departure of finance minister if we could on monday join me for a full business bulletin right america. a very warm welcome to you this is a lie from moscow the greek prime minister says he's confident his country can emerge from its debt crisis ahead of talks with germany's chancellor overcounting the budget deficit comes as lawmakers in athens are expected to approve an unpopular property tax the country's finance minister says the country will receive the next batch of bailout loans in time to avoid a potentially disastrous to fold our correspondents arafat is following developments for us from athens. what you're hearing from the great prime minister jewish passenger speaking to members of the german industry in berlin is this a very positive rhetoric he thinks this country can escape the crisis is still the

line from the usa leaders is that there's no question if we exiting from the usa and said to full still not being shaken about publicly here in athens in a month x. that the opinion really defense quite significantly you'll experience is that being a little bit skeptical about that kind of speech because we've been here before and we see the same things being said and yet the country still once again at the brink of a deep deep financial crisis at the moment on the ground here we think some prey to fighting now save the parliament they think today all this prototype is nothing else there is a measure of this designed to try and convince the usa need to sequence is making the right moves at the people here is that this isn't really a matter anymore over whether or not they want to pay it of course they don't that is not a case of that is that they simply can't kid of the first time you're seeing people

below the poverty line being tax and they said that simply unacceptable that still a very different public clients what's being said privately now privately for the last year and a half a lot of people have been saying that to polls has always been inevitable it's just the fact the eurozone leaders have simply not admitted that they said it's one of the worst kept secret around a lot of people saying that you know it's a needed simply aren't going to accept greece exiting the year of the case if it were to accept that anyone could leave and that really would mean the end of the year it's a move together now a lot of people saying about this control to folk that really ideally we should be able to do this their way not dictated by the usa leaders but what we've heard is that that was expected from a lot of people with the euro is a need is to have a choice not to do this the rational way or the irrational way and alyssa told me. the rational way would be to attack this problem have everything out in the open up be honest about what's going on and have that control to focus there's also be a rational way and a lot of people sadly think that's quite possibly what we're going to see now which

is more more takes more discussions and in the end move very painful measures if people simply aren't working. more on the situation in greece let's talk live now to your hand van overtveldt editor in chief of leading business magazine and author of the book the end of the euro many thanks for joining us here on r.t. more measures are now being discussed today to avert greece's default including holding the country's debt but all they likely to be an author of a realistic. whether they are realistic or not that's the big question because the other countries of the eurozone will have to assume the directly or indirectly but whatever way one looks at it greece is in a lot of trouble the economy is now contracting at something like eight percent on an annual basis unemployment is officially at sixteen percent but certainly the real life much higher it's impossible to control your budgetary situation in that

kind of economic decline so there will have to be done something in the coming days and weeks or as the pictures you just showed already indicated there will be major major turmoil in greek society now the big fear within the e.u. is that a contagion they desperately don't want the situation in greece to have a domino effect on the rest of the eurozone but just how bad would you say the situation is in other states. well perhaps first focus once more on greece one of the problems with the greek situation is that if one would default today or if one would or try to organize a default of greece today the major problem is. all the greek banks would immediately be bankrupt so you would have to recapitalize the greek banks immediately in order to have and i don't hesitate to use this word

a total destruction of the greek economy obviously the greek government can do that so you need the european stabilization fund up and running to do the recapitalization of greek banks and that is why all the fever where there is so much fever around to get the july twenty one. conclusions of the european summit agreed upon in all the european parliament because it's only then that you can have the european stabilization fund operational and only then you can or do an organized default of greece because only then you can recapitalize greek banks now with respect to your other question the other countries of course contagion is imminent i mean the situation in portugal in ireland is well known portugal is i think in worse shape than ireland but of course the big question with respect to the future of the euro zone is what will happen to spain and italy because here do

you mount our debt much higher and the need to intervene is that much more huge this with respect to greece or portugal that we're really then in a totally other ball game a ball game in which for example germany would certainly be very doubtful to go it all the way well let's talk about italy and spain the so-called too big to fail countries the i.m.f. so when he said that it's not able to help them out should the crisis get worse what is the best solution for the rest of the year as a to make sure that the greek scenario is repeated elsewhere. well the only solution to all these problems and to the future of the euro zone is that takes what mario draghi the future president of the european central bank is. recently called the big quantum leap forward that you go immediately to award a highly integrated political union where you have as it is always the case in the

