stocks plummeted on news that economic growth across the e.u. has stalled or as france and germany meet to work out a way to end the debt crisis sweeping the euro zone but europe's financial powerhouses are at a dead end even before the negotiations have started but then is refusing to throw even more money at the crisis artie's daniel bushell reports now from brussels. the magic pill that's supposed to spread the euro road across the european union is something called euro bonds that in effect would transfer more than european stability to the states it would create a single. bomb that people could buy into and the suppose it would begin to calm investors to show that there is a united front and the strongest states also lead and in solidarity with the weaker periphery countries like greece portugal spain and italy now germany for good reasons doesn't want to discuss it particularly at the moment it doesn't want to lose its hold the reputation as a reliable. by signing up to this some investors

a bit surprised because growing numbers the thing that is the only way to save the euro now influential investors like george soros say portugal and greece should leave the euro and eurobonds all the only way out now even germany is already being sucked into this crisis its growth the growth of its economy. just one percent in the second three months of this year which suggests that the euro debt crisis is even bringing down europe's biggest economy. where we can get more insight from paris chief economist at texas asset management philip joins me live there thank you very much indeed mr gresham for being with us now after i get america has refused to talk about euro bonds today in this meeting there is a fear that nothing significant will come out of today's meeting between the two isn't now though the time to do something surely these leaders could afford to waste any time. well. i come from korea but what do

we expect for today's meeting on the way we wait for the comfort press conference is a framework even if we don't have anywhere you are a bones announcement we need a framework in which we can build those are your opinions to fusions that could be besides europe and central banks that's what we expect and probably they will gain some bricks in the new beauty trying to be you know all euro bonds the answer that will that i'm not going to be discussing it today is that the way forward you think it's just me all euro bones the old. sorry about this we've got a problem with the communication can you hear me let's just try that again although they were discussing euro bonds today could that be the way forward the solution for that crisis at the moment well. it could be you know europe on could be

a start of the show and clearly because we need a way to. defend done with the depth issue countries shoes and we have to build an institution that could. direct could have a euro bones that could give somebody you know or create an uber market for euro bones in fact way it would be easier to to manage european debt to try to to avoid being dependent on the specific country as we are today so we have to think about the whole governance euro area now and that's what we expect from the from today's meeting giving some new breakthrough to be of the new the new institution of. vitamin for euro area that was our expect today so let me just ask you about said that new institution environment should that be run by politicians

or economists. well it has to be both you know we have to be able to them all put it to call on vitamin for you rob that we know that. it's one weakness for caressing we need more political. power for for europe and other thing time we need some control on the economy situation we need probably a kind of calm feel that could. think about the budget things in different countries and in europe to to avoid this dive a chance we saw in two thousand and eight nine and ten in europe so it has to be a real economy economic institution but the political things to you know to be able to manage europe and give a more power to europe and got kind of you were put on government so if you're

talking about a centralized fiscal control system whereby each member state is controlled centrally by let's say in germany over the way they tax and the way that they spend could that control indeed come from germany currently the meeting economy although obviously we're not still today but where should that centralized power be coming from brussels or germany. well that's that's what it's complicated of the moment is to know. how to build things in the in europe because we see with the meeting today it's a meeting between. america but i think time we don't have anything about the european commission so it's a it's a very complete framework to be able to because we are within the countries to create an institution. that will create the kind of.

silver and t. from this country france germany to a european institution and that's what why. that's why it's going to but we all need. to get driver more. away to think about europe and then probably. part of the. case germany would not. really be the chief we have two things because we know it's not. if we all go together in the same way you feel it best to thank you so much i'm sorry about the some problems there but did manage to get a conversation together thank you so much indeed chief economist at not texas asset management joining us live in paris thank you. well the european central bank has announced it spent an unprecedented twenty two billion euros in just one week the money went to prop up the shaking economies of

italy and spain but it's all going to reports public faith in the ailing euro may already be beyond a quick fix. some work to live others live to work hockey market combines the two today he and his nephew run the picture frame shop set up by hawking grandfather almost a century ago but the family firm is in a rough spot. like all in spain my business has been struggling over there was not visible in all areas of business times have been very hard. consider this unemployment at more than twenty percent one of the highest in the eurozone bigger gantry and sovereign debt ever cross their bonds and the country's problems don't stop there despite being the fourth largest economy in europe spain is definitely feeling the bite of the credit crisis and that many ask the question is the eurozone such a great idea after all the answer may just be no the country's rating has been

