it that rupert murdoch seems to be perfect art of the system rather than some special bill and with corporation has been undertaking some unique all lawful practices because here in america they are not so unique i'm going to check our reporting from washington our team. where they today are people a valid grilles who's crosstalk guests of the consequences the phone hacking scandal is having on both sides of the atlantic the full program coming up seven g.m.t. but here's a taste. were you know you care you would make. news corp violator of the foreign corrupt practices act which is criminal and civil penalties. basically doesn't allow u.s. corporations to bribe foreign officials of malarky bribing foreign officials is

really a case they're talking about a 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 that cover forty percent of united states he should not be allowed a license of a news corp's license it 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 for stories giving them tips in return for tip offs and i think that is absolutely in demick within any tabloid newspaper culture in virtually any country in the world. serbia extraditing its last war crimes suspect. that should fulfill the final

conditions needed to open membership talks with you however some experts view the process of joining the us and never ending saga and light of a bad economic situation in some european states many serbs doubt that their country needs to join the block. as 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 skeptical that. the goal tastes once again the government keeps. fulfilling new demands are coming from brussels but people are not feeling any benefits from it there are actually feeling that things are becoming worse as a result. support for you is dropping so there is a growing gap between the voting the borders and the government that's and it will probably continue to be an official government poll just out shows support for

eighty membership among serbs at its lowest ever fifty three percent in favor that down from seventy to seventy eight. it's nice surprise that when portugal italy and many countries are now struggling for the people hit no longer believe that he is going to be the. whole show. the serbs are opposed. many have relatives abroad and are getting the picture or things are why. you saw it. in there all indications would not be successful. but even the most skillful broke again this is a disillusionment in serbia in the government's apparent willingness to bend a get back was to eat in my. view will get in return for years against nothing whatsoever i mean serbia has got many many more hoops to jump over before he can

get anywhere close to a new membership so what could be next on the easily with another major sticking point is thought to be serbia is failure to recognize breakaway cost of a belgrade vows that will never. happen despite many member states pushing for exactly that president but it. has now. the song remains the same as words. i mean it hasn't changed hasn't changed since the why the truest it hasn't changed since the project. the president gore and had it for me it will have a major obstacle in its way. there with it seems. to. be if those it is part of the deal will be now keep. the great. mass grave of alleged progress dolphin soldiers has been discovered in

a rebel controlled area in the cord into a british newspaper the bodies were reportedly mutilated adding to the recent concerns of human rights abuses by the rebels such crimes committed being swept under the carpet to support nato's coups in the region says. a spokesman for the produce of billions for peace in libya movement. 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 press conferences and the answer was what silence it was uncovered in the media before because this does not fit the narrative since the 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 or conducting all the atrocities they accuse in the gadhafi side of conducting but actually the rebels are conducting these things so it doesn't fit the narrative. well there were all there around the clock but you can always find more stories on our website at aussie dot com here's some of what we've prepared for you there today russia is pumping up its military might to truly thankful tanks and jets complete with robin liss sun shines through contention. and breathtaking pictures of russian performing incredible stunts you spotted. in the gallery in full on our web sites on healthy. fish. fish fish fish

. specialists have started raising the sunken passenger ship belgariad from the bottom of the volga river in russia's central republic of tons of stone it went down in minutes almost two weeks ago drowning one hundred fourteen people the complex operation involves partially refloating the vessel pumping out water before telling it to a floating dock it's hoped the efforts will find fifteen bodies still missing after the tragedy the plan is weather dependent and difficult well you experienced technical problems. there are some other top stories from around the world this hour. a senior leader of yemen's al qaeda branch has been killed on the town of zinjibar or planes and heavy artillery shelling his compound killing more than twenty one in the sense. of wanting was the most wanted terrorist in the country he's accused of giving

a solemn to top terrorists holding several deadly attacks. and offices. three ecuadorian newspaper executives and the former communist been sentenced to three years in prison for the bible in prison rep for other journalists how to find the title of thirteen million u.s. dollars in a column titled do you think you guys journalists refer to the president as a dictator in the crimes against humanity or are placed on the rise which right now it's a constant ten rebel officers took korea hostage to his rescue nami. the heatwave gripping the us has reached the east of the country and see officials in new york philadelphia boston and other cities along the coast taking precautionary measures and which is in the back to their have been holding at about thirty seven degrees celsius weeklong conditions have already resulted in at least twenty two

deaths across the country. in spital weather in the states to the biting this sort of illogic would bring you a special report from one of the most picturesque of mountain areas the talk of night national and. discovery. communicate with. test yourself and become free. nature can give you. the latest in the world of business with maria.

thanks very much carrie 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 they cannot mix ministry 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 outlook for the second half is broader. in the first half of this year the ministry of finance run a tight fiscal policy and the central bank started typing monetary policy in order to get inflation back on but control and they've done it inflation peaked at nine point four percent in may and it's no fooling it's the new harvest comes on the market and in advance the election fiscal policy is no turning from being time to money a surplus to being expansionary and running a deficit so i think that you'll see this fiscal stimulus on the back of the tightening labor market in the better news from construction agriculture push second half growth up strongly so i think that this is just the last. the last

outcome of the central bank the ministry of finance is tight first off policy. now take a look at the markets crude is climbing 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 or won't 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 heavyweight 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 allergy firms are benefiting from higher crude. and hours ahead of the opening bell here in moscow the russian

markets and thursday's session in the black following the gains on wall street. let's have a look at the 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 continue to rally on speculation it can be completely sold to private investors. well the russian markets are yet to price in the greek deal on ron nash from verna capital expects the stocks to join the global where rally. is going to be digesting yesterday's announcement it looks like it's good news that the euro zone governments of managed to find some reason be credible solution to the program at least temporarily. because the fear is that they would not be able to do that so now i think it's going to be risky. 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 in europe but you know temporarily at least it looks like good news . well it's all the business news for now for more stories you know always log on to our website r t dot com slash business see you next hour.

the losers. just say. in india she's available in the movie the joint chiefs owns the home of villains looking for her to the ground imperial trying to talk west coast coromandel new

kind of let her tell the close of the show to see don't need to go clips from the sun the colonel was a joke. retreat. time for look at the headlines now arundhati. bailout fever in the e.u. continues as leaders thrash out a second multibillion dollar bailout greece even as the blog itself against attacks by u.s. credit rating agencies. to european economies do more questioning whether the country should join the e.u. those concerns haven't stopped serbia pulling its final conditions towards new membership. numbers news corp chiefs try to weather a major media storm critics say there is no surprise the scoundrel dropped in

a society for privacy has been simply did not need. a suitcase in the hands of the moscow out team is in. the city's hotels and restaurants. hello welcome to the. brides. celebrating its one hundred forty. and with a whole range. from film festivals to exhibitions it's still all happening in the.

teams was to drive the journey which takes around five. you can also take you know . some of the. revolution. took place in. the city. in the middle. of russia because. you can see wanted to. and still is made through the city.