political unit where you really have political decision making that goes for all the countries involved in. the eurozone area but of course with the way things politics are going now in all the different countries debts of calls factor morgana it's impossible to imagine at the moment that the eurozone countries would go for a total political union as is required to come to orderly solution of the problems that are on the table at the moment well if greece does eventually default even leaves the year as a what effect do you think that would have on the future of the single currency the euro. well if we only look at greece i think like i already said more than once on the. television general it would be a very good thing for greece to leave the eurozone and since greece is only a very small part of the eurozone one can do that kind of exit like the greek exit

in an orderly way if it is done disorderly it would mean chaos within the entire eurozone i think and i'm fully convinced that an exit of the of greece from the euro zone is from a technically monetary point of view which perfectly doable it only takes a little bit of coolness to do it and it would solve a lot it to a large extent greece problem still because the problem with greece at the moment is that the country is really it's impossible for the country to escape from the recessionary i would even say depression really. circumstances in which it is today it needs more exports and more import competitiveness to regain some economic growth it cannot find that growth. we don't do a major devaluation of the currency which in this case would mean greece leaves the eurozone ok you have over the world editor in chief of trends magazine live from

brussels many thanks for those thoughts. we'd also like to hear your opinion on the crisis in greece so log on to our website r.t. dot com to take part in our latest poll today we're all seeing what do you think. does a disgusting behind the scenes so you follow the most popular responses are all the tongue in cheek one how to escape a lynching from angry voters well almost a quarter of you think that discussing whether greece should exit the euro zone and some of you believe they might be talking about how to manage control of faults and how fall the bailouts can stretch do you get involved have a long to dot com and cast your vote. we're on the way here on r.t. arming an ally all setting off a time bomb blows that revelations claim it the u.s. sold heavy duty weapons to israel it could be used to start a new all in the middle east. the u.n. security council has decided to postpone further discussions around the palestinian

bid for full membership until wednesday this as washington refuses to back down on a promise to block the move in support of its ally israel but as i reports the palestinians could still gain an elevated status the world body. what the palestinians would need would be nine out of fifteen of the security council members to support this application no vetoes but us president barack obama did state last week when he was addressing the general assembly that the only way there could be an independent palestinian state is through direct negotiations and and peace talks between the israelis and the palestinians washington said it would cast a veto if it had to but let's remember that u.s. credibility and influence in the middle east is at stake here u.s. president barack obama has been seen supporting the so-called arab spring the to metion the libyans the egyptians and so for the u.s.

to cast a veto now against the aspirations of the palestinians would be as some critics have said hypocritical the palestinians do have another option and that would be to take the vote before the general assembly where they do have the majority of support that would only raise palestine's status at the u.n. to observer state a nonmember observer state but they would be able to file lawsuits at the international criminal court and participate in many forums but at this point it is stuck within the security council with washington pressing very hard for the palestinians to back down and not put them in a position to cast a veto palestinian envoy riad monsoor addressed the media following day one of security council consultations here's a bit of what he had to say we all know in the security council this is this is an exercise in which there will be that among this pressure. so that the number of

countries and members of the security council but we trust that we have many friends in the council and the relationship between us and the old friends is a solid the relationship and. the polls. they are supportive of justice for the palestinian people and palestinian president mahmoud abbas said he would return to negotiations only only if israel halt its settlement construction and since that has not happened and since this statement made by the quartet did not include that then the president of palestine said that there's no point in talking so while the international community is trying to come together right now to get both sides back to the negotiation table it seems that the palestinians are really driven and determined. as the u.s. continues to stand by israel washington's now coming under fire for new revelations

of his dealings with the country it's going to be white house supplied dozens of bunker buster bombs to tel aviv weapons best suited for destroying underground nuclear facilities in iran when a deal to buy the bombs during the bush administration in two thousand and five founded if it concerns israel could pass the technology on to china claims that now emerged that weapons were secretly really shortly after a bomb went off in two thousand and nine observers fear the move could lead to a new war. it seems that there is very few limits that the united states is willing to cross in order to support israel at any cost you have to almost wonder how it is that the tail wags the dog in this respect israel is a training nation the size of new jersey and it has no oil wealth it has barely a strategic position and yet it's telling the soul the world's sole remaining superpower what to do and it just goes on and on in the bunker busters a five thousand pound bomb that is only used in order to penetrate deep deep

fortified positions iran does keep its use is said to keep its nuclear research facilities deep underground and the only way to really access them would be using exactly the sort of weapon so. it's not speculation to ask where they're going to run would be interested in would be would care about this transaction this is very much an escalation of the conflict between israel and iran. have the u.k.'s been trying hard to reduce its depth of the spending cuts of course and growing numbers of people out now it's in the few job vacancies that iraq at all misses clues that they to immigrants who are taking ninety percent of only possessions aussies i've about reports. jaymes amongst the growing ranks of unemployed he's been trying to find a job in social housing since may competitions fears that father six agencies now

