staying with the subject of the global economy r t spoke with russia's finance minister alexei kudrin who outlines the country's plans for weathering the financial future storms the interview coming up. 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 the 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 and other measures but here we see a new wave of problems in the wall the 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. you believe. there are some of the stations of the crisis. however most economists do 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 all goods. at the same time we are expecting higher growth rates and western experts predict too growth rates of about three to four percent. expecting a fall in the economy like it was in two thousand and nine hundred g.d.p. literally found by five point nine percent to three is

a more pessimistic scenario but most almost tend to think i won't be a second wave. release conditions we still have to remain vigilant which must be ready for the worst tomorrow. 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 it was so far almost not by the war. 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 form can we expect if anybody with a that becomes the next prime minister. should. like to say my future is not yet known i said i was ready to work in any capacity if it helps promoting reforms or both can be quite different and not only in government for concerning reforms it's

first and foremost about restructuring ranging from the pension system privatization expanding competition in our economy regulating the time of some liberalization of quite a number of industries where the state still prevails in price regulation is the reform of housing and community 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 region and the financial sector needs more transparency and stability as well as more monitoring of private deposits. reforms need to be hideouts pension reform as i mentioned is a priority in some cases we spend too much of public money without proper the fact and health care and education or higher standards are required and the money spent should be properly commensurate with the quality expected of those we may not always do this properly which all these sectors such on more benefits of 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 should be proper balance. if you let's talk about the debt crisis that advanced economies face now russia keeps a big part of its savings important bonds but nevertheless russia has reportedly cut in half its investment in the u.s. treasury bonds are there concerns that the u.s. might announce the fall on its that was the. real thing for a while you know we've checked this information the other appeared in the press much not complete anachronisms spaced on the questioning of several market players as of now we are not decreasing our exposure to u.s. security it's around forty five percent of all reserves are kept indoors on vacation this year spawns at the moment are the most secure on the markets and we're not afraid to invest in them so yes there's prices may fluctuate but there

are no big risks in investing in u.s. debt that's near enough of those papers on the markets to have my market pretty 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 instability would rise and we would have no concerns over the reliability of dollar assets so of course we're awaiting 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 just to keep this book which will bring you the debt crisis in europe is threatening italy spain portugal to get think that 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 affect russia or will should give ideas if they were pleased with your opinion powers have enough resources to save greece so

you're hoping they will show the will to do that and by about stopping the spread of this contagion look nonetheless these risks remain we've just. because here at the g twenty summit and i think meeting of the i.m.f. board of governors i have called a new word here heartless to take all necessary measures i think this is just what will happen because they come and do it at the same time if the debt crisis does spread it does not affect us too much or at least directly you're because i'm trying to do not hold any of the greek debt or french or german banks some of the hunt will suffer retreat because they will comes on their homes a limited period which will cause problems with these clients problems with these plants having some overall problems on these markets because banks are after all the leading players on this internal growth and this could have a circumstance an effect 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 but should we do should instead just recently there were a key to debates in the media about the possibility that the world's leading the emerging economies the brics nations that is brazil russia india china south africa could throw a lifeline to europe by possibly buying their debt bods russia already has forty five percent of its reserves in euro dominated acids can it actually afford buying more of europe's debt bonds but who is going to shoes. or deserves a slowly growing because we're buying something in addition all the time in this case we're not going to buy bonds of risky country is mostly we're going to invest in the bones of the european union and the european financial stability facility and therefore all money could come in support to the counties for the euro zone and in this case we are not taking the risk on the farm countries because we invest in the eurozone countries as a whole that this mechanism will allow us to mobilize all of the sources we are

ready to participate in basically it's an announcement of our investment instruments and it's quite sort of your but we're also ready to provide. dition resources for the i.m.f. and through the i.m.f. in supporting those countries so we can provide resources through the multinational instruments beyond national european financial stability facility it's profitable for us it's the investment of our finances. i was listening to robert alex's 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 the school discipline 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 vela paying countries with

barriers what are they really say the what i say not what i do the do what i say not what i do world will fracture to the detriment of all 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. just like 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 path from this does not left america from crisis on their consumption is not substantiated with real economic results this 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't 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 is not

