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see don't need to go and. read this in the kennel was hotel retreat. the headlines on r.t. and the deposed president all of egypt goes on trial in cairo the ailing hosni mubarak is charged with corruption killing protesters as angry crowds fatally clash outside the courthouse. the u.s. has been brought back from the brink of a devastating default but it comes at a heavy price say economists who warn that america cannot remain a safe haven for the world's investor. divisions in the u.n. security council western countries press for an outright condemnation of the syrian government for violence and russia meantime says that could damage the road to peace and calls for.

worldwide news live from moscow this is r.t. with me rory sushant the man who ruled egypt with an iron fist for thirty years is on trial for the february uprisings that toppled him hosni mubarak is accused of corruption and ordering the killing of some eight hundred and forty people it's a charge that carries the death penalty the bedridden former president was wheeled into the crowded courtroom and placed in a special cage one person was killed meantime outside the scene as mubarak supporters clashed with his opponents a further fifteen were injured as each side holder rocks and bottles at the other. a boy is following developments for us in time but during the proceedings today we haven't heard the mark talk that much the only place he really mattered was that he was there he was i'm here and that's exactly what he said and i categorically deny

all the charges levied against me now. he didn't elaborate on what exactly he man but he certainly is testimony there is testimony that he came during the initial interrogation make it a real chance it was leaked to the media and there in that transcript he was quoted as saying that he. denies any responsibility for the killings he believes that the massive death toll was the result of random clashes with the protests that he specifically sad that these days we're all there is not to use force and he also said that perhaps he authorized the use of force and nobody would have listened to him this is the aftermath it was pretty not fully confusion and care that is occurring and it took these days about eight hundred fifty people were killed during the initial wave of driving into the pot while they refrain from our fears that families are being seen captured. thousands possibly even the people who don't

want to be exact that will at this point of time but many more people were killed and injured pulling the uprising in following the bark step down from office many of those clashes in the police in the process of the response by the temporary military allowed counsel that is now being charged except. these difficulties that not that much has really changed in egypt and some of them have been handed tactics that were used by the mubarak regime as he'll play and are being used by his captors out many of them hold the people. power during these initial way there. in this uprising. also it might be that my colleague fareed can also now report this quaint cairo is now one of the most famous in the world many around the globe even those with little knowledge of arabic know its name means liberation well the revolution of january put this part of the globe on

the map but apart from that what als did is bring the people of egypt. this man has been running his own business for thirty five years it used to bring him enough money to send his son to started to canada and take his large family abroad once ear between the economic devastation caused by and rest and political uncertainty muhammad's enterprise has been badly affected now he can barely a food to feed his children he says the wind of change may have brought freedom to egypt but it's brought as survivals tong in its wake. you know i love the revolution when it happened i welcomed it that looked at the time like a light at the end of the tunnel we see it's not getting better we have nothing to eat just don't tell me about democracy for hungry people it just doesn't matter.

the plight of poverty fuel the revolution your growth has dropped from five to just one percent some thirteen million people live below the breadline unemployment has hit twelve percent. egypt's revolution was regarded as the most successful arab spring chapter it took eighteen days to end one of the world's longest dictatorships but five months on there is little satisfaction and dictator free egypt is far from the best place to live and the people. and. the people now going about mubarak as well much better than that they. would be a better solution and this in fact is a very sad that is our people are indeed tired even those who back the changes this young man is from the revolution youth caliche and he tries to remain optimistic but all he says sounds a lot like south conviction that i get out of the other side we've been living

under mubarak for many many years too many i'd see but it's great what we did but we do need to be more patient and this is difficult we have a lot of problems right now but we do need to wait for a little longer. recent new demonstrations in the square show that there's toy system has been pushed to the limit and it's protests versus patience and the battle to save egypt from crumbling further duration optionor r.t. cairo and analysts believe that egypt has a long way to go before the situation there improves. they are. going to. simply because i think nation will. be ready to put a new constitution. and i don't think the. easy.

to get one for understand. this then and there isn't it. also important for them to know that i rather. expect. security. and that was our middle east expert about it mikhail speaking we spoke to him just a bit about. the world's largest economy has been rescued from the brink of collapse as barack obama signs the bill to raise america's borrowing limit with just ten hours to spare before the country was due to default after months of political wrangling democrats and republicans hammered out a last minute compromise which finally cleared both houses of congress however the deal to increase the u.s. debt ceiling by almost two and a half trillion dollars is viewed as less than perfect by both parties many republicans pushed for less government spending while democrats wanted to keep