downgraded twice in september of last year with moody's agency threatening to do so again in the future in fact some in spain believe the best strategy in the current climate may be an exit one. this would give us a certain autonomy it would affect positively internal processes in the country the purchasing power would give citizens access to all sorts of benefits and would have been good for the wages very well could lead to the improvement of situation in spain. a key factor here is distance while the spanish struggle with unemployment their fate is largely being decided by the masters in chief in brussels. what we're witnessing here major internal problems which you cannot solve. because it's outside of in you competence they have neither the finances nor the labor capabilities to help spain of course many people are unhappy with the place spain takes in the european union. but hook him isn't losing hope that his country and

his business will eventually climb out of the slump. of cool. it will stabilize in the end it's the small businesses like mine that will do the job because people will take work close to heart in large corporations something which me only be possible if spain quits the foundering federation of the own and puts its own house back in order even those carty hundred. one more news stories for you this. takes you on a tour of the olympic venues as the international olympic committee takes a look around we report on the results of the friendly inspection ahead of the twenty fourteen winter games in sochi. high tech combat jets and the latest gleaming airliners appears in the skies over the moscow region at the moment the world's biggest aircraft makers are russia's next two thousand and eleven air show showing off their newest designs and. is there at the field. it's

been a really nice exciting day here we've actually seen some of the individual military aircraft making a doing some stunts in the air we saw the sewer thirty of modification destroyed twenty seven as well as the f. fifteen that was pretty impressive as well and this is what it really is the a max two thousand and eleven it's about showcasing what they're capable of what these aircraft are capable of doing in the sky and as far as russia's participation is concerned one a very a highly anticipated model is the assume boycie fifteen and that is the first russian made fifth generation plane and it's also the first in twenty years that russia is putting something forward in the market here now the only other generation plane out there is the f. twenty two raptor which belongs to the u.s. air force and we're talking this generation these are more efficient faster and have better stealth capabilities are military aircraft so again it's sort of going to be a game changer if it does get into the market right now they have the prototype is going to make its first public unveil a here at the max two thousand and eleven certainly looking forward to that and for

the for the russian fleet this is again a milestone seeing that the defense ministry for example had wanted to improve the hardware the russian military which will be a good positive sign while other countries as we've seen have been seeing a defense a budget cut so again interesting dynamics here at the max a two thousand and eleven but of course it's not just that i've been looking at smaller planes looking commercial planes you have the big airliners here the a dreamliner of boeing the airbus a three eighty and i've also found some small what they call experimental plane some of them you can build at home so i've been trying out those but i have been careful not to try anything funny because you leave that to the professionals are waiting for the teams of the a french air force the italian air force the u.s. and as well as a russian two russian teams they have the a russian knights as well as we have now we're expecting them to perform one of these in one of these a six days with my colleague wrote that he was lucky enough to actually see a glimpse of that he went behind the scenes with them during one of their practice

sessions let's see what fun he's had. the atmosphere here at the cuban air field the stands for two of the most famous aerobatic teams in the world even a dress rehearsal. today is one of the last chances for the russians and the swiss to practice their new program ahead of the mixed performance. to show. the trademark nine plain diamond of two very different aircraft delight them exhibit formation behavior. down from below the four jets looked in perfect sync but as the pilots touched down tempers run high. that's normal everybody cares we're all in the mood to work we all want to put on a great show. but these pilots don't think of themselves and to train as they're serving officers flying elite hand-picked from

a russian air force technology develops. a new was being abandoned in favor of long range missiles and strayed. so. these demonstrations of piloting prowess just becoming a side show. i don't think so at all. electronics could often be jammed so we go back to who sees whom and how they can respond to the situation skills will never become obsolete and up they go again practicing for hours perfecting distills only harmful in the world capable of old fashioned dog fights might not be as big a part of combat as they once were but here they're keeping up alive. the airfield. will stay with us here because we'll be at the next two thousand.

