as for weathering future financial storms. and always say advance the commies are about to plunge into another recession the debt crisis in europe is threatening to involve more countries it's not clear how the u.s. is going to pay off their gigantic debt analysts give a pretty grim picture of what's coming to find out how russia plans to deal with these developments in the world economy i'm joined by russia's finance minister. thank you very much for joining me out of sitting at a beach hello prime minister vladimir putin said russia has sustained the head of the crisis and that in fact the level of unemployment in russia now is lower than it had been before the crisis we know very well that we deserve credit for russia actually being able to withstand a very severe financial crisis from several years ago we're talking about the stabilization fund that if you developed it and other measures but here we see a new wave of problems in the world economy probably another global crisis around

the corner. cannot russia withstand it using the same methods or do the methods have to change the way. the new wave is not yet called a crisis there are some of the stations of a crisis or a harbinger or however most economists are inclined to think there will not be a new recession but slower rates of development for a lengthy period of several years or perhaps even decades this will certainly have an impact on russia as demand for all goods on metals will be less at the same time we are expecting higher growth rates in russia as western experts predict too growth rate of about three to four percent is not. a real not expecting a fall in the economy like it was in two thousand and nine hundred g.d.p. literally fell by five point nine percent. there is a more pessimistic scenario though but most analysts tend to think i won't be a second wave of such as. under these conditions we still have to remain vigilant

and must be ready in case of the worst tomorrow. go to apply the same methods we still have considerable reserves although smaller but as a whole enough like we needed last time. if this does not last too long we'll be able to resolve the problem and get out of the crisis should have been longer than necessary we have to adjust our policy so far all has not been barred. we have elections coming up in russia and said we're going to stay in the government if we forums are carried out what are you talking about and what we for and when we expect it with me because if the next prime minister. would. like to say my future is not yet known i said i was ready to work in any capacity if it helps promoting reforms but those can be quite different and not only in government concerning reforms it's first and foremost about restructuring ranging from the pension system privatization expanding competition in our economy regulating the

tariffs on liberalization of quite a number of industries where the state still prevails and price regulation the reform of housing and communal services has not yet been completed the sector affects literally every citizen and there is much to be done yet it's also about giving more independent power to the regions the financial sector needs more transparency and stability as well as more monitoring of private deposits. such reforms need to be carried out pension reform as i mentioned is a priority in some cases we spend too much of public money without proper effect in health care and education where higher standards are required and the money spent should be properly commensurate with the quality expected we may not always do this properly all these sectors such all more benefits be a better education or medical treatment or providing better services as a result of such reforms consequently it's necessary that the need for such new

services does not mean more taxes there should be proper a balance. let's talk about the debt crisis that advanced economy space now russia keeps big part of its savings bonds but nevertheless russia has what portably cut in half its investment in the us treasury bonds are there concerns that the u.s. might announce that. you know we've checked this information that appeared in the press and that's not complete and accurate this based on the questioning of several market players as of now we are not decreasing our exposure to u.s. securities around forty five percent of our reserves are kept in those obligations u.s. bonds at the moment are the most secure in the markets and we're not afraid to invest in them yes their prices may fluctuate but there are no big risks in investing in u.s. debt there are enough of those papers on the markets they have high market liquidity

and we are sure of the capability of the u.s. to pay for its obligations in years to come so we are not worried i think of the u.s. government take steps to consolidate its budget and cut spending then it's debility would rise and we would have no concerns over the reliability of dollar assets so of course we are waiting on the u.s. government to take such steps so they could raise taxes or cut spending but over the years we would like to see the u.s. deficit shrink over several years because the debt crisis in europe is threatening italy spain portugal do you think europe will be able to withstand the severe financial crisis without letting the eurozone collapse and in what way could a pair. of euro affect russia. european powers have enough resources to save greece and so we are hoping they will show the will to do that and by that stop the spread of this contagion nonetheless these