yet to happen after all what the federal reserve system is don't know we can see the situation has become worse just because those measures have not been. spec the printing of money on a 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 currency reserves that demand money this one just popped on should 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 you said to expected or prices would drop to sixty dollars a barrel in three to four years from now will russia be able to withstand such a downfall in oil prices and i wish it was more true news and what. we expect this fall will certainly cause a decrease in our economic growth down to nearly zero or below zero but in terms of

a bunch of policy it would be able to cope with this within a year after which we have to adjust the policy and reduce expenditures as a whole however we are ready to provide stability for a year or two fulfill all our duties species. thank you very much. thank you. twenty years ago largest country. to certain places to. see. what had been trying. to teach began a journey. where did it take the.

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you from one come back the world reacts to news of glad i'm here bowden is running for the russian presidency again next year with dmitri medvedev now planning to replace him as head of government. while some are skeptical about the move to ted and continues to enjoy strong approval ratings among the russian people. warns it may not be able to help out bigger economies as fears of a double dip recession grow with the prospect of a greek default approaching the fund is accused of. being softer on others including the u.s. where the places to get. a clamp down are freedom of expression in the u.k. is a historic precedent to set over a bad marching in parts of london police say it was required to prevent violence and disorder played by far right. now for sports news with andrew farmer and one golfer waking up very rich today. american bill haas is eleven million dollars richer after winning in atlanta are nice weekends with him and he also details all

mount ghost in the russian premier li. thanks watching the sport and these are the headlines on the rise spot most to win for to go forth in the russian premier league was in a mosque i missed the chance to get a second. plus on the song in saying sebastian vettel wins the crash late in singapore to move to the brink of retaining his world championship title. and cashing in this one to show a goal for a multi-million dollar payday and. the football and spa that must have gone to fourth in the title after winning four two it on an action packed sunday in the russian prime in the assigning emmanuel open to visit

says the nigeria striker not making this present. again he could a dog on the hof our mark to score his the. in as many games in just five minutes like the auction does double duty the spots the former russia under twenty one for the spurs to the rebound after a scrappy pull on however it took the hind side only a minute to pull it go back to gainey should be seen as less blaring the young mob in the spotlight go my own finish to the problem but still in the first all fall in midfield it then you dizzy are still the red white to go advantage in many case step crossed one spots at the beatson completed his price to cross and blasting high on my left foot a sing off to the restock. but not right how you see for the heist to me should be bought out converted a penalty made by three the second highest on forty two the most i saw it finish.

well the same as the rule right got the win a done prestes bad maybe spot it now one nail for the six winning seven games well now take sleep so that full can say i think it's. time i must own one that i'm caught in a bottom ha clash of businesses had a whole monumental yeah no sense else they're off to the team night midfield that picked up by ye like either side of the interval the second for how much for captain roman adam all for me and score to get frost off what they used to be there when i. was seven and then on the last i fell short playing second spot off the losing one there lynn a rain drench match of shrugging prius gets upset if i come out and catch you can see behind side awful lot of minutes before letting me get on that track you wish right for red for the nama. meanwhile in my case the stretch that i'm getting run under new coach jessica said

it's the fourteen games they were held one the time to debate was an entertaining game this one spanish can feel that whole bit is a path that netted his first goal in the russian top flight but luckily in front. seven minutes after the break. leveled midway through the second. however in england richard dunn's injury time goal gave queens park rangers a late one one draw at home to aston villa barry bannan had to put his is ahead there from the penalty spot the fifty eight minutes. of the rugby world cup wells are looking to take maximum points against namibia to keep up their hopes of reaching the quarter finals a bit later on south africa clear at the top of group d. but it's between wales and samoa for the last quarter final place in the pool fly half stephen jones will set a new appearance record for his country today with his hundred. meanwhile russia have been taking the positives to death of consecutive defeat at the latest to sixty two points to twelfth. but the bears on bait it is their first world cup and

