it. this is all she and these are the week's top stories the president's made that of friends his speculation about russia stop drop by proposing prime minister meeting with president obama's daughters into two hundred twelve elections to better than ten promises to get to new highs asian agenda as prime minister to get his successor to leave the united nations are to be treated parliamentary elections and . if i lived in a beautiful state where there is no should with the united nations and welcomed with standing ovations of the general assembly you will abide in clashes with israeli forces of the ordinary life. also the british priest as speaking out

against a transient terrorist website and finds himself defrocked and just raised with his client ignored by the mainstream media. the greek default is inevitable and we've been told and i always make reports reveal the recession could go even deeper and faster here. i'm staying on the subject of the economy also he spoke to russia's finance minister aleksei could ring to discuss the country's plans for weathering future financial storms. and always say advanced economies 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 get amnesty but 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 i would stick with him thank you very much for joining me and 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 a stabilization fund if you develop then other measures but here we see a new wave of problems in the wall the karni probably another global crisis around the corner cannot russia withstand it using the same methods or do the methods have to change. so that the new wave is not yet called a crisis and some of the stations of the crisis are hard on john however most economists think there will not be a new recession or rates of development for a lengthy period of several years or perhaps even decades this will certainly have an impact on russia's demand for all goods. at the same time we are expecting

higher growth rates in russia as western experts predict to growth rate of about three to four percent is not. expecting a fall in the economy like it was in two thousand and nine. he literally fell 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 as. under these conditions we still have to remain vigilant and must be ready and of the worst and i. to apply the same methods we still have considerable reserves although smaller but as a whole and off 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 always not been barred. we have elections coming up in russia language said we're going to stay in the government if we forums are carried out what were you talking about and what we

formed and we expect it with me with it because the next prime minister. it was good luck to say my future is not yet known i said i was ready to work in any capacity of helps promoting reforms 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 and liberalization of quite a number of industries where the state still prevails and price regulation reform of housing and communal services has not yet been completed the sector affects literally every citizen and then is not 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 hurried out pension reform as i mentioned is a priority and some cases we spend too much of public money without proper effect

and health care and education where higher standards are required and the money spent should be probably commensurate with the quality expected we may not always do this properly old sectors that so more benefits better education and medical treatment are 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 should be proper balance. let's talk about the get crisis that it bears economists face now russia keeps a big part of its sables bods but nevertheless russia has reportedly cut in half if the u.s. mint in the u.s. pressuring but are there concerns that mike and nelson got out of that. for you know we've checked this information that appeared in the press and that's not complete and accurate response on the question of several market players as of

now we are not decreasing our exposure to u.s. security is around forty five percent of all 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 not big risks in investing in us that 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're not worried i think if the u.s. government take steps to consolidate its budget and cut spending and 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 can raise taxes or cut spending but over the years we would like to see the u.s. deficit shrink over several years because of the debt crisis in europe is threatening italy spain portugal bigger think europe will be able to

withstand a severe financial crisis without letting the eurozone collapse and in what way could a pair fall down for all of the euro of back to russia. years of. european powers have enough resources to save grief so you're hoping they will show the will to do that and i doubt stop the spread of this contagion on the last these risks remain we've discussed those here at the. twenty summers another meeting of the i.m.f. board of governors and 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 do 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 hands a lot of not yet clear and this will cause problems within these banks problems

with these kinds of credit some overall problems on these markets because banks are after all the leading players on this in turn may affect growth and this would have circumstance of the fact some of us would like to stress that we would respond just like during the latest crisis but this time the crisis will have a much smaller effect. just recently there were a heated debates are in the media about the possibility that the world's leading the wording economies the breakthrough nations that is brazil russia india china and south africa could throw a life likely europe by possibly buying their debt but russia or already has forty five percent of its reserves in euro denominated assets can it actually afford buying more of europe's. with us. 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 are going to invest in

the bonds of the european union the european financial stability facility there formally called common supports to the counties for the euro zone and in this case we are not taking the risk on the bar countries because we invest in the eurozone countries as a whole this mechanism will allow us to mobilize all resorts as we are ready to participate basically it's an enlargement 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. open supporting those countries so we can provide resources through the multinational instruments beyond that for the european financial stability facility it's profitable for us it seemed vestment of our finances. i was listening to robert velux each recently the head of the bank and he was he was talking about how the war not change especially about the hypocrisy in the attitude of it is that

