he spoke to russia's finance minister alexey could renew discussed the country's plans for weathering any 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 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 new wave has not yet called a crisis there are some of the stations of a crisis a harbinger however most economists are trying 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 demand for all goods and. at the same time we are expecting higher growth rates in russia as western experts predict too or growth rate of about three to four percent is not bombs and we are not expecting a fall in the economy like it was in two thousand and nine hundred u.d.p. literally found by five point nine percent. there is a more pessimistic scenario most analysts tend to think i won't be

a second wave of such a scheme. under these conditions we still have to remain vigilant and must be ready and use of the worst tomorrow. you know 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 it be 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 formed when we expect if anybody with it it becomes the next prime minister. would. like to see my future is not yet known i said i was ready to work in any capacity if it helps promoting reforms those can be quite different are 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 this 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 to chill more benefits be a better education a 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 balance. let's talk about the debt crisis that advanced economies face now russia keeps a big part of it saving bonds but nevertheless russia has what portably cut in half its investment in the us treasury bonds are there concerns that the west might announce the fall and it's that. you know we've checked this information that appeared in the press and it's not complete and accurate. 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 its stability 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. 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 fall down fall of the euro fact russia. european powers have enough resources to save greece and so we're hoping they will show the

will to do that and by that stop the spread of this contagion nonetheless these risks remain we've discussed this here at the g. twenty summit and at the 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 come 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 qualms on their homes to live not be cleared this will cause problems within these banks problems with these plants present some overall problems on these markets because banks are after all the leading players on this in turn may affect growth and this could have 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 attract. just recently there were heated debates in the media about

the possibility that the world's leading the merging economies the brics nations that is brazil russia india china and south africa could throw a lifeline to europe by possibly buying their debt bonds russia already has forty five percent of its reserves in euro dominated 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 counties for the euro zone and in this case we are not taking the risk on the bond 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 enlargement of our investment instruments and it's quite secure we are 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 multi not real instruments the i.m.f. or the european financial stability facility it's profitable for us it seemed vast amount of our finances. i was listening to robert alex speech recently the head of the world bank and he was he was talking about how the world must change especially about the hypocrisy in the attitude of it is the commies towards emerging economies and this is how it put it i want to read this to you he said when countries with large fiscal deficits preach let's call this a plane 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 ping countries with barriers what are they really say the what i say not what i do they

do what i say not what i do a 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 advanced economies face now 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 to . well upon padron this does not lead to my marriage from crisis and their consumption is not substantiated with really konami results this consumption is putting 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't yet predict from the economic point of view if this printing of money and supporting of artificial demand will help kick start the engine of the western economy so far

this has 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 enough 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 gold and currency reserves that lend money this on just patterns will be changed it's this pattern that led to the crisis as a matter of fact. while everyone knows that russia's economy very much dependent on oil prices you said expected or prices will drop to sixty dollars a barrel in three to four years from now to be able withstand such a battle 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. 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 not relation to 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 this is if a man doesn't want. it he should not. it is gong to want a man to work with. 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. was. twenty years ago the largest country in the. suitcases of.

what had been a chain. each began a journey. where did it take them. we'll . bring you the latest in science and technology from the realms where. we've got the future covered. more news today. these are the images. from the streets of canada. today.

continue to work. in the west. speaking out against. the mainstream media. leaks reports reveal the recession could go even. and i thank you for joining me for the sports headlines on the rise spartak moscow

win for two a class nadal to go forth while the low wall still missed the chance of a second on a busy day in the russian premier league. while all the song is saying sebastian vettel wins the crash later singapore grand prix to move to the brink of retaining his world championship title. and baz molds debutantes russia suffered a third straight defeat at the rugby world cup after losing sixty two twelve to ireland. with first of all in spots at moscow have gone fourth in the table after winning four two at clowes and are on an action packed sunday in the russian premier league summer signing emmanuel america opened for the visitors in nigeria strike not make how close goalkeeper you can go to the on the whole school his third goal in this many games and just five minutes later that double delayed for spots x. the former russian under twenty one forward was first to the rebound after

a scrappy corner however it took the home side only a minute to pull a goal back if kinship beats him was left glaringly unmarked in spots at goal last and finished with aplomb but still in the first term of holland and so that they were it is a restored the red wants to go advantage from americans death to cross through inspire time. tributes him completed his brace across an adult blasting home a left footed shot soon after the restarts. that ray of hope will soon demand for the hosts after the meet you can battle from there to the penalty in place through the second half for two in moscow so i did finished. well elsewhere a thirtieth minute goal by last seen a try or it was the difference as down but rescue. edge to bottom side spotlight now one mill the ivorian giant strike a scoring from outside the box to give the visitors their sixth win in seven games on the all chick slipped to their fourth consecutive defeat. and elsewhere ten men rust off one one milot i'm caught in

a bottom half clash the visitors had their mind you know young off sent off after the teenage midfielder picked up a yellow card either side of the interval second for handball but captain brown one of them off immediately scored to give a stuff what proved to be the winner. ten man down also fails to reclaim second spawn tough to lose even one nil in a rain drenched match and struggling clear so that off for the day twenty lanka opened for the home side after eleven minutes before that he claimed that elected a straight first hole thread for dinner. like a mighty good stretch their unbeaten run under a new coach chose a coup serotta fourteen games despite being held one one time to regain spanish midfielder. netted his first goal in the russian top flight but luckily in front seven minutes after the break. but the judge unleveled midway through the second half. while on somethings in each made sure they stage two points clear at the top

