staying with the global economy subject arche spoke with russia's finance minister alexei kudrin who outlines the country's plans for weathering the future financial 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 and the us 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 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 entente 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 some metals will be less at the same time we are expecting higher growth rates in russia as western experts predict too more growth rate of about three to four percent is not. really not 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. there is

a more pessimistic scenario most tend to think there 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 summer. to apply the same methods we still have considerable reserves although smaller but as a whole and not 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'll have to adjust our policy so far all has not been barred. so we have elections coming up in russia and said we're going to stay in the government if we forums are carried out what are you talking about and what we for and when we expect if it becomes the next prime minister. would. like to say my future is not yet known i said i was ready to work in any capacity if it helps promoting reforms can be quite different and not only in government concerning

reforms it's first and foremost about restructuring ranging from the pension system privatization expanding competition in our economy regulating the tariffs on liberalization of quite a number of industries where the state still prevails in 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 or medical treatment or providing better services as

a result of such reforms consequently it's necessary that the need for such new services does not mean more taxes than should be proper a balance. let's talk about the debt crisis that advanced economies face now russia keeps a big part of its savings in foreign 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 ballots 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 market they have high market liquidity and we are sure of the capability of the us 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 because of 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 factor russia. european

powers have enough resources to save greece and so we are hoping they will show the will to do that and by that stop the spread of this contagion nonetheless these risks remain we've just. this here at the g. twenty summit and i'm meeting of the i.m.f. board of governors and we have called in european partners to take all necessary measures i think this is just what will happen because they 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 columns on their homes that would not be cleared this will cause problems with him 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 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 of fact. just recently there were a kid it debates in the media about the possibility that the world's leading the emerging economies the brics nations that is brazil russia india china and south africa could throw a lifeline to europe by possibly buying their debt bonds russia already has forty five percent of its reserves in the euro dominated assets can it actually afford buying more of europe's 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 ground tease for the euro zone and in this case we are not taking the risk on the bob 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're also ready to provide. additional resources for the i.m.f. and through the i.m.f. help in supporting those countries so we can provide resources through the multilateral instruments the i.m.f. or the european financial stability facility it's profitable for us it seemed vast 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 do 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 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 there that threatens to affect everyone else. the way western countries have acted has become somewhat outdated has huge consumption and little investments and savings have provoked this crisis at this point most western countries are not ready to reduce their consumption and preserve the pre-crisis development path from this does not lead to marriage from crisis on their consumption is not substantiated really konami. 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 of this printing of money and supporting an artificial demand will help kick start the engine of the western economy so far this is not

yet happened after all what the federal reserve system must on now we can see the situation has become worse because those measures have not been. and one can expect the printing of money will resume i repeat this model of economic development is not perfect and it's the emerging markets in china russia and even brazil as well as a number of other countries with gold and currency reserves that lend money to this on just part trying 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 oil prices you said the 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 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 would 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 which. thank you very much for your kind. thank you. cultures that so much to me is going to make it a lot of people here you are looking 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. download the official altie application to your i phone i pod touch from the. life on the go.

video on demand. broadcasts an r.s.s. feeds now in the palm of your. question on the altie dot com wealthy british style. is not on the tirelessly. to target. markets why not come to. find out what's really happening to the global economy with mike's cause or for a no holds barred look at the global financial headlines tune into kinds a report on our.

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kremlin comeback the world reacts to news that vladimir putin is running for the russian presidency again next year with dmitry medvedev now planning to replace him as head of government while some are skeptical about the move the ten continues enjoying strong approval ratings among the russian people. european leaders preparing a rescue plan as they battle to stave off a double dip recession in the prospect of greek default while the i.m.f. warns it may not be able to help out bigger economies the fund is accused of being too tough on some countries will take no soft stance on others like the u.s. where the crisis began in two thousand and eight. a clampdown of freedom inexpert of expression in the u.k. as a historic precedent is set over a ban on marching in parts of london police say it was necessary to prevent violence and disorder planned by far right groups. sports next with andrew farmer stay with us here on r.t. .

hello there thanks for watching and this is what is coming up on the rise spot at last go win for two across nadar to go forth in the russian prime elite while the normal moscow missed the chance to go second. class sebastian vettel wins the crash laden singapore grump rating me to the brink of retaining his world championship title. and cashing in high this one to show go for bill haas a multi-million dollar payday in atlanta. but first the football and spot at moscow are up to four from the russian premier league table after an impressive forty two away when i cross in the summer signing emmanuel and mini cake opening for the visitors head to nigeria striker not making this present you can go to adult march to school he still don't lose many games in just five minutes all changes are double bill a full time the former russia under twenty one for dispersed the rebound after the

former however to the hindsight only minutes apart go back you can we should see was that blaring the mark though my opinion with the poem but still in the first off column and feeling them dizzy the stood the red white to go an advantage following in any case that crossed so we want to part time. completed his price tag the president of the brass the time i left for to say you know the wrong stuff. will die that right if you see. the making of it depends on the great read the second half full to the must i side is finished. i'll swear this in the floor i got the win if a damn. spot announcing one nail for the sixth win in seven games well now kicks that is that for the sake of the faith this is true right. eleven go of the season . elsewhere still. a bottom half clash the

