in india. the move to join. the gateway hotel the grand imperial true of the torch was. told.

to go. round the sun the colonel was photo retreat. washington agrees on measures to avoid a default turn to end the debt crisis which has weighed heavy for america but a plan to save the country from economic collapse is criticised for failing to solve the nation's long term financial woes. the west threatens to punish the syrian regime for the latest round of crackdowns on protesters which reportedly killed more than one hundred people but some experts warn that foreign interference with only make matters worse. tendencies. nazi s.s. veterans and supporters hold rallies activists say the glorification of not give rise to nationalism and xenophobia across europe. or the advances from a two way flow of the u.s. president barack obama on the framework. deal ahead of tuesday's deadline.

and about twenty minutes. around the world and around the clock this is r.t. u.s. lawmakers have finally reached an emergency deal to avoid a disastrous debt default after weeks of political bickering and stalemate if passed by congress the two step compromise will permit american borrowing to continue the tuesday exchange for more than. two trillion dollars in federal cuts over the next decade will do was struck after barack obama held the last ditch intensive talks of democrat and republican leaders are increasingly america's debt limit ever the political struggle is far from over with a key issue of how to balance the budget being put off for a later date a new cross party congressional committee will be set up

a part of the deal to advise on cuts including tax reform medicare and social security but as we're report now reports the torturous and lengthy road to reach an agreement has damaged america's reputation. help us avoid the fall debt ceiling a nation default and this crisis time's running out the entire world is watching it's been a public spectacle filled with bickering grandstanding and lack of compromise i devise a debate over raising the u.s. debt ceiling created an unprecedented climate of uncertainty over america's so-called sound economy the damage been done no matter what happens now everybody really thinks the united states isn't so secure it isn't so safe even if the craziness subsides it seems to have gotten real close and who knows whether the next month next year this won't blow up again since the underlying causes economic problems are getting worse in this country four point five trillion dollars of

america's borrowing is owed by foreign countries experts say washington's mismanagement may cause investors to abandon the devalued dollar and end their partnership with america it's like being married to someone decide. if they were jerks you want to know what'll i do how much can i put up with this relationship the u.s. will be in for a long time the only game in jail with the your community is making noises chinese making noises we're going to we're alone now in our ability to be a repository for financing in the world the result could spark a replay of the two thousand and eight economic meltdown except this time washington not wall street would be responsible for the first time in history our country's aaa credit rating would be downgraded leaving investors around the world to wonder whether the united states is still a good bet. interest rates would skyrocket on credit cards on mortgages and on core

along which amounts to a huge tax hike on the american people as the countdown neared zero all three big rating giants moody's fitch and standard and poor's threatened america's hallowed triple a score unless a deal was hammered out and that fourteen point three trillion dollar debt getting higher economists say america's unsustainable budget deficits are the biggest threat to the nation it's like the batteries worn out the spark plugs don't work the tires are flat all of this and so what we're trying to do is say we've got a little bit of money in the bank let's pay that down but we're not doing anything to fix the economy and so we're putting ourselves in a bigger and bigger hole not just because of the dad but really because we're not creating any way to get out of the debt instead of the u.s. president repeatedly asked americans over the past week to join the campaign to borrow and spend more make a phone call send an e-mail tweet keep the pressure on washington and we can get

past this while the eyes of the world's have been following the heated saga playing out between u.s. politicians the main problem not going away is america's debt and the growing realisation that elected officials may never be capable of agreeing on how to solve it marina port niall r.t. new york. well for an economic perspective on the solution to america's debt crisis so we can cross live now to peru sexiness an expert investment opportunities in popular and distressed markets and thank you for joining us here and you know as we've just heard the compromise u.s. legislators have agreed upon reduces the speed of the debt when it will still grew into it so how convincing a solution is this. we've always felt that this was this political job warning that result was going to be the same they're going to have more and more money printing the debt is going to go through the roof and if you look at the

projections from the bank for international settlements in a recent paper they've stated that twenty forty america's interest payments on the federal debt will account for twenty seven percent of g.d.p. so all this talk of cutting the deficit and bringing the debt back in order is just nonsense it's political job warning i like to see it happen so how did this happen anyway i mean why did congress allow this deal that to go to why like. well both parties are trying to play a political football match they're trying to show to the public that they came more about the debt than the other party the realities whether it's the democrats or the republicans or the last thirty forty years they're all printed money they've all borrowed they've all spent and lived beyond their means so there you can be to blame this is just political job warning and no matter who comes into power this problem is now become too big for anybody to solve i don't think anybody has the political will to take the pain and take the recession and i'm depression to get