they say they are learning all the time from new zealand. russia we're on the end of a rugby lesson from ireland and after about when it's enough to prevail we are issue back to the top of pool see where russia they were their own worst enemies at times has been a ally of 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 super. obvious much had been the third quickest assailant's of the rugby world cup i mean international stadium in the rotorua was a sea of green but around half the crowd supporting the arash weiland were 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. and did he simple

kerridge it scored on his debut 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 substitutions came off including myself we managed to show that we can keep up with the peace while 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 also held a ground at times and it yielded results including one tri. called united 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 a ball in hand or a war but justifying their place with the best from around the globe i hope we are

proving our class with each game we played itself first world cup after all and more experienced teams have lost the similar score to the one we did today. and when you to the game but already shows some promise by russia's players will have a very well deserved break on monday and author of article be back to training page is very prepared for a very final much of a tournament against australia richard d'arcy router or new zealand now formula one red bull sebastian vettel is on the brink of retaining his world title after winning an incident packed singapore grand prix and mclaren there was hamilton had to recover from a drive three penalty to finish fifth britain was punished for running into ferrari's amass a who has seen stand hamilton for ruining his race and seven time world champion michael schumacher emerged unscathed dark a spectacular crash there while battles night victory in fourteen races means team each just one point from the remaining five races to seal the title mathematically the only man who can be tamed is jenson button finished second ahead of red bulls

mark webber ferrari's fernando alonso was fourth best low is now one hundred twenty four points ahead of button with only one hundred twenty five still available this season he's finished first or second in arab league later check his native germany where he was for each time we were comfortable position for most of the race which is pretty handy around here because it's quite a big challenge to you know put the sectors together not only in qualifying also in the race has a set the pace was good and i'm very pleased and for the championship yeah it looks like we have another chance at the next race. over in the n.f.l. the buffalo bills pulled off another stunning comeback to defeat the new england patriots thirty four points to thirty one buffalo had come back to be open last weekend and on sunday night found themselves twenty one nailed down in the second quarter against the patriots kamsky their connection with quarterback tom brady but the bills launched a comeback and brady was intercepted four times crucially in the fall from the ball

falls into the hands of buffalo striking florence he goes over to give the bills a thirty one twenty four lee and even though the patriots got another touchdown in the. balls and because of buffalo a field goal from ryan lendl with just three seconds left sealed the thirty four points the thirty one weighed. twenty really going to a going on and a quick look at them and where they were when is that the tampa bay seattle green bay and san diego baltimore thrashed there was thirty seven seven or so getting victories on sunday worse than francisco oakland as the new york giants and detroit tigers fifteen games in total tennessee carolina and pittsburgh also got wins there cleveland just squeezed out miami by single point and houston lost to new orleans forty points to the great. now it has been a multi-million dollar payday for american go for bill haas he won the fed ex title after beating hundred million in

a playoff at the top championship in atlanta and walked away with just under eleven and a half million dollars haas was tied with a fellow american my hand at the end of the final round our night and deposit went to a sudden death playoff where haas right is like a on the second extra hole chipping at his ball half submerged in water to put in a couple of feet of the pain an incredible shot that kept him in a match which went to a third extra hole where marion found a bunker and then sent this part of the cup left needing to sink his pop victory a puck worth just eleven million. dollars one and a half million for winning the weekend's top championship event but also a ten billion dollars because it puts him on top of the fact ranking. in europe when we go first to regain the saw home cup beating the united states fifteen three thirteen years old and sided on a dramatic final day singles matches with catherine head of the netherlands going

to the sites of hardcore began flying to this approach doing the job and that effectively secured victory with as our moon was already guaranteed a half against the stamford so the celebration started winning the trophy for the first time in eight games. so that brings us to be end of the sport for the moment more into.

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kremlin comeback our team gauges the global reaction to news that is running for the russian presidency again next year with dmitri medvedev now planning to replace him as head of government. we have the announcement now of the analysis joining me and the latest global and russian reaction to putin for president. the i.m.f. warns it may not be able to help out bigger economies this is european leaders prepare a rescue plan to stave off a double dip recession and the prospect of greek default looms. and a clamp down on freedom of expression in the u.k. as a historic precedent is set over a ban on marching in parts of london. nine am.