working for each job so you just find that you know looks like is about for you they will get short listed of it as look at salaries slightly less you know maybe going to go back to college and maybe do some parts on unemployment's now it eight percent the highest for fifteen years but no matter how hard jamie tries the odds are stacked against him job centers like this one helped fill one hundred eighty thousand new vacancies in the last twelve months but only eight percent of those went to british workers with foreign nationals more successful in the job market nine times out of ten reversing that trend was a key election pledge of the new government promising to slash immigration but a year on its only increased migration was nearly a quarter of a million last year up twenty percent on two thousand and nine and britain second biggest annual total ever way off the government's five figure target i think we're probably over promising given the restrictions that they face it didn't make sense

to promise to bring the number down to an arbitrary level we initially been having a more honest debate with the public about the limits on what they could do the government claims its target can be met by capping normally you immigration but that ignores how most of coming from within the e.u. where restrictions don't apply entry numbers for eastern europeans rose by eight times in the last year alone as they continue to cash in on the open borders it's unlikely that a top of the measures are announced that target might come close. likely to me to further measures are necessary for others the problem lies at home pretty patel's an m.p. and from an immigrant family herself she knows what it take. to succeed here it says most don't i go back to thirty forty years ago when you've seen immigrants come to this country what they wanted to is they want to work hard and get on in

life they really do the families think about eccentric search or you know new days gone past we used to have a tremendous british work ethic in this country we really did i think we've effectively lost some of that was it was easy to see that at the job center where most i'm it were migrant workers the problem is that a lot. but i got used to not doing the minimum wage jobs and low paid work so they need to be forced into taking these jobs the government claims it's now doing just that it says we are reforming the welfare system to ensure that we end the benefit dependency which is trap so many people and finally ensure work pays but once the long term unemployed can be forced to look for jobs there's no guarantee they'll get them coming back to their immigration promises the government simply can't keep a bit arty london. with me they may very of has again to head out at the former finance minister the president confirmed his intention to increase russia's

military budget that is she proved a source of friction between the two men with that in criticizing the plans he also said he wouldn't serve the new government if it was headed by medvedev comments that saw him sachs on monday because of the house the story. well the reactions that are coming out coming from the the political elites at the moment after the get of issued this ultimatum to couldn't to say get on board all gets out could have been said he would consult with prime minister vladimir putin now we're hearing today from dimitri. spokesperson that consultation never happened so they didn't talk to decide his future presidential aide. says that as soon as. president medvedev he made it was untenable and the only option for him was to disappear and go eventually he was dismissed now one of the biggest names that we're hearing from is the chairman of the state duma. also

a senior member of united russia the leading party here he says that this spot yesterday this dispute over couldn't saying he wouldn't work in a government headed by is just the tip of an iceberg and there's many other things going on in the background however he wouldn't he wouldn't elaborate on what those other things were so this certainly seems that we we haven't heard the full story yet of what's going on between alexey couldn't. stay with us here on r.t. and our business report just a little later on we'll be looking at who could be the potential successor to the finance minister who was dismissed after eleven years in the job. former ukrainian prime minister yulia timoshenko will return to court on tuesday after a two week break in the hearings she's accused of abuse of power. with russia in two thousand and nine claims she denies the case has drawn an angry response from supporting protests in tents outside the courts been going on for months now from

care of his. after a two week break the trial of futenma shanker ukraine's former prime minister is due to resume in kiev and many say that the court hearings are entering their final stage with debates in court to take place within the next several weeks some say that units of my still get a prison sentence up to seven years for the economic crimes she is being accused of but most of the experts think that she will most likely get a suspended sentence of five years and that will automatically take her out of the presidential race in twenty fifteen and that the parliamentary complaint due to be held in the autumn next year now i'd like to remind two of you was that huge machine it was being accused of several economic crimes one of them is according to the prosecution is that she managed to strike unlawful gas deals with russia in two thousand and nine at the same time it is very interesting because moscow is adamant

that those gas agreements were signed in full accordance with the international legislation and thus they must be fulfilled until they have been revised to the court hearings have been going on since june certainly this is the loudest and the biggest court hearing now in ukraine supporters of juda chima shango and those against her are being stationed at the main street in kiev because charlie street in front of the court building for several months now and they're still here with course expecting their presence to. multiply within the next several weeks and tensions will most likely be rising. can a sentence of all the top stories from around the world now this hour and libya's new leaders three plants reform northwood for use by the gadhafi regime to jail dissidents it comes as forces continue the seizure of power into hometown well served it's been a dozen staying detached with hundreds of civilians forced to flee the civil war has claimed the lives of an estimated thirty people. to subway trains of

