headlines on our t.v. europe's leaders the clear they've finally got a debt solution following yet more money into recent telling banks to write off half of what they're owed by the collapsing country. fall of the epicenter of the crisis it's back to basics as cash strapped greeks revert to bark room for goods and reach a startling realisation that it's really not about. demilitarizing a libya from top to toe with the u.s. to consider grounding nato warplanes or the country's new leaders to solve it how to deal with a population that's armed to the teeth. and arrests in new york as anti wall street protesters encounter rough police resources as campaigner showed solidarity with oakland activists who fell victim to earlier crackdown.

it's just after four pm here in the russian capital you're watching r.t. now european banks have agreed to write off fifty percent of the debt owed to them by greece it was decided during an emergency summit in brussels where leaders made what many believe was a final attempt to save the euro zone the settlement was reportedly a close run thing a with a backlog holding out until german chancellor angela merkel threatened levy greece default the e.u. also promises to loan athens another one hundred billion euros well the ballooning bailout fund is in line to expand to a trillion euros now the task is to put it all into action let's go live now to brussels or talk to your impact on the belt he's in charge of the two of belgium's leading business magazines mr over felt is this the solution which will get the e.u. out of hot water or is it just buying time. it's just buying time and this is really not the bazooka everybody has been asking for i would describe it as a water pistol here but the markets seem to be happy about it reacting positively

to the news and we see world leaders congratulating their european counterparts why do you think that it's as you put it what do you know that they don't well let's let's just look at the different elements of what has been agreed upon starting with greece the reduction amounts to one third of the greek debt because a lot of the that is outstanding is not falling under the agreement of yesterday. and as the authorities the european authorities themselves say this will reduce the greeks victory shield to one hundred twenty percent of g.d.p. by two thousand and twenty now by any means a depth reduction by two thousand and twenty two hundred twenty percent of g.d.p. cannot be described as a major achievement it is still a ratio that is very high now this debt reduction of course also has implications for the annual deficit of the greek government and if you do the calculation on this due to reduced interest charges the government deficit of the greek government

will go down to something like eight or nine percent of g.d.p. which still is a large deficit which still is the greek government to cut expenditures to increase taxes and which will lead to a further worsening of the recession that is hitting so hard greece at the moment a worse recession means more on the budget and we will see greece on the negotiation table of the european authorities we didn't that's my guess six months are that's a very ugly picture you're painting there but is there any benefit at all for greece let's say for now to calm the street anger enough for it to benefit just read a short period of time and probably figure out what to do next. well there isn't the reduction of the dead and like i mentioned earlier this of course presents for the moment that we really did do a kind of. escalation of the greek debt level which is now growing in the direction

of the eighty percent of g.d.p. but you cannot call this a structural resolution to the difference greek problems here let's talk about leaders focus on trying to save greece i mean there have been those who are saying perhaps we should be caught to lose after all of the greek problem was the government's own making so where does that put the e.u. leaders decision though doesn't the e.u. safety isn't it supposed to take precedence over all these other problems of specific countries. well i think they are a little bit afraid to really bite the bullet here because if you look at it closely there is only one solution for greece and the truth have been put on the table already several months ago that is for greece to leave the eurozone because it is only then that the greek economy can regain international competitiveness due to the fact that the new dragnet that will then be put in place will automatically devalue substantially. the euro in other major currencies but that is

a decision everybody's afraid of and has for example not been discussed now but which is very much on the minds of several of the european leaders is that there is a huge problem brewing in portugal because this country is going down to greet the greek road quite rapidly now it's not as bad already as it is in greece but the portuguese economy is also in a negative deals in budget. limits that have been put forward are not respected and the country is in much trouble too so if one does the action today on greece one immediately has to put a similar kind of action into operation with respect and portugal all right well thanks very much for your pass a story certainly not over yet you know i'm glad overcrowd editor in chief of two of belgium's leading business magazines trance magazine thanks again. well you're exposed to bigger bailout part will need some foreign cash to top it up ahead of the fund is now due to travel to china after trying to attract some backing

economists there say the e.u. is trying to get others to do what it should have sorted out. there are plenty. of hero in who scorn to pay because you're talking about one trillion europe and this is a lot of money. right now doesn't have the money they're talking about leveraging the european financial stability fund to the other countries like china and. india even brazil to lend to the you appears to believe if you don't have money then sell your s.s. to raise the money or pretty well already something what china would do would be i think the really big new buy a token amount of. your peers the ability front but given your friends are playing a leading role because this is this is what do you korean leader should have done.

