it was in two thousand and eight so you know russia is in a much better position to be able to withstand global downturn. you know to to to remain fiscally solvent and stable that's the reality it doesn't matter the perception is that russia is still a high risk environment and most international investors view russia as a derivative of global growth therefore if they become optimistic about global recovery russian asset prices tend to rise higher faster than others and equally when there's a selloff as we saw in august russian asset prices will go down probably even faster than the rest greece's debt problems just won't go away leaving many believing that default is in the inevitable but it is chief economist william believes the e.u. will draw out the persons to avoid shocking the market. there will be the. restructurings. right. over of greece and most likely also portugal

and ireland it will be done in one fell swoop you as always europe always tries to be a little bit pregnant but curative. lot. all the great good to sixty five eighty percent of the most all of our jobs than that of course will require you to put realization of banks that are exposed especially in greece but also elsewhere. from is an open question. that's a look at the markets now oil prices low investors fear europe's debt crisis will harm economic growth tempering demand for raw materials why it's we just currently trading at eighty five dollars per barrel while grant is below one hundred twelve dollars. and asian stocks are posting significant losses following friday's steep selling in european and u.s. markets exporters saw him on the main retreat and can make

a nice three percent down while electronics produce shark is almost five percent in the red then while banking stocks are the worst performance in hong kong with h.s.b.c. down over four percent hitting actually hear a lot. from the russian markets are extending last week's losses in early want astray of your chest and my successor deeply in the red tracking call bull markets lower. our russian that just ended last week on a low despite president obama announcing a new stimulus package for the u.s. economy looking ahead to the next five days and something. renesas capital is not up to mystic potations of more economic danger remains high. it's very interesting the sequence of the events of. the speech will be forgotten but all that for me everybody understands the problem it was that we be it's a creation he just proposed in some measure of seven different problems with the

block it's a matter of some congress republicans will give the order to get in this that's why i think your chances for by michael press release legislation will be high but i think that the real market in fact for the new european bird which will arise through in the next week because we haven't seen them for working almost what can we do it's a pretty well period of time for the scramble for instapaper. now russia's preparing to small air carriers from running both china and local flights routes will be given to the country's major airlines who will also get state subsidies analysts say this could reduce existing passenger traffic by up to full ship essentially just a few companies operating in the market the move is aimed at improving russia's for aviation safety records after almost an entire professional ice hockey team was killed in a plane crash last week. another business updates

in less than one us tie for you and don't forget you can find more stories and losses in our website arche dot com slash business.

like millions of americans i've lost thousands of dollars in retirement funds and i haven't had as bad as many it's not just about the there it's about me to. me ma'am prime a young ambitious. missing. and. most. needed. now. since this is my film i get the last word this financial crisis will not be for dos like a light sleep. apnea.

the. to. just say. well when one deals with war for us to realize that this tremendous amounts of damage that have gone from not just human damage but damn it. the physical environment in which the battlefield takes place tremendous amounts of damage gone viral bombs by napalm boy chemical city whether it's hard sonic boom six factoring in mammals or it's the burning oil fields here in iraq or even

stroy coral reefs in the pacific for ramming purposes to list just goes on and on the geneva conventions in changing forty nine states that there shall be stages in the war to protect trendline against widespread some long term and severe damage to the united states although it is accepted almost all of the provisions protocol one has taken exception to that.

back and watching our feet come to live from moscow these are the top stories the british prime minister is in moscow for talks with the russian leadership after years of strained relations it's the first official visit of a british leader to the russian capital since two thousand and five. a felicity disputed the. four billion euros theory package answers a final debate in the lower house of parliament but open protests be unpopular cards have already started with some areas of the country going as far as seeking autonomy. and iran prepares to officially waddy and its russian build will share

a nuclear station the country's first atomic power plants will reach about half of capacity after being connected to the main national grid. more toughest area measures and a new property tax are also being prepared for greeks as the country's economy finds it hard to skate the clutches of its debt next we talked a greek of peace he must get a cold who says joining the euro zone has destroyed his country's financial prospects. greece has given the world many edifying myths including belayed a spine and its economy was strong enough to join the euro zone but is it a comedy and tragedy or maybe a farce well to discuss that right now joined by the member of the greek parliament . thank you very much for time sir now greece has been at the center of political

and economic debate in new york why some time now do you think the european union has been and not to how greece out. in the right timing and greece was just the weakest link. in the building. and well constructed it is a problem when you promote the financial gratian and having political integration and i think it's the time for big decisions in the european union i'm not so sure that the political leadership of the european union today is going to be what do you think at the root of this crisis of this crisis is that the political leadership has given up a big part of our. let's call it financial establishment to people that never vote for. but they seem to have more power than the

