the recession would go even deeper going faster. and 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 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 are 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 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 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 the demand for all goods and. 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 bombs and we are not expecting a fall in the economy like it was in two thousand and nine hundred. 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 in case of the worst tomorrow. you know to apply the same methods we still have considerable reserves although smaller but as a whole an 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 it be longer than necessary we'd have to adjust our policy so far all has not been. we have elections coming up in russia and you said we're going to stay in the government if we forums are carried out what reforms are you talking about and what we forms can we expect if to mitigate with it it becomes the next prime minister. should. i'd like to say 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 and not

only on 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 liberalisation 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 such as 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 u.s. treasury bonds are there concerns that the u.s. might announce the pot odds that. you know we've checked is information that appeared in the press that'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're not worried i think of the u.s. government take steps to consolidate its budget and cut spending then it 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 pencil downfall of your affect 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 summits and i thought meeting of the i.m.f. board of governors and we have called on 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 that would not be cleared this will cause problems within these banks problems with these fines credit 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 circumstantial effects 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. she has just recently their work he did debate in the media about the possibility that the world's leading the merging economies the brics nations that is brazil russia india china south africa could throw a lifeline to europe by possibly buying their debt bonds russia are 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 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 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. hope 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 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 do what i say not what i do when countries pay home which to free trade and hold back the bella 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 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 marriage from crisis on their consumption is not substantiated really cannot make results because consumption is pulling them into debt so western countries have this issue and they are trying to resolve it by printing money which only delays the solution we can't yet predict will be 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 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 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 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 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 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. thank you very much. thank you. for sure is that so much really. we need to get a lot of people a period but what good 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. wealthy british style it's time to cut.

markets why not come to. find out what's really happening to the global economy with max cause or for a no holds barred look at the global financial headlines tune in to kaiser report on our. food. line motion to be soo much brighter if you need monsoon from funds to

freshen some. new friends down totty dot com. i am. going to. be a. presence

made better by the speculation about russia still drawn by proposing prime minister pledging the person to run both as in the twenty twelve elections with better than ten promises to continue his modernization agenda as prime minister if they successfully lead the successfully the united russia party to victory in parliamentary elections in fact. a palestinian bid for statehood is launched with the united nations and welcomed with standing ovations at the general assembly in new york but finally clashes with israeli forces at the boarding the bus. also finish priest and speaking out against the chechen terrorists the website finds himself defraud and disgraced with his mind nor by the mainstream media. and a greek default is inevitable and beautiful souls know it leaked reports reveal the recession could go even deeper than us. as the headlines up next it's the sports news with kate.

and i thank you for joining me for the sports and other headlines on the rise spots out moscow with four to a class nidal to go forth while the low wall street missed the chance of a second on a busy day in the russian premier league. while all the song in the same sebastian vettel wins the crash later singapore grand prix to move to the brink of retaining his well championship title. and baz molds debutantes russia suffered their third straight defeat at the rugby world cup after losing sixty two twelve to ireland. with first of all in spot at moscow have gone fourth in the table after winning four two a closet are on an action packed sunday in the russian premier league summer signing emmanuel america opened for the visit just in nigeria strike and not make

how close. you can go to the on the hof school his third goal in this many games and just five minutes later that doubled the need for spotlight the former russian on the 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 to finish it beats in his left glaringly unlocked in the spot at goal last and finished with aplomb but still in the first term of holland didn't feel that they would as a restored the red wants to go advantage of them many times deft cross through in spots like tributes in completed his brace across no doubt blasting him a left footed shot soon after the restarts. that ray of hope to see for the hosts after the meet you can battle from there to the penalty in place through the second half for two in moscow sided finished. well elsewhere a thirtieth minute goal by last seen