social programs and have the richest americans pay more in tax but despite a last ditch agreement credit giant moody's has slapped the u.s. with a negative economic forecast standard and poor's could still downgrade its triple a rating gerald cilento from the trends research institute told us here at r.t. that the us is headed for yet another great depression. to devaluation of the dollar it's been going on for a long time but they're not calling it a devaluation what they're doing is they are flooding the world markets which cheap dollars just. does the europeans are doing with cheat the euros so the more the product is out there the less valuable it is the dollar is it worth the digital paper it's not printed on the united states can't deliver on its wars that loses wars where there are iraq afghanistan the war on drugs the new war with libya they're losers the government did everything that they touch look at all the

trillions of dollars the tens of trillions that have been pumped into the system since the panic of zero eight struck the american economy as well as much of the global economy is heading into the greatest depression anything everything that they're doing is not going to salvage it if you have a third mortgage it's like taking out a fourth in a fifth how is that going to fix the real estate problem which by the way the prices of four with more dramatically since two thousand and seven since the great depression of the one nine hundred thirty s. how is it going to fix the trade deficit problem it's not the great depression is underway and all they're doing is trying to make it look as though they have a plan to stave it off they're not going. well economists continue to sound of the alarm of a dangerous still facing both the u.s. and world economies and it's fear that washington's efforts to cut spending could just slow down already sluggish growth but i want to use your cut in the couch over

reports many say that the u.s. is used to dishing out advice to others but may be less accustomed to helping itself. congress has now approved a compromise to reduce the deficit and avert a default that would have devastated our economy the u.s. just had to swallow this bitter pill but many students it will how the patients recovery but will instead prove to be a poisoned chalice our economy is not growing at all in fact unemployment remains very high foreclosures remain very high no recovery is taking place and are we on a suicide mission we may be gesturing you know to kind of deal with debt at the same time make it impossible for the government to play any role to save the economy an economy is going down rapidly at some point shortly after the collapse of the soviet union russia became an american laborde tree for nearly broke economic theories but can americans take their own advice now to deal with their

own economic crisis. live within your means the same advice they gave us without knowing our economic and social realities as we. speak to give russian to how did russia central bank in the immediate post soviet period the year he took up the job in one thousand nine hundred two so the worst for figure inflation in russia's history the us the sarra came to nando's the communist economy was in collapse but there was nothing to replace it with. so the situation was disastrous for he did it was over a hundred billion dollars in gold in foreign currency reserves will listen fifty million which effectively means new. people to reformists of the damn government remember how in america's advice so-called shock therapy was a plight the markets might have got the therapy but the people got the shock empty shelves and must pull their teeth growth or as one politician synod to move from

a market to a communist economy is easy it's like trying to turn your query into fish soup but to do the opposite is much harder it's like trying to revive the dead fish it to clinton russia a decade to revive it's a quarry him and return to economic growth transforming the country's fool chance after the disaster of the nine hundred ninety s. but with the us now the patient in dire need it could all mix. with the seeing of the maps and they thought it was good enough for both saw the russia will be fit for america it's not going to kill the art more scale. with washington out of the woods for the immediate future investors turn their attention back across the ocean in europe borrowing costs for italy and spain have social drastically as traders rush to rid themselves of risky investments a crisis talks between italy and the e.u. are already under way as its bond yields reached their highest level since the euro

was adopted for more on the implications of this we're going to talk to economics journalist patrick young joining us live here on r.t. hi patrick so is development will severely dent the ability of the third and fourth largest eurozone economies to pay off their debt and even put them on the path to a greece style a bailout if that happens the e.u. is bailout fund might just not be big enough to pick up the tab how worried should we be. we should be very worried or already i mean the problem is we keep coming back to this issue time and again and really no one in the european union really. wants to address the problem you're absolutely right the european union's be alight from these on the verge of running out of money as soon as one of those major economies such as spanner italy defaults and every day the market is saying it is terrified of the debt that has been built up in the system and it's appalled by the fact that nobody in the eurozone wants to actually lead a side of this problem all right so it looks like italy has now entered the crisis talks you talk about the bailout fund being down to barely anything here how likely

is it that italy will ask for a bailout do you think. well you know it's going to be very very difficult because it's really a game of chess i mean if it really asks for a bailout there simply isn't going to be enough money there in order to manage to pay it at the same time we've got a problem because banks in france and germany well they're very much split the big banks are finding ways to try and reduce their risk and reduce their profile of debt in these lesser quality nature. if i may you know you mentioned these banks particularly german ones are deutsche bank and this is a huge deutsche bank has reduced italy's bond holdings cutting its a spoto to the country's debt by eighty eight percent in the first half of this year is that is that a sign that the big banks really are rushing to cover themselves here that's a big move absolutely it's a huge move and don't forget i mean buying is actually a highly high street bank in italy so it's very very active there the big banks are moving very quickly to get out of this debt i think the problem is that they're