collage. didn't the chinese city of shanghai injuring at least eighty passengers with some t.v. reports putting that number at over two hundred it happened in one of this is use newest lines when one of the trains smash into the back of another as a result of technical failure is the accident similar to a train crash in july that killed forty people and shattered public confidence in the nation's high speed rail system. yemeni antigovernment activists in vanuatu were both in the end following a president alley after the family speech in which they failed to helmets to step down over one hundred forty people killed across the country in the polls we vote on and the escalated from the president were turned again off to medical treatment of more than fifteen hundred people all believed to have died since conscience between anti-government activists and security forces began.

a powerful typhoon knesset slammed into the philippines bringing with it monsoon rains and strong winds that have toppled trees and flooded parts of the capital at least seven people have died including a baby fell into the swollen river government offices and schools were closed while dozens of domestic flights were canceled more than one hundred thousand people evacuated from the worst affected areas while heavy downpours are expected to continue for several days. the cause or poor too is just ahead as well as a recap of the main headlines that solves our business update with cutting. welcome to our business update there sal the russian markets may not have dropped on news of alex he quit resignation as finance minister but spirits certainly have cauldron is much admired in the financial community for his stewardship of the

russian economy and lower from alpha bank says his departure raises the risk of budget overspend. hundred people from national markets also rules of procedure associated with the creationist position front and second with a very tired logic approach ross says he put his resignation the moment of global financial crisis risk of recession in the form of the good news and especially i think it's not the good news given the upcoming elections because i'm. always surprised that you know now we have to wait for a new minister of finance for the election to be more pressure to increase social expunge includes expenditure on defense so overall i definitely have much more concern over there still built over the russian budget also for the coming years most of all do kevin to build to keep the breakeven russian bhajan breakeven oil prices so it's a roll to be human i was a controlled levels at the moment to stay already one hundred dollars per barrel so

i would not always hear the. higher and higher is the phone line cruising. let's take a look at the markets now here's the figures for the right the r.c.s. and the my six both adding over two and a half percent let's have a look at some index movers on them isaac's energy stocks on the rise amid stronger crude oil is gaining almost two and a half percent among miners poly metal is gaining for the first time say in four and four as precious metals are advancing in other sectors aeroflot is among the main game is after it reported twenty four increase in net profit for the first half of the year and for the also says it's considering listing in dublin and new york markets in europe are posting strong gains as well the point c. is up two point six percent and the dax is three point seven percent higher so german can make a dime the rally park resigned after it was upgraded to outperform neutral by credit suisse. turning to oil now it's being supported by speculation the european

central bank may alleviate the region sovereign debt crisis boosting growth fuel to money. like wheat is currently trading at eighty two dollars a barrel while brand is that one hundred five dollars a barrel. or has all major all snaps is in talks with italy's any over the joint development of a project in the black sea that's according to the business daily commerce and quoting sources close to the deal then use paper says the european company would get a third of a joint venture which is expected to be sealed by the end of the year in response was snapped wants to win a role in any projects in media earlier the russian company discussed the possibility of working in the black sea with america chevron and exxon mobil. the world's biggest soft drinks maker coca-cola is planning to invest three billion dollars into russia's economy by two thousand and sixteen that's as much as it spent over the last twenty years speaking exclusively to our team the company's

president can't explains where the money will go that's going to be investments in more production more distribution more marketing more branding more communication more support of our customers where we have seen opportunity in russia we have made some acquisitions like milton and like we've done. so those are complementary to our business existing business we feel that our portfolio is very rich and we will be focused on organic growth in the next few years. that's all i have for you this hour stay stay with us with for headline news up next.

wealthy british style. expert on the right in the front. garden. market why not. come to. find out what's really happening to the global economy with much stronger or no holds barred look at the global financial headlines kaiser report.

itself was down here mostly this is all seen the prime minister of green says he's confident his country on a much of the crisis ahead of top of the german chancellor meanwhile the greek finance minister and the country will receive the next batch of bailout loans installing to avoid a potentially disastrous to faults. the u.n. security council prepares to submit the palestinian statehood bid for recognition despite fears objections from israel on the u.s. which is valid and peace. the move about the palestinians can still get a partial recognition from the general assembly where they've already have a majority of supporters. and nine out of ten new jobs in the u.k. are being taken up by immigrants it comes as the country struggles to create new work to me that's tonk rise and on on and.