a try or it was the difference as done by trustees. edge bottom side spotlight now one mil the ivorian giant striker scoring from outside the box to give the visitors their sixth win 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 the mind yet all young off sent off after the teenage midfielder picked up a yellow card either side of the interval second for handball but captained by one of them off immediately scored to give a stuff what proved to be the winner. ten mandella moscow fails to reclaim second spot off to losing one nil in a rain drenched match and struggling clear so that off the great corner lanka opened for the home side after eleven minutes before that the climb 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 at home 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 sundays in each made sure they stage two points clear at the top with a comprehensive formula when it came to tone it defies eliminated only four minutes to open and twenty minutes later chad off of me gets 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 a solid win for the china sweaty side the first quartet 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 got three one say don't do be a opened for the army men after just six minutes of all that 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 shave it netted from the spot late on to three won the final school disco they were in second. while they were 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 commons try or sent off in stoppage time but they rescued a point it's done and luckily but 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 packed 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 penalty to finish fifth the britain was punished for running into floyd's philippe massa it has since slammed howell's in florida. his race and seven time world champion michael schumacher emerged unscathed after a spectacular crash. that falls night's 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 had a bull's mark webber and under long though his fourth battle is now one hundred twenty four points ahead of button with only one hundred twenty five still available isuzu he has finished first or second in every race except his native germany where he was fourth. 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 work this together not only qualifying also in

the race to 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. now to the rugby world cup and as expected russia have 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 is ample feat reports russia were on the end of a rugby lesson from ireland and after about when it's enough to prevail we are issuing back to the top of the pool see where russia they were their own worst enemies at times has been allowed 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's 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 referred quickest to so ounce of rugby world cup i mean international stadium in the rotorua was a sea of green but around half the crowd supported me arash weiland were 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 as couple of second half tries which were very well worked through our team we have. and did he simple kerridge scored on his debut our 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 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 again some very very strong irish back 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 coordinate it we

held firm as one man of us is 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 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 by 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 hours it will be back to training pitch as a professor of their final much of a tournament against australia richard darty router or new zealand. well that game was watched back in moscow by russia's sports minister the talent show and the top official heaped praise on the bears he says are a source of inspiration back home. it is a team sport and we will always support those the strengthen the spirit and teach people to work as a team

a great number of young men and women started plain sports that way and i want to wish good luck to all and seem as they conclude the tournament i watched the game with ireland today in the fall like 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 and. well in the meantime argentina edge scotland's thirteen twelve to go second behind england in group a after a nail biting match running to the sides were neck and neck the full drop calls from good a jackson and down parks put the scots twelve six up with less than ten minutes to go but the argentinians had other ideas because one dies another singer with an amazing late run push a conversion buy for me pick up the pony gave the pianist the one point lead fox then missed what could have been a lifesaving drop goal and that in twelve was how it stayed stockland now have to

beat england next saturday have a chance reaching the quarter finals coach andy robinson liars that was a bit extra to. the spirit of the side here 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 solid guard and you know of course they're very good at staying in the game and. they do world stand by going today. and sunday's other games some other big fiji twenty seven points to seventy second increase behind south africa. finally athletics and patrick macau of tenure 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 shape twenty one seconds off the record set by god was the last thing on the same course three years ago

this time around and legend has retired after thirty five kilometers on the fourteenth really to race into chest pains. meanwhile running enthusiastic and then numbers here in moscow to promote healthy lifestyles by taking part in an amateur 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 why. british. markets. find out what's really happening to the global economy. global financial headlines tune in to reports.

top job intrigue ends president image that event prime minister putin could swap jobs at the twenty twelve presidential election pledging bad times and will continue to work for russia. and before statehood is launched with the united nations and welcomed with standing ovations at the general assembly new york but violent clashes with israeli forces at the border in the west bank. and also finished lutheran pastor is suspended from his ministry after he speaks out against the website he says is a mouthpiece for russia's most wanted terrorist. and concerned about possible greek default devens again as leaked reports suggest that some of eurozone finance ministers no longer believe the country's economy cannot recover. don't welcome.