out of this mass everybody just likes to kick the can down the road and print money so i think this is just as i said political job warning now as we understand it the plan includes cuts to defense spending but how do these cuts compare to americans overall war costs. well if you look at the spending today the us government is spending about three point five three point six trillion dollars a year the tax revenues only about two point two trillion dollars a year the budget deficit is now nine percent of g.d.p. and the army is that eighty percent of the spending with the mandatory spending already now exceeds the tax revenue so even if they try to cut the budgets or the expenditure they would have to default because the mandatory or the composer is spending obligations which the u.s. government congress back down on exceed the tax revenues or some of the other the u.s. government will have to default on its obligations which is in my view anyway is

a technical default. congress still has to vote on this must remember that what are the chances that legislators won't pass the agreement. while the chances are very slim i think of the plan was always to come out with some sort of compromise in the last minute and this is exactly what we've got i don't i don't think any politician in america has the will to arsole seriously cut the debt and the deficits and solve all the structural problems facing the years economy this problem is just too big and the easy thing for me to do is just to agree with everybody else and kick the can down the road how will the effects of this deal that be felt by ordinary american families and we hear a lot about the politics of it but will they notice any difference. yes because the more debt there is in the u.s. the more federal debt the more the taxes are going to go up because remember the government doesn't have any money the government either prints money or it borrows

money. or it taxes the people and if the debt overhang continues to increase at a time when incomes aren't increasing and asset prices are going up americans are really going to feel the pinch because all this huge debt which is now looming over the united states has to ultimately be paid by the. people through taxation so any increases in debt obviously affects the american public because they're the ones footing the bill so what consequences willis financial man. have for international investors and their eagerness to bet on the american economy. while the worst loser out of all of this i think is the us dollar the currency is now in a very vulnerable position in my view i think sooner or later more and more people are going to come to the same conclusion that the world's reserve currency is no longer a reserve currency and that the us doesn't deserve a aaa credit rating it is a joke it is like giving a aaa rating to the subprime bonds before the whole collapse happened if you look

at this finances of the u.s. the federal debt now accounts for roughly ninety six percent of g.d.p. and as far as i can see there is no way this that's going to come down and the u.s. has no business getting a aaa rating and when other people come to the same conclusion as i do then i think there could be a rout in the bond market and as mr obama was alluding to earlier we could see seriously higher interest rates and seeing this weakness in the u.s. dollar which is obviously very bullish for commodities and precious metals such as gold and silver paper is actually from the wealth management talking to us live from hong kong thank you. washington and germany are threatening to take decisive action against the syrian regime which allegedly killed more than one hundred people on sunday government forces raided the city of hama with tanks wreaking havoc on the opposition stronghold bet its latest round of crackdowns on protesters calling for president bashar assad to step down more than

one and a half thousand people are said to be killed in clashes since march jamie's calling for an emergency session of the un security council to convene on monday syria is already under a set of american and east sanctions. president of the arab lawyers association thinks the west doesn't have the credibility to interfere in syria's affairs. the interference of the outside world in my view can be counterproductive unless it is directed properly rather than just making these wild statements like for instance the usa would decide whether the president of syria has next in the sea or not everybody is asking what right do the americans have to put this question anyway let alone deciding it but they seem to be doing this said electively they've done it with syria and have done it with libya but at the same down they have not done it with yemen they have not done it with other places where there is uprising including battling for us to when president obama says what he's saying everybody

in syria and out of world will immediately respond back on by one ten among. the rest of the afghanistan situation all of these things so dreams are low and it doesn't give any comfort generally speaking the world seems to be content with condemning and making these wild crazy statements when i would you know the regime is let's them it or not or whether it should be it's using use of force the world can play on all but i think the present moment it's not playing the cards. well with calls and mounting at the u.n. for the security council to take action on syria russia still opposes any resolution against a mascot or scale war that such steps could lead to a libya style scenario with a nato led coalition has been accused of stepping outside the limits of its un mandate when just over an hour's time russia's deputy foreign minister tells r.t. why the syrians should be solving their problems themselves.