visitors had grown monumentally and off center after the teenage midfielder picked up a second yellow card to hambo they kept in rome and adam off immediately schooled to give rostov what proved to be the winner. although ten minding our moscow failed to reclaim second spot after losing one nil in a rain drench match it's struggling clueless to get off signaling a behind side after eleven minutes there before me get are not elected say trait first half read for the now i. turned in an entertaining game locomotive one held one one hundred the spanish me feel that albert is a passer luckily i had this first goal in russian top flight but they do level midway through the second half and i am going to be in since panicky as they consider. to look at the tables i meet on top today

just seconds after their win over folder on saturday spot i can angie play terry on monday night. and at the other end two thousand that are still only seven points away from getting into the top the top eight teams will compete for the league title in european places at the end of the regular season elsewhere spot and remain . they've lost the last four games without scoring a goal. and over in england richard dunn's injury time on goal gave queens park rangers like one one draw at home to aston villa barry bannan had put the visitors ahead from the penalty spot the fifty eight minutes and tonight norwich will play something in the new game of money that. the rugby world cup wells are looking to take maximum points against maybe to keep their hopes of reaching the quarter finals to south africa but they are at the top of pulte but it's between wales and some of the. quarter final place in the afternoon the up with a few minutes gone and that game against namibia flyhalf stephen jones setting

a new appear into court for wales today with its hundred. more russia have been taking the positives out of their consecutive defeat at the tournament the latest a sixty two points to twelve thrashing by ireland but the bears are downbeat it is their first world cup and they say they are learning all the time from new zealand is rich poor flicked. 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 pools see what russia they were their own worst enemies at times has been allowed the irish to run in some very simple tries especially in a five minute period just before half time break we just like experience of big tournament like this you just get tired at some point and lose your focus which results in mistakes it's a simple as that. much had been the first the quickest to sell out of rugby world cup and the international stadium in the old floor was a sea of green with around half a crowd supporting 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 work to prove our team if andy's simple kerridge who scored on his desk debut are 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 basically substitutions came off including myself we managed to show that we can keep up with the peace or 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 were also held or grounded times and it yielded results including one try. 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 play itself first world cup after all and more experienced teams have lost per similar score to the one we did today. and when you to the game but it really shows promise but russia's players will have a very well deserved break on monday and offer a viable back to training pitch as very prefer the very final much of a tournament against australia richard. rohr new zealand to boxing now i am going away world champion dmitri piddled has successfully defended his crime stopping fellow russian going out in martirosyan in the tenth round pirogue dominated the bat using his height and reach advantage and after being hit by a flurry of punches in the tent and was pulled in the fight by his trainer to concede a technical knockout thirty one is now unbeaten in nineteen banks while material

has lost three the six bytes since turning pro. in formula one red bull sebastian vettel is on the brink of retaining his world title after winning an incident packed singapore grand prix mclaren's lewis hamilton had to recover from a drive through penalty when he's fit the britain was punished for running into ferrari to play for massey since lane hamilton rooney his race and seven time world champion michael schumacher emerged unscathed after a spectacular crash there while battles 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 be to me jenson button in the second ahead of red bulls mark webber right now no longer was full battle is now a hundred and twenty four points ahead of danny under twenty five still available this season he finished first or second in every ship in his native germany where he was born. 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 the sectors together not only in qualifying also in the race so as a set the pace was good then i'm very pleased and for the championship yeah looks like we have another chance they're next. i ring 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 don't last weekend and on sunday night found themselves twenty one nailed down in the second quarter rob gronkowski their connection with quarterback tom brady but the bills didn't give up brady was intercepted full time scrutiny here in the fall when the ball falls into the hands of buffalo florence he goes over to give the bills thirty one twenty four late and even though the patriots got another touchdown from way walking by using minutes here it was. because

a buffalo field goal from ryan involved just bring seconds sealed the points to one win. and the other gains going on and a quick look at the results narrow wins there for tampa bay seattle green bay and san diego baltimore thrashed the latest thirty seven seven there also with victories on sunday night with san francisco oakland and detroit with fifteen games in total tennessee carolina and the new york giants also enjoying victories cleveland just squeeze out miami by a single point two seven loss to new orleans forty two the race. has been a multi-million dollar payday for american golfer bill hass he won the fed ex title after beating him to man in a playoff at the top championship in atlanta and walked away with just under eleven and a half million dollars hass was tied with the federer american man at the end of the final round so went to a hoss rode his luck chipping out his ball from the water to within

a couple of feet of the pain an incredible shot that kept him in the match which went to extra zero. and that nine found the bunker and then sent this just past. and left half needing to sink his victory a part that was worth just over eleven million dollars. one and a half million for winning the weekend's top championship event but also a ten million dollars place because it put him on top of the fed ex rankings. this season. and europe's women golfers are again the seller so high in cup beating united states fifteenth changing decided on the dramatic final day of singles matches we have been had will netherlands gained a decisive point against running to this approach doing the job. that effectively secured picture with a north already guaranteed a half against angela stamford said the celebration started europe when the trophy

for the first time you know so. well done to them that's all sport for the moment the weather is. bringing you the latest science technology from the ground. we've got the future covered.

kremlin combat gauges global reaction to the news that a lot of your putin is running for the russian presidency again next year with dmitri medvedev now putting to a place him as head of government. we've got the announcement now of the analysis join me and he for now wait for the latest global and russian reaction to putin for president. european leaders preparing a rescue plan as they battle to stave off a double dip recession and the prospect of a greek default well yeah i.m.f. warns it may not be able to help the bigger economy. 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. and in business the russian market slide in the first of trading the r.t.s. in my eyes is a trying to bounce back from the week's losses the worst this year will have more of the market's performance in office both in and twenty minutes time.