even if the us at a crisis time pace off help will still take a while to filter down to the ground in greece but those living through strange times are finding their own ways to make it as artists are for rights. they say that time is money for a country where cash is now in short supply time has taken on a whole different value. quick change want to services and sometimes they give a painting lessons for free but they take your guy for free also somebody else's. time banks just one of the growing number of service swapping alternatives that are providing people in greece another way to cope with the tough economic conditions services can include anything from language classes to babysitting or home cooked meals it's huge everything we do without money like after people are made by ourselves for a country in crisis building social unity cam fried extremely hard price is

a terrible thing it creates fear it divides people from public sector workers to from private sector workers it divides richer workers to poor workers immigrant workers from home workers and that's a terrible thing. for the party network's ability great way of bringing together large groups of people and popular slogan here in greece now is no one's alone in the crisis organizations are arranging swap shops to exchange clothes and one town in greece is even started its own bartie currency we still have the memory of. a cultural society in greece where people used to do things together like they would do the tree of my family this week and then next week with the olive trees of your family next week of the other neighbor so they would exchange services and the like that nicky gives me and her friend alexander he's also a member of the time bank and lesson one of the free services she provides then in

exchange alexandra helps out with the gardening so the time is repaid it's an amazing way. of receiving finally by giving her via. because many greeks struggle with wage cuts tax increases and with unemployment in the country now cripplingly high has been a huge interest in the time banks and networks this places in aladdin's cave of arts and materials there's no wonder really that this idea of swapping gets in services has proven so popular during solidarity time when economic situation extremely uncertain. these parts networks won't solve greece's financial problems they do provide a massive amount of support the participants it's not a response to. a crisis in the sense that it's going to overturn. but it's giving

support and comfort to both the right to. terrible economic policies that are being imposed by the troika it's giving people support to feel that they can do something with the tough economic times leaving many greeks feeling worthless there is real value in projects like the time bank the greek government drowning in debt these creative solutions are offering any support but encouragement to the people here which at a time of deep recession proofing priceless commodities. r.t. athens and later today here on our team max and stacy taking aim at the greek people over how much responsibility they should take for the easy life that led to their country's predicament or here's what's ahead at fifteen or thirty g.m.t. . is greece a failed state and i want to answer that from right granny in this image here you

see right granny what i think she's saying no greece is not a failed state it's an occupied state because they're not asking this question about iceland are they now because iceland stood up to the bankers whereas greece is still subjugated by the tyranny of the bankers and there's granny here you see throwing rocks the police she's a good emblem for what the car store for them and the politicians agrees as the things heat up in greece hopefully the banks in greece will completely collapse and this will be the only saving grace for greek sovereignty. now freeing the skies above libya by lifting the no fly zone and getting an answer nato is presence is on the cards at the u.n. security council today it's to vote on a draft resolution to wind down the military campaign despite calls from libya's new leaders to extend the mission until the end of the year also russia is

proposing a plan in that making a good athlete you're a military stockpile secure to prevent libyan weapons illegally disappearing up brought but getting a handle on what's there is proving impossible for the m.t.c. which is failing to deal with the fact the robot arms already circulating artes and he said ali reports. the war is over but the weapons are fully loaded. human rights watch has expressed grave concern about leftover arms in libya their number one fear warehouses thought to hold ground to air missiles which could in the wrong hands take down passenger aircraft it's through mates or our nato allies in the region which these weapons have been flooding libya and also libya is a country anyway the population has has quite a lot of light weapons in its possession and those like my parents are becoming a heavy burden on the national transitional council now relying on an army of

former rebels for security and we try to control the benz i'm not sure if there is somebody who has worked and we asked him if he has authorization for this we are not. checkpoints have been sent out across tripoli to check that those carrying weapons have proper documentation and those who do have the paperwork are being called on by the national transition committee to return their arms the question now is what if they don't and what does that mean for parts gadhafi libya and its stability and now as you can see is being secured here everything is under control and the only one would think that it will make some mechanism how to give the weapons but we see something very different i asked this head commander what the plan is to disarm the population but i swear i don't know

if. you know that it shows that we have some of the sea. and a makeshift arms collection center that covers one neighborhood in the capital we are shown this. these are the weapons people brought to me today not many. walk down one block in tripoli and you'll see twice as many firearms. so you know how many weapons there are in libya that seem to slaughter so we've been sitting here i think everybody half way some think the flood of arms in the country could spell disaster ahead in the vacuum after gadhafi and post revolt chaos as groups find out vicious battles for power. what you have now in libya is schools of armed factions who have no respect for each other and who have no respect for me through actually i have