programs we believe that the syrians should address their problems as part of their domestic agenda this is an internal civil conflict and it should not be internationalized as for the situation in libya of course every country is unique in terms of its particular situation the background of this conflict the form of the scale of public cruelty is the sutra on the other hand we should learn our lessons a number of international players tend to degrees from the strict observation of both the instructions and the spirit of these resolutions therefore we are naturally concerned that such a loose interpretation is good only result in making some of the opposition circles taking their position and order for a tougher approach which is by no means a positive achievement in terms of finding a mutually acceptable solution. although not system is condemned worldwide there are still pockets of support in some areas of europe over the weekend the stony veterans of the nazi s.s. which are like troops in the second world war rallied on the anniversary of

a battle with the red army at the same time or for what is refused to authorize a rival anti fascist demonstration was artie's sara first discovered estonia show of support for nazis and is feeding a dangerous new ultra right movement. well here in the estonian town the cinema at the nineteen forty four is a scene of fierce fighting between saviors soldiers and yes this is where here by the monument to commemorate the saviors soldiers that died in that fight less than a mile away also of the scene of a gathering of veterans of this day near waffen s.s. it's an event this gay widespread criticism for glorifying naziism. former soldier of love in this forum but it's something at the moment you don't think about later or think about people.

for. whom country and most of europe these kind of events abound. in order to hear. that interesting year it's a different story altogether. it's common in the story you to call these people freedom fighters we hold our protest rallies on the stream do you hold this event to remind them what they are that they had given allegiance to hitler to tell them that they had never liberated estonia moreover money of them were engaged in and all of them are more or less accomplices of the crimes committed by nazi germany. in fact in recent years the astin you know thirty's have made it increasingly difficult for those who come to oppose the event this year once again members of the anti fascist movement were detained at the buddha and pool day that by the police the car we were traveling in was also stopped for questioning on the way in i was stopped and i was told that i have an entry prohibit to the country and of

course they don't want any kind of other opinions than their own opinion which is very very much supporting the basis of the revival of the far right across europe has caused growing concern right party. is a gaining ground in countries like austria finland and france savage solution by far right extremists and is brave can always recently is driven to show just how dangerous these he is remain i think this is a problem with the. uprising of. extremism and far right wing extremism and the fact that you authorities. calls calls the yards. doesn't want to absorb this these say far failed to take decisive action to stop nazi commemorations within its borders

russia's push for international legislation to condemn the glorification of wartime fascism but events like the one in a sting and make it glaringly clear that not all countries are on board critics of this event hardly that the gathering provides a for and for dangerous near fascist i did the government's failure to ban it is seen at the very least as being morally and politically insensitive served our city . well still to come later this hour the dark side of immigration artie discovers a property scam way immigrants are cramped and abandoned buildings across mexico local authorities accused of cashing in on illegal immigrant collections. let's take a look at some other international headlines this hour the suspected leader of one of mexico's most notorious drug cartels has not confessed to ordering the murder of fifteen hundred people police arrested a thirty three year old el diego on friday using him being the head of

a gang of hired killers working for a major crime ring the cartel controls the illegal transfer of drugs into the united states from on its deadliest mexican city where more than three thousand murders took place last year. clashes between libyan rebels and gadhafi loyalists six people dead and the opposition held city of benghazi the fighting started when rebels attacked the forces that aided the prison break some of the three hundred progun duffey soldiers comes less than he was ready military commander and libya's foreign minister. killed the ongoing civil war in libya began four months ago. two thousand people have already died in a part. north korea has announced its willingness to resume international talks to end its nuclear arms program the comments come after i read in pyongyang diplomats visited new york for talks with u.s.

officials last week north korea has been under international pressure to dismantle its nuclear weapons program since two thousand and three young pulled out of talks . like being censured launching a long range missile. there we can tens of thousands of israelis took to the streets across the country and anti-government protests after more than two weeks of. rallies demonstrations of the housing costs that tapped into why the discontent among israelis of the high cost of living and the growing gap between rich and more people are demanding swift economic reforms and social justice country's prime minister binyamin netanyahu announced that he would gather representatives of various groups to form a plan aimed at easing the financial burden on israeli citizens. and in other news a tornado swept through russia's far east killing one person on its path of

destruction twenty eight others were injured by the large whirlwind and natural phenomenon considered rare in the region over twister tore through the center of a city tearing rooftops from three hundred buildings overturning cars uprooting trees and disconnecting power lines most of the roads have now been cleared of estimated one hundred fifty homes studer an atrocity. one genetic pitches into a website or two dot com. and there we have more news updates and videos online for you here's just some of what's waiting for you right now a disabled former miner fulfills his passion for sailing abrogating russians many waterways. now the intrepid voyager is setting course for europe and. the legendary australian electro pop duo empire the sun getting ready to rock moscow and they're really anticipated gig.