flight actions talking to the captains of the aviation industry who. shape the future flights to pay our team takes to the max air show the two thousand and four tsunami in south asia took everything from many of the victims that lived along the coast of india recovering has been next to impossible and some have resorted to selling the only thing they have left their own body parts as this report. cala a room again is alone in her tiny empty apartment in chennai like many indians who struggle to make ends meet kala is constantly in debt despite selling pretty much

everything she has including her own kidney and i'm not. going to grow curry he told me that i could sell my kidney i agreed because i was in a bad situation and my children were small we did not even have any food to eat when the two thousand and four tsunami hit the coast of south asia kala was one of hundreds of thousands of people who lost everything in order to get back on her feet she got a loan that she was later unable to repay. we had a lot of debt i had to borrow money to buy the fishing boat the people i borrowed money from started asking me for money they said they will come home and embarrass us if we didn't pay the money desperate and vulnerable tsunami survivors soon became the perfect targets for the illegal organ trade in india it's become known as the red market every year one hundred thousand indians need organ replacements a demand that drives an illegal supply with some organs even being sold to

a small percentage of desperate transplant tourists in one thousand nine hundred four the indian government hatched a law meant to regulate organ donation in this country each recipient was supposed to get an organ from a donor who was in some way known to have even though each transplant was supposed to be approved by a committee of doctors it's almost impossible for anyone to stop money transactions from happening under the table in general when a recipient finds out that he or she needs an organ donor they normally approach friends or family for a match when those options are exhausted rogue doctors or hospital staff can introduce the recipient to a broker usually a former illegal donor too who can scout nearby poor neighborhoods for someone who is willing to see. well their kidney and go under the knife but they are really forced by good news for the most a part of it to this. is the law. though doctors also

on a blind eye to this happening to transplants from the donor to the recipient take place in the hospital simultaneously the donor ends up making a little over a thousand dollars while the brokers can profit almost double that. i went to the broker he said he will give me fifty thousand rupees for my kidney it was supposed to be much more but the broker cheated us the donors also frequently are robbed of their health by before i used to run around and work a lot but now i can do as much work as they used to i find it difficult even to live the part of what i can go to work i have severe pain in my abdomen and my chest. and while horror stories of the red market are exchanged among locals those with no options left are forced to take extreme measures sacrificing their health just to stay alive preassure either party chennai india. the majority of americans now think it's time to lift the fifty year old embargo against cuba

but the government doesn't appear to be listening and is always cared for and found out that's because the powerful anti castro lobby doesn't want to see it go. cuba ninety miles from america's shores and for fifty two years a world apart following the cuban revolution in one nine hundred fifty nine the u.s. imposed an embargo an all trade investment in travel an attempt to bring down the communist government official castro. some of the cubans who fled the island for the u.s. pushed to keep this agenda alive and so the intake castro lobby was born they give a lot of money you know u.s. elections are in fact privately financed so they've been able to figure out how to play the game so even though there are a small percentage of the population they play very big in a key swing state polls consistently show that two thirds of americans favor ending the embargo and normalizing relations with cuba and some in congress agree it's about time we talk to cuba and still stop fighting these wars at about thirty or

forty years old anti-cancer groups have given more than one point seven million dollars in donations to federal candidates from two thousand and four to two thousand and ten more than half a million dollars in two thousand and ten alone to both republicans and democrats and sharing u.s. cuba policy remains virtually unchanged they are impeding on the military equipment and that it will enhance the effectiveness of the embargo the united states will keep the embargo. fewer than one percent of americans are of cuban origin and the journey emigrated before the end of the cold war unlike the rest of this panic population in the u.s. fifty eight percent of cubans are u.s. citizens cubans who arrive and step foot beaches in south florida are on their way to citizenship haitians who arrive and set foot on the beaches of miami are on their way to a detention center in deportation cuban americans are also a force to be reckoned with in congress we definitely are the most over represented

community in congress with two senators and four representatives we say. including the chairman of the house foreign affairs committee ileana ros le and i welcome the ah. opportunity of having anyone assassinate fidel castro and any leader who is suppressing oppressing the people they have powerful political action committees behind them like the u.s. cuba democracy pac the number one campaign donor in two thousand and six with more than five hundred thousand dollars our community is very focused and it's very concentrated in florida in new jersey therefore we really have to make an effort to get out there and create the relationships. socially and agenda that has been known to change many politicians minds including president barack obama. you know obama changed his mind while campaigning before the cuban american national foundation. going to the roof but while the majority of americans favor ending the sanctions