a proper to mystically use made for to achieve some aims and nato has been foolish enough to go along with this so i think what we're going to see now is a intensification of the civil war between increasingly the factions which have overthrown the gadhafi regime with many libyans not yet ready to say a farewell to arms the m.t.c. which could only be gadhafi with nato help is now asking the alliance to continue its mission a vivid indication of just how unstable the country is and he's now a r t tripoli elevator member spends a lot of cash an effort to help revolutionary forces gain the upper hand in libya but u.s. space travel is richard spencer says it's of little use to their own people back home. i don't know how you can possibly call this a triumph for the west it had nothing to do through the war aims it did not improve the lives of anyone living in the united states or or europe or anything like that

it was a kind of it was you know one more of these boondoggles and incoherent foreign policy endeavors that benefits the people and no shape or form and in some ways that's the kind of bombing on behalf of these rebels and we know little about and who will likely not really serve western interests whatsoever i think it also says a lot about the current state of the united nations and i think that's also very important basically what you have is a situation where within the u.s. if the united states sides to overthrow a government does not like there will be no consequences for it in the body in terms of nato i think nato is a totally incoherent organization it was of course it's a dinosaur from the cold war era and i think it it's used as a tool to have the united states and and sometimes some other european powers to

do more of these foreign policy endeavors and or make any sense. well more and america's maneuvers in the arab world are on our website the u.s. military machine may be moving out of the box but there will still be spooks in the shadows report of why the cia is staying behind it's at r t dot com now. and of conquering the cold russia unveils an eight billion dollar plan to build the first ever city with an arctic national climate the arctic you can discover more at r.t. online. fresh clashes broke out in new york during the wall street march followed by arrests several hundred people marched in support of activists in oakland california who suffered a riot police crackdown earlier. reports now from new york. at least five hundred activists occupy wall street were walking through a lower manhattan cash to show their solidarity with the protesters from oakland

california as it is back now citigroup was walking through manhattan and there were helicopters flying overhead we saw riot police out. and risk stream of police officers and police cars following a group around there were some it seens police officers arresting some good as and at some point taking them down to the ground this is six weeks stand to remove an end that is one car larger and louder not just in new york city across the entire country in the past i j or so we have seen a huge crackdown now in atlanta and occupy demonstration took place at least fifty activists were arrested there but it was an old claim in california that they see the ins many say how little a something over the curb in wars still was the cost if i have to decide that into the streets there were at least three hundred fifty of them ah god into clashes

with the police and a police fired tear gas and rubber bullets at the crowd trying to remove the optimist from a campground at beit stablish two weeks ago in front of city hall at least ninety seven protesters were arrested and you know that there was one man shot in the face there were foliage and it was in a brocky the war veteran by the name of scuttles it was there for her aim to time iraq or better and he is now in critical condition for what's being reported he was shot in they had come by a police projectile and all right now he's in the hospital he was in one of the many he ordered better in south were peacefully participating in the occupy oakland march so. there's not much a beach is or visuals or video to comment on that showed any of the protesters the ice hockey attacking the police officers and the police in oakland california new

york city and throughout the country have been criticised for using brutal force against these activists that are just trying to exercise their freedom of speech. correspondents in the u.s. are watching the protests and posting what they see on live and check out archie's twitter feed for those meanwhile eyewitnesses in oakland have put for that song the web showing the intensity of the police crackdown and i'm just looking at your screens this is a video that what he reports i referred to in her report showing how iraq a war veteran was in her ex marine scott olsen is seen lying on the ground when a group of protesters rushed to help him not that moment a flash bumpus struck by one of the policemen who seems to be deliberately aiming at the activists ok let's watch this video again other videos from the protests are available at artie's you tube channel it appears that the ability to make footage like this public that's making a difference to the current protests so says joshua holland editor of the independent news website that. everybody has

a cell phone there are millions and millions and millions of cell phone cameras that are just photographing all of this stuff it all ends up on you tube so i think about having a greater impact it might have had. you know if if you have an active excessive force by police officer wasn't captured by c.b.s. nobody would ever see it the movement has shifted the discourse in this country dramatically just a few months ago the national journal did a study that found that the mainstream media was focusing much more on the jacker six then on the unemployment crisis the foreclosure crisis student debt these issues have been thrust into the central into the center of our discourse but there's occupy wall street movement and that is that's already having a significant impact. just one more thing to add to caught in the crossfire there's an app for that a new application for android powered phones called i'm getting arrested tells