risks remain we've just. this here at the g. twenty summit and i'm meeting of the i.m.f. board of governors and we have called in european partners to take all necessary measures i think this is just what will happen because they can do it at the same time if the debt crisis does spread it does not affect us too much at least directly because our banks do not hold any of the greek debt french and german banks on the other hand will suffer greatly because they will have columns on their homes that would not be cleared this will cause problems within these banks problems with these banks credit some overall problems on these markets because banks are after all the leading players and this in turn may affect growth underscored of circumstance of the facts on us but i would like to stress that we will respond just like during the latest crisis but this time the crisis will have a much smaller effect. just recently there were heated debates in the media about the possibility that the world's leading emerging economies the brics nations that

is brazil russia india china and south africa could throw a lifeline to europe by possibly buying their debt but russia already has forty five percent of its reserves in euro denominated assets can it actually afford buying more of europe's debt bonds. or reserves are slowly growing we're buying something in addition all the time but in this case we're not going to buy bonds of risky countries mostly we're going to invest in the bonds of the european union the european financial stability facility therefore all money could come and support to the grantees for the euro zone and in this case we are not taking the risk on the bar countries because we invest in the euro zone countries as a whole this mechanism will allow us to mobilize our resources we are ready to participate basically it's an announcement of our investment instruments and it's

quite secure we're also ready to provide. additional resources for the i.m.f. and through the i.m.f. help in supporting those countries so we can provide resources through the multilateral instruments the i.m.f. or the european financial stability facility it's profitable for us it seemed vast amounts of our finances. i was listening to robert so it's speech recently the head of the world bank and he was he was talking about how the war must change especially about the hypocrisy in the attitude of it is the commies towards emerging economies and this is how we put it i want to read this figure he said when countries with large fiscal deficits preach fiscal discipline to the poor countries what are they really saying or what i say not what i do when countries pay home which to free trade and hold back the vela paying countries with barriers what are they really say do what i say not what i do they do what i say not what i do world will fracture to the detriment of the old ways can and must change do you

think that is the approach that led to the country to the crisis that the best economies face there that threatens to affect everyone else. the way western countries have acted has become somewhat outdated has huge consumption and little investments and savings have provoked this crisis at this point most western countries are not ready to reduce their consumption and preserve the pre-crisis development pattern christers not let them emerge from crisis and their consumption is not substantiated with real economic results because consumption is pulling them into debt so western countries have this issue and they're trying to resolve it by printing money which only delays the solution we can predict from the economic point of view of this printing of money and supporting an artificial demand will help kick start the engine of the western economy so far this is not yet happened after all what the federal reserve system must on now we can see the situation has

become worse as those measures have not been. and one can expect the printing of money will resume i repeat this model of economic development is not perfect and it's the emerging markets in china russia and even brazil as well as a number of other countries with good and currency reserves that lend money this on just pattern so be changed it's this pattern that led to the crisis as a matter of fact. while everyone knows that russia's economy is very much dependent on oil prices and you said the expected or prices will drop to sixty dollars a barrel in three to four years from now to be able to withstand such a downfall in oil prices. we expect this fall will certainly cause a decrease in our economic growth down to nearly zero or below zero but in terms of the budget policy we'll be able to cope with this within a year after which we have to adjust the policy and reduce expenditure as

a whole however we are ready to provide stability for a year or two and fulfill all our duties. thank you very much for your kind. thank you. this was a city. of about one hundred ninety thousand people and we had eighty thousand people working for general motors. or a job that depended on general motors. general motors is if it's that relations you it might be your neighbor or somebody you knew so it's kind of a family run business you know myself i'm third generation my father was working there and you have a lot of two three and four generation families are there first let's understand

that it is that this is a man doesn't want. then he should not. it is gong to want a man to work. i think for a long time this notion in america that bigger was better was simply an undisputed fact in the twenty first century smarter it's going to be better general motors simply became too large for their own good and so many brands that they couldn't even keep up with they just basically became a dinosaur. with the weapons grade plutonium is turned into of. nuclear waste becomes a fuel to the environment and energy. ends of the earth russian scientists lead the

way in making these innovations a reality. through the years of nuclear clips the peaceful revolution in the comic energy technology. twenty years ago. countries. where did it take.

to. continue to work for russia. also emotions running a. standing ovation. in the west bank. a finnish speaking out against a chechen terrorist website. with his plight ignored by the mainstream media. reports reveal the recession could go even. this is a sunday sport.