elected leadership that is something that has to change and another point of view maybe it sounds a little bit moral but making the money without producing anything is immoral and that's what we are paying right now so what you seem to be suggesting is that greece has lost more than they've gained from joining the european union and the euro zone listen our fault is that we lost chances we should have done more and the good things right now it is costing us a lot you can imagine that. germany for example is lending us money when the big hit with a big interest rate then that itself is borrowing so they're making money. to us now some critics say that since euro was introduced in greece wages have been

increasing at a pace seven times higher than in germany to if you just mentioned for example salaries for public servants have increased by seventy six percent so some critics may say that it's actually been inefficient bodging inefficient cost management that the lab to the dire situation. there is truth that the greek political system. for. for the best part of the last twenty years was. giving money giving benefits in order to collect votes. that is not the only reason though for these. patients that you were referred to because you must keep in mind that when we entered the european union the salary of the public servants in greece was one tenth of the salary of public servants in germany and it was supposed to be that. the game of the european union was that all

europeans would come to the same level so yes there was an augmentation of i don't know seventy percent he said but still the salaries are lower than in germany how bad the situation really nice one of. the folding up in the near future i believe in the perspectives of greek economy maybe right now it seems rather gruesome picture but we have many capacities that haven't been explored them that's one of the reasons i'm here and must promote the conference that we're having and wrote us about the great russian collaboration there are many things to do specially in the energy sector of course the tourist sector the real estate sector the corporation and production of. items of high tech not logical value with russian know how and production increase rates would have

advantages for both sides plus the fact that with the help of the european union greek foreign most have stopped producing can you imagine the country like greece right now kong feed its people we don't produce enough meat we don't produce enough we even. we are importing a country like greece that should be produced. everything can produce something and should be and have the skin from the get opinion that farmers were paid so that they would then produce anything. we destroyed one of the main assets of our economy and these changes at the conference you're giving is full of disappointment gaping it was a wild decision for greece to join the european union in the first place the decision to join the e.u. was a wise one the way we entered the monetary union was the wrong. relation

of the greek drachma that we had to the euro was in the correct way we sense. who made the transition from the drachma to the euro was incorrect for example prices went three times up we didn't pay attention at the time because what we gained from the monetary union right away was more credit greece and greeks could borrow money easier but it wasn't used in the correct way it was used just to buy things but also the investments that were made in europe were only to sell germany you know what's the biggest investment that's made in greece for the past ten years super markets and

we ended up buying german products buying german cause. we have helped the german economy very much by our buying capacity i'm telling you maybe greece borrowed a lot of money the past ten years from thinking you know from germany especially why don't you check out how much money germany has made out of greece the past ten years you'll discover that it's nor than what we borrowed just recently the greek authorities have announced a very ambitious project nation program. and by intention to sell may just take companies in an effort to raise some money and close on budgetary holes why do you think about programme i think that a big part of the public sector should be privatized i don't think that the current government is. moving in the correct direction and i'll give you an example that

has to do i know that there was there is a russian interest from the russian railways for the greek railways and then i am sure that. with russian management and russian know how the greek gray laws can make money great ways can make money but today they're losing. and as far as i know the greek government hasn't responded to the proposals so things like that have to change. for privatization but with. the spirit of development we don't want to sell out the greeks and we're not going to sell the acropolis as some german magazines and newspapers proposed i wonder how they would feel if they were to ask them to sell them not bill gates or something similar historical and the notion of value and i do believe that what.

european union the troika as we call the european union monetary fund and the european central bank the proposal the plan that they have it's not working. raising taxes in the in the connally that is in deep deep recession doesn't solve problems it creates even more what future do you like a unified europe do you think it will survive this crisis i would like to see europe survive but there are many things that i have my objections for example the relations between the european union and russia they should become better. greece has tried to be a bridge between good opinion union and russia and russia successfully sometimes unsuccessfully and others there are some new member states and big european union that are reacting but russia is a part of europe so i can't imagine

a europe without russia there must be a closer form of cooperation between the two sides and everybody is going to benefit from that you mentioned germany several times throughout me finish and on the german quote just a few days ago i am going to mark a fad that if the euro collapses europe will collapse do you agree with a statement i want to see the european sea. continue to exist i believe that we didn't start it in the right way. but it is the right direction we just need a new framework and a new understanding between us because right now very thing that country that is not entirely responsible everybody has its own responsibilities on the sponsor of the peace and it's the weakest link but there are others too and you saw that

the problem of greece really quickly became a problem for i love portugal now we're afraid for spain for italy so it can't be only greece's problem the whole structure was wrong and we have to change and we have to find another approach i still do believe in the european union and the utopian dream. but in the larger dream and in a more correct way and as i said from the beginning i can't imagine europe without russia. culture is that so much of the taxpayers' money coming in to hide says yes i am a real creative period of currency in crisis and an unknown future but is there

a silver lining on. wealthy british style. type of. market finance can. find out what's really happening to the global economy with months concert for a no holds barred look at the global financial headlines tune in to cause a report on our g. download the official antti outlook ation to on the phone oh i pod touch from the i choose ops to. watch all sheesh life on the go. video on demand oxys minefield costs an onus is feeds now in the palm of your.