using quite sophisticated derivative instruments often in order to reduce their holdings and the problem is those instruments aren't necessarily available to smaller banks in the sea in big countries like france and germany so we actually have a problem because when mrs merkel or mr sarkozy looks at the problem tonight they've got a situation where the big banks may be able to say if you i'm ok i've got out of this problem but actually the smaller banks are the ones who are going to be left holding the baby that's not to say i'm going to finance i have to have a trouble or patrick sorry but i'm just going to say requires quite heavily on domestic banks and insurers so with this move from deutsche bank i mean how or how could that actually hit the country itself well it hits the country very significantly because you're quite right i mean actually italian hard holds by a huge mind of a tile in government bonds and that's always been a very steady business but at the same time somewhere along the line you need to sell some of your bond issues to overseas investors and if a bank like basically says we don't want to hold government bonds there are lots of

other foreign investors are going to say gosh. could be on to something we don't want to buy those bonds either and the problem for italy is it has a lot of refunding coming up in the course of the next six months in other words it needs to sell a lot of debt by patrick now spanish and italian bond yields surged less than two weeks after greece's second huge rescue package aimed at staving off contagion does this mean that the deal was simply a bad one to pick it absolutely dollars i mean i we've been discussing this for weeks and you know something the problem here rory is that no one in the euro zone wants to cure the problem they simply want to throw effectively aspirant to cure an appendicitis annoyed everyone is gradually getting the appendicitis throughout the euro zone and unfortunately the way to cure appendicitis is actually surgery. at least seventy billion euro austerity package passed last month has done little to calm the markets is there a way out of this deadlock or what are people going to see that is by this paying

banks its fat cats and lining the pockets of fat cats and what we know what is the end game here it seems to me the public is just being kept in the dark i think the public is being kept in the dark and it's been sent a lot of smooth messages from the political classes that don't really hold up to the stark reality of markets i think the problem is that ultimately banks are going to have to lose money as part of this entire play they originally bought a lot of these bonds thinking there would be an endless nerve of cheap interest rates for all of these countries and effectively the game is up the play is over and governments need to step in they need to restructure the market and we actually need to see that demon d word default in other words some of the bomb tough to go vast for the bomb tough to be restructured and ultimately some in must end up with the banks there are many analysts out there who say default on restructuring really is the only way out here young economics journalist thank you. well i played

a head for you this hour here on r t including border stress as nato increases its presence along the northern frontier between cause of o. and serbia we explore the possibility of even of further escalations in ethnic tension. or the violence in syria picks up pace with reports government forces have resumed storming the opposition stronghold of hama and cracking down on protests over one hundred people are said to have been killed over the past few days meanwhile the un is locked in debate over what action to take on the crisis. as this from a new york. there is a divide among security council members on where the condemnation lies the u.s. and its western allies believe there should be a direct condemnation against the syrian government and the syrian president for the crackdown against anti-government protesters that have been taking place since mid march yet other countries like russia china india brazil and others believe

that there should be a much more balanced approach that whatever words are used in any text that is put forth by the security council should not exacerbate an already sensitive circumstance in syria now russia has said in the past that it opposes on balanced measures such as sanctions that could create an even bigger problem and the russian ambassador to the united nations vitaly churkin has said that the resolution dealing with libya he believes was dealt with very frivolously and the security council can't help but keep that in mind when contemplating what the security council can and cannot do when it comes to the situation in syria we're concerned about the while on some of these collation of the conflict and saying that these circumstances the security council could and should. those that have signaled in

favor of political accommodation and the violence some of their position. in terms of leaving on one side which is detrimental to the objective picture. of the russian delegation shared by some other members of the security council to do everything possible in order to. pull away from the brink of a civil war with syria is finding itself in many other security council members believe that the text of any draft resolution or presidential statement should be aimed at changing things on the ground in syria to send a strong. signal to the violence and move things forward peacefully now we do know the security council members will continue discussing this matter and what is clear is that the international community is trying to reach some type of consensus to help end the violence that's been taking place in syria for more than four months.