with a comprehensive formula when from to tone it defies eliminated only four minutes to open and twenty minutes later chad office made it to know the people can she says pass. the exam because the golf made it through email just before half time i learned in the second half the league's joint top scorer added another for his fifteenth goal of the season for now a solid win for the china sweaty side he has put out in the champions league on wednesday. while tesco also had a confidence booster ahead of their showdown at home to inter milan after beating ten month old three one say don't do reopened for the army men after just six minutes a vulgar managed to equalise shortly afterwards through the bill of however they were reduced in numbers just after the interval you know get together for sent off for a second looking test that took full advantage and so i go after making it to one

of the sixty eight minutes. that gave me a shave it netted from the spot late on three won the final school disco they were in second. while they were going to trip dunn's injury time own goal gave queens park rangers a late one one draw at home to aston villa barry bannan has put the visit is ahead for the penalty spot after fifty eight minutes then rangers had on one's choice sent off in stoppage time but they rescued a point it's done unluckily through his own net that remain unbeaten in eight p.p.r. a night. in formula one red bull sebastian vettel primed his nineteenth career victory in an incident back to singapore grand prix to move to the brink of retaining his world title well my parents lewis hamilton had to recover from a drive through penalty to finish fifth the britain was punished for running into flow is sleep a must say it has since slammed hamilton for written. his race and seven time world champion michael schumacher emerged unscathed after

a spectacular crash. that all's night victory in fourteen races means he needs just one point in the remaining five races to seal the title mathematically the only man who can beat him is jenson button who finished second headed pulls mark webber ferrari's fernando alonso was forced vettel is now one hundred twenty four points ahead of button with them one hundred twenty five still available for the season he has finished first or second in every race except his native germany where he was falls. we were in a comfortable position for most of the race which is pretty handy around here because it's quite a big challenge to you know put this out this together not only qualifying also in the rows as a set the pace was good and i'm very pleased and for the championship yeah looks like we have another chance at the next race. well into the rugby world cup and as expected russia has been heavily beaten by ireland the final score sixty two points

to twelve in russia or the irish week claiming top spot in pool c. as which of empathy reports russia were 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 poles see what russia they were their own worst enemies at times has be 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 as simple as that it's obvious much had been the first quickest assailant's of rugby world cup i mean international stadium in the overall it was a sea of green but around half the crowd supported we are ish while and we're well on top going into the half time break but russia showed great enterprise of the 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 if andy's simple kerridge scored on his desk debut are attacking strategy and the

combinations we've been practicing for the game everything worked the two tries we scored proved that the team did their best as the substitutions came off including myself we managed to show that we can keep up with the peace but russia were 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 a 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've also held or grounded times and it yielded results including one try to ask graham's will call 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 the reward. to find their place with the best from around the globe i hope we're proving our class with each game we played 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 show some promise but russia's players will have a very well deserved break on monday and out of and it will be back to training pitch as they prepare for their final much of a tournament against australia richard router or new zealand. well that game was watched back in moscow by russia's sports minister vitaly not the coach and the top official heaped praise on the bears and he says our source of inspiration back home when you buy your forward is a team sport and we will always support those they strengthen the spirit and teach people to work as a team a great number of young men and women started playing sports that way and i want to wish good luck too on seem as they conclude the tournament i watched the game with ireland today and they fought like lions 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 a future go well in the meantime argentina edge scotland thirteen twelve to go second behind england after a nail biting match running to the side where neck and neck the full drop calls from the way jackson and dan parks put the scots twelve six up the less than ten minutes to go but the argentinians had other ideas because one size another singer with an amazing late run crash a conversion by felipe becomes the pony gave the pianist the one point lead parts then missed what could have been a lifesaving drop go to twelve that's how it states then and now have to beat england next saturday i have a chance of reaching the quarterfinals and robinson wires that a bit extra to i the spirit of the side i thought it was. a really good performance but it's about being able to finish change off and carry in the best

tournament. in the world and you've got to be able to finish. a side like argentina of course they're very good at staying in the game and. they did well sam again today. and sunday's other game some other big fiji twenty seven points to seventy second in quick behind south africa. finally after six and patrick macao of kenya has beaten the world record held by the great haile gebrselassie to retain the men's marson title in berlin the twenty six year old finished in a time of two hours three minutes and thirty eight seconds twenty one seconds off the record set by god this last week on the same course three years ago this time around the city eighteen legend prince retired after thirty five kilometers on the fourteenth we're going to race to chest pains. meanwhile running in the ass turned out event numbers here in moscow to promote healthy lifestyles by taking part in an amateur at national cross country event the sporting festival in the capital as

part of a day of running across russia with an estimated one million adults and children taking a run in the park on the events tenth anniversary. and that's all sports news i can .

on our t.v. talk job intrigue president but better than prime minister putin could swap jobs for the twenty twelve presidential election pledging that time there will continue to work for russia. emotions running high as palestinians bid for statehood at the u.n. with standing ovations in new york but clashes at the border in the west bank. to finish pretty speaking out against the chechen terrorists website finds himself defrocked in disgraced with his plight ignored by the mainstream media. and a greek default is inevitable and even top officials know it of course revealed the recession could go even deeper than first feel. welcome it's one of moscow when i was kevin zero in you're watching our review of the main news stories.