hello all the latest sports updates this sunday evening and here's what's coming up . on the rise sports at moscow when porto at the plaza about to go for the down low most of them missed the chance to go second on a busy day in the russian premier league. while on the song in saying sebastian vettel wins the sing the full blown train wreck closer to retaining his formula one world championship title. and has mauled several times russia's top of their third straight defeat of the rugby world cup after losing sixty two twelve to ireland. but first football and spartak moscow have gone fourth in the table after winning four to a class in the first of five matches in the russian premier league this sunday some as i think emmanuel in medicare opened for the visit is the nigeria strike at not make have close class and the goalkeeper can go to go on the hof almont to go this many games and that's just five weeks later watching the super doubles to lead

for spot tax before russia under twenty one four with the spurs to the rebound after a scrappy corner however it took the home side only a minutes to pull a goal back you can see bits in his left glaringly unmarked unsponsored go months and finished aplomb but still in the first time of holland midfield that they may desire to restore the red wants to go advantage for him in the death cross one spotlight to britain completed his brace for class and are blasting him left footed shot soon after the restart. but that ray of hope was seeing demand for the hosts retreat come out of converted a penalty it raised to the second half or two to moscow side it finished. but elsewhere a thirtieth minute goal by last seen a try or made all the defenses down the classic used to ban edge bottom side. spotlight now to the ivorian giant striker scoring from outside the box to give the visitors their six win in seven games chick slipped to their fourth consecutive

defeat. and elsewhere ten men rust off one nearly time caught in a bottom half clash the business have drawn you know you are not sent off after the teenage midfielder picked up a yellow card by the side of the interval second for handball but kept it off immediately scorched to give us the off what proved to be the winner. while commented on one mistake fails to retrain a second spot after losing one minute struggling clearly as the better off that are going to lanka open for the home side often minutes before letting it go i'm not fit to play straight that's top read for dinner and it's not going to have stretch there on a big run under new coach jessica said a few fourteen games despite being held one long time to regain. full on saturday is a need to make sure they stay for two points clear at the top with a comprehensive four no when it came to tone it defies their limited only four minutes to open and twenty minutes later when one should of course made it to know their medical clichy to his boss. an exam they carried off made it three no just

before half time. in the second half the league's joint top scorer added another for his fifteenth goal of the season all nailed a solid win for the child especially side who post porto in the champions league on wednesday. but this guy also had a confidence booster ahead of their showdown into into milan after reaching ten man bowl the three one seed you do reopen for the army men after just six minutes while the managed to equalize shortly afterwards through the build off however they reduced in numbers just after the war when you know you can gauge if it was sent off after a second yellow card test got to full advantage plans to go it making it to want to sixty eight minutes from psyche share which netted from the spot late on a three one the final score. iska one second. while i bring them tweens what rangers are taking on aston villa in the premier league with both sides looking for a win that could put them above liverpool in fifth and that advantage is currently

with vello who lead one at loftus road thanks to barry bannan fifty eight minute spot kick in the dying minutes that one satellite launched united one hundred percent record came to an end after the league leaders were held to a one one draw at stoke state top but only on goal difference rivals manchester city drew level on points on stage to know when i need to have it and chelsea stay third operate for once when i was one is it despite fernando torres scoring getting sent off on a day which saw four red cars in the top flight newcastle stay fourth and unbeaten with a screen one win and ten months blackburn tottenham be ten man and we're going to want an arsenal move down to the relegation zone a real winner of the ted money vault and little paul beat wolves two one west brom tree will know what's for them. only one now read both sebastian vettel claimed his nineteenth career victory in an incident packed singapore grand prix to move to the brink of retaining his world title the germans ninth's victory in fourteen races means he's just one point from the remaining five races to seal the title

mathematically the only man who can beat him is jenson button who finished second ahead of red mark webber ferrari's fernando alonso fourth he was hamilton recovered from a crisis and penalty to finish fifth britain was punished for running into the obviously paymaster since slam titles in the race well vettel is now one hundred twenty four points ahead of button with only one hundred twenty five still available this season he has finished first or second did every race except his native germany where this force. now is the rugby world cup and as expected russia have been heavily beaten by ireland the final score was sixty two points to twelve a rotter row with the irish reclaiming top spot in pool c. as richard reports. rusher on the end of a rugby lesson from ireland and after about when it's enough to prevail the are issue back to the top of the pool scene where russia they were their own worst enemies at times has been allowed the irish to run in some very simple tries