question on the call to call. me soon which brightened if you need bounce song from feinstein the christians. who threw stones on t.v. don't come.

the british prime minister is in moscow for talks with the russian leadership after years of strained relations it's the first official visit of a british leader to the russian capital since two thousand and five. a two is disputed fifty four billion euros terry package and there's a final debate in the lower house of parliament but open protest at the unpopular cuts have already started with some areas of the country going as far as seeking autonomy. and iran prepares to officially wadia on its russian build bush era nuclear station the country's first atomic power plant will reach about half of cassidy after being connected to the main national grid.

on the back of the top of the hour with more updates in the meantime let's see what's happening in sports natasha is here. thanks marina how long welcomed to large parts of played on our channels take a look at our top stories. the williams in the women's singles final denying the americans hope somebody fools title had a year or so in the flush of medals. some well as old schools the second goal in as many games for russian side and she really needs most talked about team people venusian you know going to. and also said also that sellers closing in on a second. title of a german winning the morons are grounds for in style had a jenson button and pronounce it alone so. i got to stop the last big meadows where some of the stalls were has clinched a maiden grand slam victory stunning syrian

a williams in the rain delay the ladies final on sunday and minute silence to commemorate the sound anniversary of nine eleven and proceedings on sounds of chords. i started going into the championship decide it's obvious and the dog against the three time winner had dropped the sat however it was the nine seed who did not need to go out alone and to secure a relatively easy straight sets win six two six three stars or capturing the overall title with a forehand winner on her third match point becoming the first australian woman to play in the u.s. open singles titles and since margaret court back in one thousand nine hundred seventy three. felt like i was the underdog going into it so maybe that kind of made me a little more relaxed going into this match then especially my last grand slam final i think i was able to draw on a lot of that experience from the french open and. you know. i had to believe that

i had a chance when i think obviously having two victories over there in the past. helped me feel that it was possible and i knew that i had to go out there play well even have a chance to play for the president and i would have never thought i would have a chance you know. seven weeks ago i mean already during wimbledon or whatever you know in low six months ago or were they just were very. pretty would have been available so i can't be too upset myself. i'll bet some news for the local supporters coming later on the day you know as little hooper and. ronnie king and you are slavishly and avoid the women's doubles final brave interrupted play off of the first course in a close battle in following a couple of hours with hooper and raymond actually winning it on a decisive type break. now russia's man have won the beach football world cup it needs a name for the first time the national team beating nine world champions brazil

eight in sunday's finale the russians called to be three two lead early on got the soccer boys scored a few more times in the first period to come to get just one goal. before the first grade second period proving to be decisive best the russians added six mall brazil nuts in all its wise the underdogs then held on to that advantage to secure them late and world title. in a while spartak moscow was unbeaten run since june in the russian prime a league has been extended for another week after saying golf cart in sunday's opening match just one goal coming on a dreary day in day out of out sounds you had a chance to elsa the school board read away from the second half of this effort the fans literally soaking in the experience when nicklaus farai did break the deadlock with a pinpoint breaking five minutes from time to stride as an all for the last of its take all three points. the league's all the sport i count that meanwhile sold there

were seen you should go way down to rest of the belmont had the opportunity to open from the spot in the thirty minutes and over the russian international be the keeper he could be closed both teams than creating chances until courtships burst into the area and slowly in the instance it was public now both some of the lead off to the disappointing defeat. and that's because really it's a bit the bin bottom going into the weekend managed play with full picture of the season to get a million to get things started against and see so i'm with my minutes gone the russians national left all alone to pick a spot as seems and leave them bone dry before the break the move maybe two zero to three. and in the final game of the day alan xiii big new boys well go on home page the

business opened the scoring go through me hype the clash on who do you think people are back with this long range at ford about thirty minutes after that some will and so on austin second go in as. many matches for ensuring the full time african player of the rising in his first home the minimum wage job for another world starboard to colleagues that says that when they arrived before the after free kick i was you know fool would say go and week twenty three or at some place on monday one take those who buy those. and then well just two games in the english premier league on sunday the first. to celebrate the best victory of the season they may win coming at the expense of you boys nor each city formosa much you can also peter odom been given it seemed just three minutes seems to seal maximum points for the wild full of my blackburn remain a norah jones both winless up to playing out a valid one.