have been wounded in a shootout between local serbs and albanians in the northern west and peacekeepers have fired tear gas at the border while dismantling one of the barricades ethnic serbs put months ago and. days of these financial woes go from bad to worse interest rates on the state's cost of boring sort of near unsustainable levels despite prime minister silvio berlusconi's promised resignation markets fear the country is heading for the abyss despite pleas from rome it wants to adopt austerity cards and fulfill all of legations to the future trying to tackle the debt crisis. up next aussies interview shows spotlight as on then the gears up for another austerity hate in a forthcoming budget hitting the poor off to bailing out the country's failed banks i'll get over interviews the country's deputy prime minister and the minister of foreign affairs and trade even gilmore to discuss what the country's trying to do to avert default.

they are taking. today. island will be taking over the presidency in. two thousand. but on the eve of this event ireland is facing pretty serious economic problems well as well as many other european countries and members of the. present russian president present at the g. twenty summit in france said russia is ready to help. others so what kind of help is russia ready to provide to islands let's ask the deputy prime minister and the

foreign minister. as the european debt crisis spirals even further all the economists worry about the future all the euro if greece leaves the currency and all the weaker economies may be forced to do the same the region stronger nations have graded and almost half a trillion. still not enough to boost the europeans are seeking support in the east particularly from china. russia to help it's a request officials and. political interests to. a welcome to the show thank you very much for being with us pleasure to be with you first of all i want to before coming to moscow. this time you said my intensive schedule attests to the emphasis we place on deepening and broadening further our

political and economic relations with russia and quote what is that reason for such attention to relations with russia now well first of all our land has always had very good relations with russia. and at this time. first of all at the political level we want to deepen our bilateral relations and strengthen those there is an opportunity for us to do that now are and will take on the chair of the organization for security cooperation in europe next year throughout twenty twelve and that is a regional security organization which stretches from vancouver to vladivostok and clearly russia is a major player in the whole framework so. this is an opportunity to have discussions at a political level with russian foreign minister lavrov in particular about those issues immediately after that are and will also take on the presidency of the

european union at the beginning of twenty thirteen so over the next two years or so our land would be very much at the center of european political and economic issues the only reason that we are at the time here is to obviously deepen our economic relations and i will be co-chairing with transport minister of the. meeting of the joint economic commission between our two countries and we hope to use that meeting to deepen trade and business relations between the two countries five or heard that your government is paying much attention to the return you get from paying for your missions abroad on the venom a third you said you closing your embassy in vatican and maybe in some of the european countries what about the mission in moscow are you keeping it over very much keeping the. in fact we intend to strengthen our work in russia

there is a very high level of trade between our london and russia it's about two billion euros at the moment. merchandise trade with russia increased by about sixty percent last year and we see enormous potential for that to increase there are about two hundred irish companies who do business here in russia and one of the outcomes that i'm hoping for from these two days is to see an increase in that activity and the continuation of our embassy here in moscow and all the work that irish agencies do have russia's going to be very much part of this year off to a pretty rough third quarter the exporters that she has downgraded its two thousand level growth projection from seven to five percent due to seek some new markets here in russia do you do you are you thinking of selling some something

else what kind of products can the irish off well first of all i want to say that exports are in fact growing and increasing. arland exports about eighty percent of everything we produce all trade in exports is very much part of our growth strategy what is most interested in mainly well the area stuff we see potential for growth here in moscow are for example in agriculture and technology art and as i recall sure of the country and we've developed a lot of skills in the area of agriculture research and technology and we believe that that is an area which can grow here we also see huge potential in information technology our land is very much a center european hope for internet activity no companies like google and facebook and twitter who are located in them so we see that as a barrier for growth education and education services these are areas that we see can grow and of course in the. area of alternative energy because again our land

because of our maritime area have areas about ten times our orlando area big potential for wind and wave energy and this is an area that we see great potential for growth in the patients are in big demand these days in the kremlin if you want yes innovation is. we're living in a changing world and innovation certainly innovation and industry science technology this has to be at the heart of of industrial strategy and we can all make activity and arlen prides itself on having a very strong university sector and a very strong linkage between business and our universities we work to build the synergies between the research activity that takes place in universities the innovation that takes place and industry and then the marketing of all of us through our trade strategy session president has recently attended the g. twenty summit in france and speaking there he said i quote europe should achieve

economic reality should russia is ready to help including through the. quote do you expect any help you can get from russia in overcoming the difficulties in financial difficulty well first of all the media theory of help is that we grow or grow our trade secondary of course and so i think that there has to be increased cooperation between the european union and russia i think this is something that's very important and has supported the idea that there should be increased cooperation between the european union and russia we operate in the same area i think that there are huge advance just to both russia and the european union for increased trade and i think that there's potential for that as russia will shortly i believe become a member of the world trade organization well let's talk more about finance which is a problem and it's a big problem for islands for as i understand. arnold was forced to accept sixty seven point five billion bailout from the european union and the i.m.f.