highly stalwart emerging economies and this is how it put it i want to break this figure is said when countries with large deficits preach let's call this a plane for 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 delap in 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 and must change do you think that is the approach that lead to the country to the crises that advanced economies based there that threatens to affect everyone else. the way western countries have acted has become somewhat outdated and huge consumption and little investments and savings have provoked this crossness at this point most western countries are not ready to reduce their consumption and preserve the pre-crisis development path from this does not let them emerge from crisis and their consumption is not substantiated with real economic results as consumption is

pulling the need to do that so western countries have this issue and they're trying to resolve it by printing money which only delays the solution we can predict will be economic point of view if this printing 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 is done now we can see the situation has become worse because those measures have not been are not. one can suspect the printing of money will resume i repeat this model of economic development is not perfect and it's the emerging markets and china russia and even brazil as well as a number of other countries with gold and currency reserves to lend money this on just patterns to 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 what prices are you said expected or prices will drop to sixty dollars

a barrel in three to four years from now will russia be able to withstand such a battle fought in oil prices and i wish it was true and usually 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 it will 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 agencies. thank you very much neal. thank you. cultures that so much on me is going to make a lot of people a year yeah but look at is it time to rethink capitalism as we know it today should

the world still rely on markets to generate wealth when the rich only get richer and the. wealthy british style sign. on to the type of. car. market why not come to. find out what's really happening to the global economy with mike's concert there are no holds barred look at the global financial headlines tune in to kaiser report on r.g.p. .

would be soo much brighter if you knew about song from feinstein christians. who scream stunts on t.v. don't come. i am.

pleased to. be an. absurd as it's been better than the speculation about russia still drawn by proposing prime minister ready to present to run both as a try to twelve elections with better than ten promises to continue his modernization agenda as prime minister if they successfully made he successfully the united russia party to victory in parliamentary elections are infected by. a palestinian bid for statehood is launched with the united nations welcomed with standing ovations at the general assembly in new york but finally clashes with israeli forces at the border in the west front. also finish present speaking out against the chechen terrorist web site and find things out different and disgrace and with his mind north by the mainstream media. the greek default is inevitable

and probably shows no huge leap from wall street will be a recession could go even deeper than that. as the headlines up next day it's the sports news with pate. i want you to join me for the spoils of the headlines. on the rise spartak moscow win for two a class i'm going to go for the low while still miss the chance of a second busy day in the russian premier league. while on the song in saying sebastian vettel wins the crash later the singapore grand prix moved to the brink of retaining his world championship title. and baz molds daily times russia suffered a third straight defeat at the rugby world cup after losing sixty two twelve to

ireland. the first of all and spartak moscow have gone fourth in the table after winning four two a closet are an action packed sunday in the russian premier league summer signing emmanuel and many cup opened for the visitors in nigeria strike and not make this present out until you got a day off from home to school his third goal in this many games and just five minutes later doubled the lead for spots around the former russian on the twenty one forward with spurs to the rebound after a scrappy corner however since the one side only a minute to pull a goal back in ship it was left caringly unmarked in the spotlight gone last finished with aplomb but still in the first term of holland and so they need to say restore the red wants to go advantage for the americans death to cross through in spots like tributes in completed his brace across no doubt blasting home a left footed shot soon after the restarts but that way of seeing for the hosts

after the next you can balance to the penalty in place through the second half or two and last as somebody finished. well i'll swear a thirtieth minute goal by last seen a try or it was the difference and i was done trust me. edge the bottom side spot that no one mill the ivorian giant striker scoring from outside the box to give the visitors their sixth win seven games. slipped to breath fourth consecutive defeat. turned elsewhere in the us gulf one one milligram caught in a bottom half clash but this does have that remind you of a young author sent off after the teenage midfielder picked up a yellow card either side of the interval second for handball captained by much a down off immediately scored to give a stuff what proved to be the winner. ten mandela also fails to reclaim second spawn talk to losing one nil in a rain drenched transcoding clear threat of the great want to link up opened the

