while doing america's thing. and staying with the shaky global economy now russia's finance minister outlines what the country. weathering any future storms. and always say advanced economies are about to plunge into another recession the debt crisis in europe is threatening to involve more countries it's not clear how the u.s. is going to pay off their gigantic 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 of the stations of a crisis or a harbinger or however most economists are inclined 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 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 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 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 is 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 where that because if 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 both 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 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 with all these sectors such as 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 a balance. let's talk about the debt crisis that advanced economy space now russia keeps a big part of its savings pour in 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 flop 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 market 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 it's debility 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 as. the debt crisis in europe is threatening italy spain portugal do you think europe will be able to withstand a severe financial crisis without letting the eurozone collapse and in what way could a pair fall down 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 just. this here at the g. twenty summit and at the meeting of the i.m.f. board of governors on 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 the 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 banks 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 heated debate 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 but russia already has forty five percent of its reserves in euro denominated assets can it actually afford buying more of europe's debt bonds with other issues. 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 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 announcement 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 amounts of our finances. i was listening to robert so it'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 colonies 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 or 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 do what i say not what i do they do what i say not what i do a 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 are vital 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 padron this does not lead to marriage 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 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 as 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 bounce in oil prices or mosquitoes. 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 we'll 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 for your kind. thank you. twenty years ago the largest country in the. disintegration of. what had been you came. to the beach began a journey. where did it take the. morning

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 the day. 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 dodgers. 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 invade another house 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 a feat you have to be either extremely naive or extremely stupid we don't need to hear a shill religious jew calling another joke and not the way they really didn't. mind . would be soon which brightened if you move someone from phones to impressions. means for instance on t.v. dot com. as president medvedev

and prime isn't due to her parents' home level switched media and i want to prove what happened back in the reaction of billions have been ranging from calling the of a step in the right direction to the penis which. here is a need a scramble for knowledge and a rescue plan to stave off a year and collapse any new wave of global recession things out of mana g. phones and hundreds of notes. countries equally is it prescribe small called speak here a while doing america's leading. the un is a very powerful body prepared for to save the palestinian statehood bid which president mahmoud abbas handed in last week to the u.s. and israel are being blamed for stalling the historic means. for us.

thank you for joining me for the latest sports update and here are the headlines back in the army the mythical jewel of the star until search and alexander stand a good place to test out moscow in their champions league clash at home to inter milan. plus out of a cup powerhouse taste guy playing the first trophy of the new russian boss people season you can also pick up in moscow. and million dollar shots american bill haas wins the fed ex cup in atlanta after beating hunter mahan dramatic play off that's the tour championship. for first i'm just one game to tell you about in the russian premier league this monday night as big spending and g. are preparing to entertain ten eyck in a southern russian dalby that is john clarke who boast the likes of roberto carlos and sonny letter in their ranks are looking to regroup after their one nil defeat at kew band could go level on points looking into the last six balls while to record their into this game on the back of a six game win this straight. now the midfield you have is all and sausage and

alexander sound i could be back in the squad for injury hit tesco moscow as the former you wait for a cup winners prepare to host into milan in their second group the match in the champions league on cheers day while in so will miss tommy true that was the slow death through the i enjoy the army men are second in that group after stage you do get bagged a brace as they came from two goals down to draw two two a little in the way for them while twenty ten minutes into our bringing up the rear following a shock one will defeat point by clubs and sports at the san siro the italian giants have since replaced coach john he had a gas buddy not cloudy around yairi but then it's doesn't think the change at the helm will affect the game. you're playing. well we don't continue to make much of a difference we should be relying on form and the first place intermediate change their head coach but the jump little queries are so regardless of which leads them into the game any team in the world will find it challenging to play them. now the

rugby world cup wales are thrashed namibia eighty one points to seven to boost their chances of reaching the quarterfinals scott williams landis three of wales twelve trials and the big three gave wales monks and points in the second important day last quarter final spot in the group the welsh will next page fiji and the third place of face group leaders south africa namibia and now eliminated and go home without winning a single match. well rugby is set to get a massive boost in russia just because of the world cup sevens has now become an olympic sport and he said to be played in schools across the nation which of on poor feet caught up with one player whose overcome the odds to be a success. he may be enjoying five star hotels and first class training facilities at this world cup however this hasn't always been the case for russia speedy winger idema us troops come on across and ah he was a talented wrestler in his youth but eventually decided to switch to rugby in his early teens on the advice of his brother vo he didn't have it easy in his formative

years but when i started playing rugby the facilities were non-existent we would train at a local school in the basement however it was rubbish and we would have to spend hours trying to clean it up so we missed and then the coaches arrived and we were allowed to use the beach to train on the log it was only after that he started to improve a. lot here has already made an impression here in new zealand scoring his first ever world cup try against italy while he's free of fans with his express pace this is obviously a dream come true for the twenty five year old and he says the whole of his hometown is following his every move. cameras you me everyone watches our games typical not only my family but the whole of my hometown everyone calls us to congratulate us even though we're not doing well in all of our matches it's a great achievement to be here for the country for the national team and for the coaches that all of us through show is not

