but a crisis started in two thousand and eight. staying with the subject of the global economy r t sat down with russia's finance minister alexei kudrin who outlines the country's plans for weathering 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 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 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 mana frustrations 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 some metals will be less at the same time we are expecting higher growth rates in russia as western experts predict too growth rate of about three to four percent is not. a real not expecting a fall in the economy like it was in two thousand and nine hundred g.d.p. literally fell by five point nine percent. there is

a more pessimistic scenario though but most analysts tend to think i won't be a second wave of such a scheme. under these conditions we still have to remain vigilant and must be ready in case of the worst tomorrow. go 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 so far all has not been about. 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 can 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 those can be quite different are not only in government

concerning reforms it's first and foremost about restructuring ranging from the pension system privatization expanding competition in our economy regulating the tariffs on liberalisation of quite a number of industries where the state still prevails and price regulation 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 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 all 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 there should be proper balance. let's talk about the debt crisis that advanced economies face now russia keeps a big part of it savings in foreign 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 and it's that. you know we've checked this 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 if 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're 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 the debt crisis in europe is threatening italy spain portugal they get think of 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. years of. 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 discussed this here at the. twenty summits and i'm 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 columns on their homes that would not be cleared this will cause problems within these banks problems with these points present some overall problems on these markets because banks are after all the leading players and this in turn may affect growth on 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 a fact. just recently there were a kid it abates 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 bods russia are already has forty five percent of its reserves in the 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 grantees 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 all 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. 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 figure 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 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 development. this does not let them emerge from crisis and their consumption is not substantiated with real economic results because 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 yet predict will be 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 don't know we can see the situation has become worse because those measures have not been enough. 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 pop 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 able to withstand such a downfall 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 bunch of policy it 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. thank you very much. thank you. twenty years ago largest country in. disarray to. see. what had been trying. to teach began a journey. where did it take the.

little beasts which were brighter if you knew all about song from funny. these claims stunts on t.v. dot com. very first verses of the bible is that all human beings are created but sentimental came in god's image and it doesn't say just jews or not. sixty to seventy percent of what i did as a common soldier in the occupied territories was to do with the turds doing what we call making our presence felt to go out should some bozo they hear a knock on some doors run to the other corner and they don't know how religion and nationalism not just judaism have been a part of the problem they've been part of what leads to. bloodshed

a few one. thousand four hundred people in a month and you want to expect that this will have no effect until the feet you have to be either extremely naive or extremely stupid we don't need to hear a religious jew calling another joe and not the way they really did it. more news today violence is once again flared up. and these are the images the world has been seeing from the streets of canada. giant corporations are old today .

kremlin combat the world reacts to news of glad to be of putin is running for the russian presidency again next year with dmitri medvedev now planning to replace him as the head of government while some are skeptical about the move the tandem continues to enjoy strong approval ratings among the russian. european leaders preparing a rescue plan as they battle to stave off a double dip recession and 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 while taking a softer stance on others including the u.s. where the crisis began in two thousand and eight. clamp down on freedom of expression in the u.k. is 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 stay with us here on r.t. . thank

you for watching the sports and these other headlines on the rise spot imo sky waiting for to across in the dark to go forth in the russian prime elite while the nominal sky missed the chance to go second. while sebastian vettel wins the crash lighting singapore grand prix to move to the brink of retaining his world championship title. and cashing in how this one to show gave golf a bill haas a multi-million dollar payday in atlanta. but first the one spot at moscow are up to fourth in the russian premier league able to impressive for a way when i cry as an adult some assigning a manual and many. go in as many games to post that one will out the hof an hour. and just five minutes after that i. double delete the spot before my russia under twenty one ford was first in the race band after

a scrappy corner. however it took the home side only a minute to pull i go back to give gainey competes in his left glaringly are marked in the spot that go mad and finished it but the problem is still in the first off ultimate field that then we deserve to restore the red white to god advantage for him in any case deaf cross i three one to spot at that stage i should be seen did complete a brace across in the dark blasting how my left foot soon after the restart but any riot pipe for the house seemed in after the major combat outcome for the death penalty midway through the second half forty to spot. this in the throat i got the win if a damp atrocities could bandaid beat spot at one nail for the six winning seven gangs are now chicks that to death for the sanctity of the feet this tour race at eleven goal of the season. will stretch time on real stuff from one hundred m. and a bottom high. clash the business to. stand self after the teenage midfielder picked up a second yellow card for

a humble. man adam off immediately scored to give ross to what proved to be the winner. and. filed to reclaim second spot after losing one nil in a rain drenched match and struggling previously. scoring for the home side often minutes before. collected to strike first red for. all of the marching one held to a one one draw at home to being spanish midfielder although it is a path to go ahead with his first goal in the russian top flight but they do level three in the second half of what was an entertaining gang of fourteen games unbeaten since manager they could see it up took charge. a quick look at the table then the top of that to scar a second there after that when i was older on saturday identities. and angie to seventy eric. and the other end krasnodar still only seven points away from getting