lawyers friends and family if you're being handcuffed you can check out the details r.t. dot com. a russian investigators are brought new charges against a former police officer linked to the killing of journalists on a helicopter so gay hodgy could buy has now been indicted with organizing a murder he and two other suspects were charged with a journalist's killing four years ago but were acquitted by a jury the verdict was later a knowledge of his case was reexamined out of political it was gunned down near her apartment block in moscow in two thousand and six best gaiters say her exposure of abusers committed during the conflict in cheshire were the motive for the murder. of the let's strike what else is happening around the world this hour the former argentine knievel's wife known as the angel of death has been sentenced to life for crimes against humanity during the country's military dictatorship alfredo as these and eleven others were convicted of organizing the disappearance torture and murder

of dissidents during the one nine hundred seventy s. and eighty's all worked at eight a tour his naval academy which was one of the major torture facilities up at a time during what was called the dirty war. the rain and snow are hampering the rescue efforts in eastern turkey to find more survivors from sunday's earthquake and it's also adding to the suffering of thousands of homeless victims many of whom are still without shelter and waiting for basic aids the number of killed is now over five hundred but many people are unaccounted for and believed trapped and buildings which crumbled when the quake struck well another look at the top stories in a few minutes but first the latest business dimitri. hello to you and welcome to business are you the world's emerging economic powers say they will inject cash into euro zone to stem the crisis contagion china's reportedly agreed to invest in the rescue fund ahead of the foreigners flying to

beijing on friday to discuss the country's participation russia is also involved residential radar country but of course which says the country could contribute to rescue efforts through the i.m.f. but what we're now joined the studio by alexander you see if you're from bt because i was under a very good to see you so the markets will blunt had the moment everything is up at least three percent does that mean the latest summit was a success well at least they didn't disappoint it and i think the market was discounting their friends and their the new spot cancellation of. the media and so everybody was concerned and even though they delivered what they delivered makes working so is this a first step in many to solving the crisis yes we've used this step as there is to get in and. the european countries will be able to or. not in our society by and call when other countries like you have mentioned. well

speaking of speaking of china russia and all the brics so what interested they have in actually helping in this situation well everybody's interested in solar in the european debt crisis because this brings the whole world. world g.d.p. growth down so for for russia. the nearest trading partner and they we have already seen that production has been soft and action growth in russia often softening because of that before. all this is some kind of charity for those countries that will be just helping with the funds not getting anything in return or what. i think. well it's hard to anticipate the labor but i won't see that breaks what i suspect without any green tea as it's provided by the by you or i will the rally we're seeing right now it could be short lived do you think or will it continue into the future do you think

it's it's actually based on fundamental you know well signs that we are coming out of this crisis situation well will depend on the data also for the data has been on the economy has been all right and and the first steps are you. not what is required what hasn't been agreed upon that you expected to see. frankly all what has been known on the market on the discussion has been has been agreed the only well there are still lack of details on how this all will be implemented particular bank recapitalization and how exactly will be covered and yet so this is this is what still what still the market is waiting for are you going back to russia specific topic if i may the ruble has been weakening of the past two months very much but now it's been coming back do you think it's actually

going to find some kind of value in the near future you know well we think that it's close to its fair value no we have the forecast of thirty one for the end of the year and the dollar to the to the dollar yes and then did the. folks was hammered because of the. crisis concerns in september and now now and it's actually quite important because if the move will be appreciation pressures on the ruble continue the same for bank has to intervene and this so this dries liquidity and pushes interest rates up in russia so it's it would be very beneficial for russian growth of this. or that is a very senior chief economist of each of the couple thank you so much for being with us. all right we have just a few moments to take a look at the market reaction figures if we may well is rebounding from the biggest drop this month on speculation u.s. economy is recovering investors are waiting for

a report that may show the economy expanded at the fastest rate this year in the first quarter light sweet this hour is up two dollars and a half of brant just over one hundred eleven dollars per barrel. look at the stock markets the footsie is very positive of almost three percent the dax even more almost five banks show particularly strong gains across europe well claes is up ten percent with c. and the boys are banking thirteen percent in frankfurt russian stocks also climbing it's actually the second day of gains energy and banking stocks among the main gayness if we can look at them among blue chips banks of course are on the rise because of news from europe where bank is at a well not as much as barclays and torture bank but still another two point eight percent the stronger the world is supporting energy majors with gross now almost four percent in other sectors retail a magnet is up almost two percent after a reported thirty percent increase in third quarter net profit. so we have time for

on this edition of the business news on our people we will be back in fifty five minutes and with plenty more. union.