especially in a five minute period just before half time break we just like experience of big tournament like this you just get tired at some point and lose your focus which results in mistakes it's a simple as that. had been the first quickest assailant's of rugby world cup i mean international stadium in the world floor was a sea of green with around half a crowd supporting the arash weiland were well on top going into the half time break but russia showed great enterprise of a ball in hand which has won them a lot of friends here in new zealand and they would run in a couple of second half tries which were very well worked through our team of andy's simple kerridge who scored on his desk debut attacking strategy and the combinations we've been practicing for the game everything worked for two tries we scored prove that the team did their best as the substitutions came off including myself we managed to sure that we can keep up with the piece or rush over undoubtedly outclassed by a very good irish side but there are a number of positives but they can take out of

a game most notably in the scrum of this was an area where they were found wanting against italy but fast forward five days and they more than held their own against a very very strong irish pack. the way we played really surprised me they did pushes back in some of the scrums we also held a ground at times and it yielded results including one try will called united we held firm as one man of us is still a massive learning curve for the russians but remember this is the bears first ever world cup but they played some fantastic rugby with the ball in hand there are more than justifying their place with the best from around the globe i hope we are proving our class with each game we play itself first world cup after all and more experienced teams have lost per similar score to the one we did today. and when you to the game but already shows some promise but russia's players will have a very well deserved break on monday and after that it will be back to training page as very prefer the very final much of a tournament against australia. new zealand. well that game was watched

back here in moscow by russia sports minister vitaly mutko and the top official heaped praise on the best who he says are a source of inspiration back. when you bite your sword it is a team sport and we will always support the strength in the spirit and teach people to work as a team with a great number of young men and women started playing sports that way i want to wish good luck to one seem as they conclude the tournament i watched a game with ireland today in the middle of the alliance let me say again that they don't have much experience but on the whole they're very satisfied with the way they trained and played and i would like to wish russian rugby good luck in the future. well in the meantime argentina edge scotland thirteen twelve to go second behind england in group bay after a nail biter actually heading to the side who are neck and neck before drop goals from brewery jackson and dan parks the scots twelve six up less than ten minutes to

go but they are going to means had other ideas with the scones eyes and see no with an amazing late run last version of the pick of the pony the puma's one point lead parts then missed what could have been a lifesaving drop goal and fifteen twelve is how it stayed scotland now have to beating them next saturday to have a chance of reaching the quarter finals coach andy robinson those things that little bit extra to win. the spirit of the side i thought it was. a really good performance but it's about being able to finish change off and. in the best tournament. in the world and you've got to be able to finish. so i love god and you know of good very good at staying in the game and. they did well stand my ground today. and in sunday's other game samoa of the fiji twenty seven points to seventh place second in group d.

behind south africa. funded to athletics and patrick macau of kenya has beaten the world record held by the great haile gebrselassie to retain the band's marzan title in berlin the twenty six year old finished in a time of two hours three minutes and thirty eight seconds to shape twenty one seconds off the record set by governess the aussie on the same course three years ago this time around the ethiopian legend has to retire after thirty five kilometers of the forty two kilometer race due to chest pains. meanwhile running enthusiastic and out of the numbers here in moscow to promote healthy lifestyles by taking part in a national cross country event the sporting festival in the capital was part of a day of running across russia with children and adults alike taking a run in the park and sports because of its ultimate co said around a million people joined the initiative on its tenth anniversary. and that's all the sports news i can.

the job intrigue president medvedev and prime minister putin could swap jobs up for the twenty twelve presidential election. that will continue to work for russia. also emotions running high as palestinians bid for statehood at the u.n. with standing ovations in new york clashes at the border in the west bank. a finnish priest speaking out against a chechen terrorist website defrocked and disgraced with his plight ignored by the mainstream media. and greek default inevitable and top officials know it revealed the recession could go even deeper than first feared. welcome it's nine pm sunday night here in moscow i'm kevin and this is our review of the menu.