into the top title is important because the top eight teams will compete for the least top on european places at the end of the regular season spot and remain both and i've lost the last four games without scoring a single girl. i winning then bridget dunn's injury time i didn't go again queens park rangers a one one draw at home to aston villa the barry bannan had put his head from the penalty spot. sunderland on monday night. the rugby world cup whilst a thrashing maybe eighty one points to seven to boost their chances of reaching the quarter finals of the massive bragging miles maximum points and that puts them in second sight seeing great day last quarter final spot in the great scott williams getting a hat trick a try today. face group d. to south africa are eliminated and go high with. winning a single match. while russia two are likely to go home without

a win they are preparing to face the strain at the weekend following a sixteen twelve thrashing by ireland but despite three defeats the bears are happy with how they performed at their first world cup. i hope we're proving our class with each game we play it's all first world cup after all and more experienced teams have lost both similar score to the one we did today and we're due to the game but we're ready to show some promise now boxing middleweight world champion to be cheap iraq has successfully defended his crown stopping fellow rushing the material seann in the tenth round appear of dominated the bag using his height and reach advantage advantage and after being hit by a flurry of punches in the tenth what'd i see and was pulled from the five by train to concede a technical knockout pit of thirty one is now in play to nineteen banks while maturity and has lost three of his 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 to finish fifth after running into ferrari's for me to massa there while seven time world champion michael schumacher emerged unscathed after that spectacular crash started in poland finished first his ninth a tree in fourteen races and he needs just one point from the remaining five races to steal the title mathematically the only man you can beat him is jenson button he finished second ahead of radicals mark webber. we were 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 qualifying also in the race as a set the pace was good and i'm very pleased for the championship yeah it looks like we have another chance at the next race now 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 by the week before to beat oakland and on sunday night found themselves twenty one they were down in the

second quarter. connecting with quarterback tom brady but the bills didn't give up brady was intercepted four times and crucially in the fall when the ball falls to the hands of buffalo striking florence he goes over to give the bills a thirty one twenty four lead at this stage and even though the patriots got another touchdown from wait for it by using minutes. because a buffalo field goal from. or just seconds left sealed the thirty four points to the way. plenty of other games going on a quick look at the matter wins for tampa bay seattle green bay and san diego baltimore thrashed thirty seven seven also with victories on sunday night with san francisco oakland and detroit the games in title tennessee carolina pittsburgh and the new york giants all getting victories to cleveland just squeezed out miami by a single point that the ny lost to new orleans fourteen points to thirty three. has

been a multi-million dollar payday for american golf bill haas he won the fedex title after beating hunter mahan 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 fellow american man at the end of the final rancher went to a pile. chipping at his goal from the water to within a couple of feet of pain it was an incredible shot that kept him in the match which went to a third extra hole. where nine found of bunk and sent this os the cup. on the left haas needing to sync pace for victory. bit of pressure because it was a pup with just over eleven million dollars one and a half million for winning a week at a store championship event but also a ten million dollars bonus because it put him top of the fed ex ranking. sings in . the basketball now where the russian championship is about to start in two weeks

but have already wrapped up the first try for his the army men fell about che at the annual cup conceding to top off as. traditionally three european powerhouses come to the russian capital to take part in the government's kick up alongside the hosts to scott jugglers from lithuania and it's analogous of greece in turkish side due to the court to do battle for the trophy the red and blue is closed out is sixty nine sixty seven when again just to get us on set early and faced in and watching the decider the van gives wild game practice ahead of the forthcoming season and the chance to experiment with new players and signing it down again in the opening quarter and i would have four point lead for say scott in the second the muscovites before and some nice passing moves and prove that they're getting to know each other's game well forty twenty nine at the big intermission the turkish visitors try to stand firm against his guys attack but the army man

kept finding their way to the bag board and they continued to play more and more confidently showing solid before moans and pumping pressure on to the basket the winning team was clearly a long before the final buzzer seventy three fifty seven on the way to finish this new week despite the friendly state as little tournaments where i was very glad to win as we were competing against top flight teams however when there's still lots of work ahead as we made too many unforced errors. yesterday for just a game. maybe. we don't need any. of that if the fact is that it was. just dick cheney was teamed with a little sadness for the red and blues as it was also

a big cage and to be a well it says college and graduate langdon and john wanted hold of the boat just retired told him born in the u.s. to russian citizenship help in his adopted country to you be enormous four years ago the army man great spend plenty of time signing autographs for the fans and handed out they wanted for the tournament best players at a post match ceremony i see should be one of the most valuable player to start of the season just around the corner around so your list could last this man would be holding then to top three for the challenges to have his name but have a party. and while that was going on one of the game's biggest stars kobe bryant was in turkey and didn't rule out him there to a club like fan about if no solution is found to the current m.b.a. look at the lockout could prevent the start of the new basketball season in america as n.b.a. owners quarrel with players over and i could probably thirteen time n.b.a.

all-star i'm not trying to join another day like it was in istanbul to stage a coaching clinic at the weekend and said continuing his career. is an option. there are definitely there are some that would talk about you know i've never been a target i've never been a style ball so my first governor here i gotta tell you maybe it's a play off of the sound a lot sweeter now have a beer with the spirit and that brings us to the end of the sport a bit later on. live .

she's available in the house and. the crew me to feel. the oil.

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