for. the. immigrants in the russian capital are being ripped off by dodgy businessmen charge them for living in abandoned old buildings the scammers discovered by artane illegal rent collections in which local authorities are accused of cash in botany went along to a former city conservatoire which has become home to a group of immigrant families. at first glance it looks like a case of illegal immigrants squatting in a former architectural jam this used to be part of the moscow conservatory. this building here in the center of moscow was formally empty we heard that now there are many immigrants living here in very poor conditions are illegally right in the center of the city. but they would perhaps have gone unnoticed if it weren't for

the fuss raised by quiet center a group of local residents wanting the migrants off their doorstep. it was good for you to live in crowded conditions who knows what diseases they may have many of them don't work where do they get money to eat make stealing or committing other crimes. you go on his fellow activists call the authorities and the next day we return with offices of the federal migration service. the migrants who do open their doors soon wish they hadn't nature of course they might who are you paying rent to for this place or what and just to give you just the gayest do you live here. most are too scared to talk to us but what we do learn points to a far larger and more shocking story they aren't squatting they're being charged rent. a man comes to pick up the money from everyone living here i only know his

face not his name stop filming me so if we go into one of these rooms this room here as you can see it has one two three four five six beds who knows how many people have to sleep in this room and if we come on to this room here there's two beds possibly more in here that lady doesn't want to talk to us but each of the people that are sleeping in these rooms pay three thousand roubles every month to do that as the migrants are led outside the questioning changes from what are you doing here to who is keeping you here eventually one of the group quiet center provides an answer when you apply for that what you can it's the local housing committee it happens all over moscow is unemployed and of an illegal immigrants they're forced to pave stay in old in abandoned buildings if they can't they're thrown out and what about the illegality of this their local housing committee in turn shares its earnings with the city council and

a district police inspector because it's impossible without their consent when we took these allegations to the federal migration service they admitted it wasn't the migrants fault they wanted someone to live the moscow central district government was even more damning confirming our suspicions and admitting the rot goes deep inside the housing administration that's the only that would you know disorder it really will proceedings should be initiated and the kids should be in this to get into into court or else other officials abusing their job positions will worsen the habit of letting dilapidated houses to legal migrants. or investigation revealed just a small part of the scheme to charge illegal rents but hundreds of sites across moscow to people in a desperate position and by providing false hope of a place to live they're only going to encourage more misery for residents and migrants alike tom barton r.t. . let's see what's happening in the world of business now especially korea's things

. hello and welcome to our business update this oil advances from a two weeks low after u.s. president barack obama announced a framework debt limit deal ahead of tuesday's deadline futures surge as much as one point seven percent after the announcement meanwhile the report from europe's biggest oil company world dutch shell says the time of low cost of oil and gas is that and then it says finding resources will be more complex and require more money and investment but where this will mean a cash bonanza for oil rich nations is an open question. the cheap energy is a function again of the financial market and the financial market on the aggregate rhino's splinting countries but one to inflate their situation out of the trouble right here by inflating their systems they think that they get out of trouble and by inflating the system that leads to higher commodity prices whether

it's grains coal or oil or the aggregate are you seeing does what europe has to do on the story i think does what the us has to do so from a russian point of view on the aggregate over the long term the oil prices will be higher whether that buy more things with the money i don't think so because this is really a reaction of inflation. now let's get some figures now we see light sweet currently trading at almost ninety seven dollars per barrel while brant is just a notch below one hundred eighteen dollars per barrel and precious metal prices are in the red as investors turn to risky assets on the positive news over the u.s. debt ceiling gold is losing around point eight percent while servers down over eight percent. world markets show their relief after obama announces u.s. debt limit deal asian markets jumped the japanese nikkei is adding almost two

percent. exporters are among the main gain is with car maker honda up almost three percent and banking stocks are among the best performers in hong kong h.s.b.c. holding climbed one point eight percent after announcing a deal so almost two hundred of its u.s. retail branches for one billion dollars. and in moscow the artist on the mark six will start the trading very soon on friday they closed down with financial and energy stocks among the worst performers. u.s. debt resolution will be the main driver of investor sentiment on monday meanwhile michael stein from what criticize there's a lot of domestic news to give additional support the markets. going forward investors are going to take you from external dividends to a large extent in any case of the markets likely to remain quite volatile as we head into august as the summer volumes dry up and as we head into

a month which historically is correlated with bad news today. will be hosting a conference call to discuss their second quarter numbers which were released on friday. protect is going to release the second quarter operating update in the central bank of russia is likely to me can interest rate decision we expect and like most houses interest rates remain unchanged for the month of august. and that's where our vet for this but don't forget you can always find more stories just log on to our website our team dot com.