reporting live talking about the ongoing protest movement in syria some analysts doubt that the opposition accurately reflects public opinion in the country and its political expert michel chossudovsky says the gap between the two conflicting sides is only why. the question we have to ask ourselves is what is underlying cause of this of this so-called protest movement it looks more like rection with god which is supported by the balls of brotherhood all these events in effect. from islamic groups the city of hama is a stronghold of the muslim brotherhood and the socially this is a confrontation between the muslim brotherhood and the government i do not think that it reflects generally public opinion in syria which is committed to to a secular move the muslim society. now you can also catch up with all the latest

developments unfolding in syria just do so online at r.t. don't forget our crews view from the ground as we traveled through the city of hama to give you a firsthand account of the news as it happens directly from the heart of the protest torn area. also a wooden alien lands in russia this monument to cosmic visitors is unveiled in an area famed among u.f.o. fans for high numbers of reported sightings all that and some much more at r.t. dot com. now to send hundreds of extra troops to cause of as violence escalates on the northern border with serbia the reinforcements will bolster alliance forces already patrolling the area border clashes between a cause of those special forces and ethnic serbs saw one police officer killed and a peace keeping forces fired upon tensions were raised last week when because of and the police seized two crossing checkpoints to enforce a trade ban on imports from serbia this was in response to bill grades existing

embargo on cause of an goods in place since the unilateral declaration of independence in two thousand and eight. a canadian film director things that whatever concessions are agreed upon it will just be making them. they would not be sending troops into kosovo if they didn't estimate that the situation could explode into a larger conflict and considering that the international community has an interest in solving the so-called north cost of the issue it would not be unreasonable to suggest that they are trying to sort of fix this issue as fast as possible and i strongly believe that if force is necessary to do what they have planned they will use it this escalation of violence of course is not helping belgrade because. the people of serbia. see this as a provocation and it is making their sentiment against reaching a compromise. not not very favorable for tried her side so i think this is not

definitely helping anybody whatever both sides are urged to negotiate it is mostly for the reason to get the serbs to accept something rarely are albanians out to make concessions to the serbian serbia has already made many concessions to the so-called republic of kosovo they recognize their documents their i.d.'s their license plates so i think calling for the albanians to negotiations is another call for serbs to accept more things that are just leading to serbia recognizing kosovo are you with i'll be back with a recap of today's main stories a very soon but first though it's the business with . hello and welcome to business here on artsy now pay pal is weighing plans to open an office in moscow this autumn and according to the vigorous newspaper the world's largest online payment portal is punnets invest twenty five million dollars in

russia pay pal is coming hand in hand with its own or online auction site e bay and in order to operate in russia even these to sort out online transactions end delivery while it's in talks with d.h.l. about postal services pay pal will be transfer in the money analysts say pay pal's move looks reasonable given russia's booming online payment markets. prices for jet fuel in russia are about to take off again the country's key suppliers raise fuel costs by up to ten percent on tuesday while companies say that high global crude prices and domestic shortages are spurning crease in addition the lack of fuel is being driven by higher traffic volumes from russian airlines jet fuel prices have risen twenty five percent this year with the previous hike in early june. now let's take a look at the markets oil prices continue to fall this hour investors but that signs

of a slowing u.s. economy may falter fuel demand in the world's biggest crude consuming nation futures dropped as much as one percent on wednesday after the unexpected fall of u.s. consumer spending. and gold is edging us concerns that the u.s. economy is faltering are a boost in demand for safe haven the yellow metal is trading one point six per cent higher while silver is at an almost every sentence let's take a look at what's happening in europe stock markets there are lower on the heels of sharp losses in the u.s. and asia among the worst performers saw a society asian there on which dropped six point six percent after reporting a thirty one percent drop in the second quarter and that profits other banks are mostly lower as well except for standard chartered which rose two point two percent in london after the lender reported a twenty percent rise in its first half profits. and here in moscow markets are diving into negative territory tracking losses in europe and asia both the r.t.s.

and the mindsets are loosened over two percent this hour. let's have a look at some individual movers on the my sachs energy majors are among the main losers waved by a lower crude price of gas from is down over two percent while roll snuff there is one point eight percent in the red banking stocks are also down with v.t. be losing two percent bucking the trend though is. ali has gold adding zero point six percent on strong precious metals. gas from that has boosted its first half their profit by seventy four percent suits one six billion dollars the oil arm of the gas when all gas from says the results are driven by high crude prices and better sales. russia mobile form retailer says no ists of us on the long thin stock exchange that year the company's c.e.o. has estimated its value of between one point six and two point eight billion

dollars and says up to forty percent of shares will be sold meanwhile says the law has reported a twenty six percent profit growth for the first half of the year we're trying to prepare ourselves for the possibility of an i.p.o. next year we're looking at two windows one is maple the other one is october i.p.o. is not the only way to raise funds obviously there's a private placements there's also a possibility to get rather than equity financing so once again we're looking at i.p.o. is one of the alternatives to which your response the reason why we actually need to raise funds is primarily for the other projects within the group the shareholder of this is neuer also has other projects like snow bank that it's looking after and those are the projects that need the funding and that's all from me this hour the headlines are next of henri.