a rarity in the russian team in the seventy's we made a major part in these developments plan he regularly completes for the national side are establishing themselves as a major force in the shortened game being able to compete and beat the likes of england and france on a regular basis. sevens really helps your development in the fifteen man game as it teaches you to see the pitch differently you need a completely different set of skills and sevens comes in handy jumped up on the gap because it's been a tough year for the team there you have to constantly ask this year to play as club rugby leaving behind his wife country year old son and get him on the cross to die some for fast kilometers away. you'll get to see his family in a couple of weeks i was very nice stream to committed to playing in the national team i just really wants to help his country improve them both servants fifteen man game richard reid all to the. museum and. now

middleweight world boxing champions me three period has successfully defended his crown after stopping an outing in the tenth round of the first ever all russian world title but because mr button dominated the fight using his height and reach advantage and after being hit by a flurry of punches in the tenth i thought i stand was pulled from the ring by his trainers to concede a technical knockout but also he was thirty one is now unbeaten in nineteen bats one with us and has lost three of his six flights since turning right. in formula one red ball sebastian vettel is on the brink of retaining his wild title after winning an instant packed singapore grand prix while the race mclaren's lewis hamilton had to recover from a trifling penalty to finish best after running into ferrari's for me paymaster seven time world champion michael schumacher emerged unscathed after this spectacular crash however that all started on pole and finished first to claim his ninth victory in forty rice's continues just one point from the remaining five

races to seal the title mathematically the only man who can be traced jenson button they finished second at the red bull's 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 circus 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 looks like we have another chance at the next race. over in the n.f.l. the buffalo bills have pulled off another thrilling comeback to defeat the new england patriots thirty four points to thirty one with just three seconds left on the clock buffalo had come back to be open last weekend and on sunday night they found themselves twenty one down in the second quarter bob graham koski connecting with quarterback tom brady bunch the bills didn't give up and intercepted brady four times crucially here in the false fall into the hands of straight and florence

he went over to give the bills a thirty one twenty four lead and even though the patriots blundered and not a touchdown for the ways were closing minutes it wasn't over a buffalo field goal one minute out of a dying seconds for a dramatic victory by three points. a while it was a multi-million dollar payday for american golfer bill hawes he won the fed ex cup after beating hundreds of man in a playoff at the torch championship in atlanta and walked away with just under eleven and a half million dollars at the end of the final round haas was tied with fellow american man on eight under par so it went to a play off where haas wrote his luck and at the second extra hole he found a bunker with his tee shot in the water with his second but he managed to kick the ball from the water to within a couple of feet of the pin and incredible shot that kept him in the match then at the side extra hole may have found the bunker and sent this part past the hole and

that left asked needing to sink his victory a pop worth over eleven million dollars one of the half million for winning the weekend's tour championship events but also a ten million dollars bonus it's good to talk about this season they're trying to. and finally the russian basketball championship will start in two weeks but have already wrapped up the first trophy the army men beat fenerbahce at the annual goner. up. as well. traditionally three european powerhouses come to the russian capital to take part in the government's kick up alongside the host has cut the gears from lead to any and it's analogous of greece and turkish side. took to the court to do battle for the trophy the red and blues glowed out as sixty nine sixty seven when again just to get it on saturday and faced going and watching the decider the van gives wild game practice ahead of the forthcoming

season and the chance to experiment with new players and signings at tagging in the opening quarter ended up with a poor boy include forte's caught in the second the muscovites before and some nice passing moves and proved 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 they are men kept finding their way to the back more and they continue to play more and more confidently showing solid before moans and pumping pressure on to the basket the winning team was cleo long before the final buzzer sounded to me fifty seven and the way to finish this is we find you the only state as a lot tournaments where i was very glad to win as we were competing against top plies teams however there's still a lot of work ahead as we made too many unforced errors. yesterday a game. that. maybe it was in.

this game. but you know we don't need any change the. fact is because nobody can play boston. the. victory was teamed with a little sadness for the red and blue as it was also make asian to bid farewell to tears college and graduate langdon and john wanted a hold of just retired. holden born in the u.s. to question citizenship helping his adopted country to europe enormous four years ago the army men great spend plenty of time signing autographs for the fans and handed out their words for the tournament's best players at a post match ceremony i say should be at one of the most valuable player to start of the season just around the corner fans of yours because last this man would be hoping then to top shape for the challenges ahead and play about out of our team.

it. took.

a stab in the right direction or a political chess game as president medvedev and prime minister sharon top levels which we tell you all people at home and abroad all say. the down from the cash in the eurozone leaders scramble for an urgent rescue plan to stave off a number of global meltdown while the international monetary fund's accused of not treating countries including. the un's most powerful body has to to save the palestinian statehood bid for us in israel of being blamed for storming the historic moon. a very warm welcome to you this is our see live from moscow is that argue being the longest running question in iraq.