against cuba even protesting in the streets i think. we have yet to match the strength of the intake castro lobby given for it are t. washington d.c. . now time to update you on some other world headlines this hour and staying with india for us. this hour in france a formal investigation has been opened into international monetary fund chief christine lagarde it relates to allegations from when she was france's finance minister when she approved a huge payment to a friend of president because of course he the god denies any misconduct and there's no suggestion she profited personally her attorney believes the investigation won't affect her role as i.m.f. chief. and government tanks and the siege of the syrian port city of latakia forcing thousands of palestinian refugees from their four days of shelling has claimed at least thirty lives and troops have been making house to house arrest officials have denied reports that gun boats have joined troops in the attempts to crush the uprising against president assad. and by the way our t.v. reporter is in syria one of the few foreign journalists there and you can read her

understanding of what's happening on our twitter feed she has all the latest. international olympic committee has been checking construction for the sochi twenty fourteen games the team including the head of the seas says good progress is being made in the preparation. went to see for himself. this is the mountain cluster of the older big projects nine hundred meters above sea level as

you can see the views here are fantastic and this is exactly what a visitor is an athletes will see during the two thousand and fourteen winter games and of course everything you see here will be covered in snow for the games. the sporting facilities are truly taking shape with construction moving into the final few laps you will see a stadium for fifteen thousand visitors to ski trampolines and also immediate village which will house over two and a half thousand journalists will show sochi sports spectacular to the world members of the i.o.c. visited these housing facilities during their short working visit and they say that this part of the olympic park is very important because it will leave a lasting legacy even after two thousand and fourteen what's happening here is absolutely tremendous we have never seen something like this these families going to be turned into a. terrific destination result. responsibility in the overseas to develop sports throughout the world this is exactly what's going

on you know and through which we should look at it or do it to twenty four teams but this is just the beginning. because the guys here which talks really after the games next year here in this valley in sochi will see nineteen world class sporting events giving the venue at the royal dry run before the facilities will be used for their primary purpose. well that brings up that the moment twenty five and a half minutes past the hour now the business next with korea. don't welcome to our business report here in r t as we've been reporting before moscow's international air show is underway in moscow this year the organizers expect more than ten billion dollars worth of contracts to be signed and going to be called is there for business. this is set to be

a record breaking yeah fall mocks with more people than ever are calming to the show but one of the spectators at the meyers it's acknowledging and gasp at the aerobatics display teams there's also plenty of serious business taking place the russian market is expected to grow rapidly boeing says potential of one hundred ten billion dollars over the next twenty years and says a threat to invest heavily to build on its position here over the next thirty years we expect it to invest about twenty seven billion u.s. dollars here and russia about eighteen billion dollars in titanium five billion dollars you engineering support and expertise in about four billion dollars in other ventures a number of deals have already been announced abkhazia has agreed to sell eight a three hundred twenty jets to russia a line translator old with a catalog prize of over seven hundred twenty million dollars russian made ad craft

also selling well sukhoi has agreed to sell twelve super jets to indonesian airlines almost full hundred million and following the success of the plane its parent company united aircraft corporation has announced a bold new plan to build a long range aircraft this would be in direct competition with planes from boeing. and it expects to start production in twenty. now let's have a look at the market stocks in the u.s. a following as more evidence points to a slowing global economy stocks are affected by slowing growth in germany the u.s. reports of painting a mexican amik picture housing remains weak but industrial production rolls last month and european stock markets closed mixed on tuesday with the footsie up and the dax down and the latest economic growth figures from germany affected the market they've proved to be particularly disappointing showing the euro zone's biggest economy virtually stalled in the second quarter growing just. i don't want

to percent overall euro zone growth stands up point two percent for the period and here is russia where the r.t.s. in my xix and will work as well as saying one point three percent of town was extended down nearly two percent care of these not shots of the market movers in the mines ix gas problem lost one point nine percent the company has reported eighty six percent growth in net profit for the first construction company pick has also pulls the first half years olds its almost thirty million dollars net profit against twenty one million dollar losses during the same period last year and financials were also sufferings burbank was down nearly two percent good price is a down on those worries about german economic growth like sweet is currently trading at eighty six eighty seven dollars a barrel and while brant is that one hundred nine dollars a barrel and finally precious metals there mixed gold is up selling is back on the markets actually they're both up this point silver is also off trading point twenty

five percent at thirty nine percent at thirty nine dollars an ounce. that's the latest business up at the now will be back with more in just under one though. british.

economic. troubles. schools of the. two thousand and eleven. people. with more in their stories. fifteen minutes from.