home side after eleven minutes before the plane that looked like a straight first hole thread for dinner. like a mighty good stretch their unbeaten run under a new coach goes a conservative fourteen games despite being held one one time to rebuild in spanish midfielder albert as up at that netted his first goal in the russian top flight but luckily in front seven minutes after the break but judge on levels way through the second half. while on such things they need to make sure they stay two points clear at the top with a comprehensive formula when from to tone it defies only needed only four minutes to open and twenty minutes later from a chip off of meetings to know the full can she says pass. an exam because the golf made it three nil just before half time. and 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 and has put it in the champions league on wednesday. well there's got also had a confidence booster ahead of their showdown at home to into milan after beating ten one vulgar three one seeded opened for the army men after just six minutes of all that managed to beat them was shortly afterwards through the bill off however they were reduced in numbers just after the interval you know it's a good year for sent off for a second looking to start a full advantage islands i go ever making it to one of the sixty eight minutes. that i shave each netted from the spot late on to three one the final score as though they were in second. while over richard 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 visitors ahead from the penalty spot after fifty eight minutes then rangers had on once try royce

sent off in stoppage time outs they best in the point it's done and luckily 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 mclaren's lewis hamilton had to recover from a drive through people to finish fifth the britain was punished for running into flow is the same answer it has since lund hamilton for ruining his race and seven time world champion michael schumacher emerged unscathed after a spectacular crash. but also might take three in forty races means he needs just one point from the remaining five races to seal the title as massively the only man who can be to miss jenson button who finished second header ripples mark webber ferrari's fernando alonso is false the battle is now one hundred twenty four points ahead of button with only one hundred twenty five still available this season he

has finished first every race attracted me to kill me it's false. we were in a comfortable position for most of the road. which is pretty handy around here because it's quite a big challenge to you know put this there because they're not only qualifying also in the race as i said the place was golden i'm very pleased and for the championship yeah looks like we have another chance of the next race. well into the rugby world cup and as expected russia have been beaten by ireland the final score sixty two points to twelve the irish week claiming top spot in pool say as much about profit reports russia were on the end of a rugby lesson from ireland and after about when it's enough to prevail the irish back to the top of pool see what russia their own worst enemies are times as they allow the arash to run in some very simple tries especially in a five minute period just before the half time break we just like experience of big

tournament slick leaves 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 referred quickest to sell out of rugby world cup i mean international stadium in little floor was a sea of green around harper crowds want to be our 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 of and did the simple clear which is scored on his baby you are attacking strategy and the combinations we've been practicing for the game everything worked for two tries we scored proved that the team did their best 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 what they can take out of a game most notably 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 it's

a very very strong irish back. the way we've played really surprised me he did pushes back in some of the scrums we were. also held a ground at times and it yielded results including one tri bass crowns will called united held firm as one man of a still a massive learning curve for the russians but remember this is the bear's first ever world cup but they played some fantastic rugby with a ball in hand or awarded justifying their place with the best from around the globe i hope workroom in our class with each game we played itself first world cup after all and more experienced teams have lost her similar score to the one we did today and when you to the game but to really show some promise but russia's players will have a very well deserved break on monday and after that it will be back to training pitch as they prepare for their final match of the tournament against australia richard reid r.t. router or new zealand. well that game was washed back in moscow by russia's sports minister who told him not go down to the top official heaped praise on the bears

and he says our source of inspiration back home when you put your through it here is a team sport and we will always support the strengthening the spirit and teach people to work as a team a great number of young men and women started plane sports that way i want to wish good luck to not seem as they conclude the tournament i watched a game with ireland today and they feel like lions let me see again and they don't have much experience but on the whole they're very sound as one with a way to train and played and i would like to wish russian rugby good luck in a future go well in the meantime argentina edge started almost thirteen twelve to go second behind ing the day after a nail biting thing to the side where neck and neck the field got goals from the way jackson and down parks put the starts trial sets up less than ten minutes to go but the argentinians have other ideas in the stands eyes on the scene now with an

amazing late run rush a conversion i frequent the pony case the pimas a one point lead parts then missed what could have been a lifesaving drop. to twelve that's how it states up until now i have to beat england next saturday i have a chance to try to finals and robinson realized that was a bit extra to. the spirit of the side but 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 off because they're very good at staying in the game and. they were semi going today. and sunday's other game samoa beats the g twenty seven points to seventy a second point 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 marzan 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 was the last thing on the same course three years ago this time around the city open legend has retired after thirty five kilometers on the fourteenth really to race into chest pains. meanwhile running enthusiastic and out of bed numbers here in moscow to promote healthier lifestyles by taking part in national cross country events 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 and fun of this race. and that's all sports news like the. wealthy british style like it's done by. the.

market. can find out what's really happening to the global economy for a no holds barred look at the global financial headlines to cause a report on are green.

all.