last year last autumn actually then in may he. the european financial stability fund was created do you plan to use this european stability fund to to somehow reduce the coast cost of the other bailout well the first thing is that the programs that are under entered into with the i.m.f. and the european union and the european central bank we are working the program we're meeting all of the targets and this year the first two quarters of this year our land has returned to economic growth for the first time in three years so we are working our way out of the economic crisis number of decisions have been made at european union level this year and chilling the establishment of the. various flexible mechanisms which are within that which we feel will work to our benefit and will work to reduce the overall level of debt the states. the

crisis last year it was blamed on the irresponsible banks the competent economic governance this resulted on the record figures that the labor party got on the recent election toe much did your government improve the situation well what would you for example answer to the left wing critics who accuse the of i quote slavishly submitting to their dicks that some of the financial markets and those faceless institutions that hold the lives of tens and hundreds of millions of europeans in their grip well this is this is what you're doing according to your critics no in fact what we're doing is we're working our way to recovery the first thing that the new government did was we took decisive steps to restructure and to recapitalize banks aren't have been hit with a double whammy first of all the effects of the international. the collapse of lehman brothers in addition to

a domestic crisis which was mainly property fueled which was fueled by excessive lending the new government has worked to deal with the restructured family capitalized our banks we've introduced a jobs initiative to encourage people back to work and to provide training for those who are out of work already column e. has returned to growth this year the country's reputation is greatly improved from the time the new government took over and i think there's a greater degree of confidence both in our land under brought about ireland's ability to pay its way and that is reflected in the markets that's reflected for example that the interest rates on irish has greatly reduced since the new government took over says eamon wilbur the deputy prime minister and the foreign minister of ireland who is on a visit to the shop spotlight will be back shortly after we take a break so stay with us don't go.

undiscovered. communicate with the wind. test yourself and become free. see what nature can give you. wealthy british style. market. find out what's really happening to the global economy

with. the no holds barred look at the global financial headlines kaiser report. welcome back to. you know i've been just to remind you that my guest today on the show is the deputy prime minister and foreign minister of the republic of ireland. when the eurozone it was seen as a guarantee for prosperity for economic prosperity for years to come well now that

he has experienced serious problems and is actually facing crisis what's your what's your opinion the year the the irish. entry into the unions and didn't do more good all more bad for the republic i believe it's really i think first of all you have to acknowledge the us economy grew very significantly during its period in the euro yes it is. an economic setback about three years ago but we are no coming through and coming. there are difficulties in the euro sold everybody knows us the european leadership is working to deal with those difficulties and i believe. with those difficulties success successfully if you look at the number of decisions been made this year too. supports the euro and to support the eurozone the establishment of the europeans to

stabilization fund the european stability mechanism the change in the european treaties in order to pay in cash and the various decisions that have been made to strengthen governance. the euro the euro zone all of these i believe will over the course of time strengthen the euro i think there's one thing that people need to be clear about and that is that the leadership of european union countries will do whatever it takes in order to ensure that the euro is staples that it succeeds and that it continues so you are absolutely sure this is interesting you know as the prime minister deputy prime minister of ireland you're absolutely sure that the euro leaders like mr sarkozy and they really care about what happens in ireland what happens in greece what happens in portugal do you think they care about their countries or they care about their own prosperity

well i think everybody's prosperity is fairly sure. you know we live in a world where the prosperity of one country depends on another where the difficulties that ensure difficulties banking difficulties one country impact on the banks of another country let's be clear about this the european union countries and the eurozone countries in particular have put their money where their month is they have established the various forms which are necessary to support and to underpin the euro and have taken a succession of decisions which are aimed at securing the future of the euro the future of financial stability in europe and the future of the european economy oh yes of course there are there are difficulties and we've seen difficulties even in recent times and in some countries but there is a collective wail in europe to deal with those difficulties and to ensure that we succeed so you. confident in the future of europe yes i am confident i mean europe

europe is very strong very big markets in europe we're talking about five hundred million people there is a strong degree of cohesion across the twenty seven member states of the of the european union. there are there are measures that have to be taken there are decisions that have to be made there are reforms that are have to be pursued collectively in the european union and in individual member states as far as our lives is concerned we are taking those reform measures we are pressing ahead with the things that need to be done we are convinced we will be the first european country that will come out of this recession come out of the programs that we are in with the i.m.f. and the state and the e.c.b. and as an individual country and europe as a whole will come out of this period. as i read the economic reports give the impression that you're oh this isn't have another choice has to compete with the dollar i mean they they have to challenge the dollar and this is the problem this

is the need this is what causes the problems of europe and it's trying to compete with the dollar is that true well i think there are complex issues which are intertwined here i think that at the root of it although if you look at the european economy yes the reforms that have to be done yes there are decisions that have to be made in regard to fiscal governments and financial governance but there is also one necessity for the european economy to grow one to create jobs and this is the area where a country we have put our emphasis and our discussions with our european partners is the necessity to get jobs in europe to grow or economies to expand or trade and that ultimately comes back to one of the reasons why i'm here in moscow today because i want to see the opportunities for trade between russia and much more greatly increased. we can grow both economies to our mutual advantage do you think

that the troubled economy greece through so maybe some other countries that they may leave the euro zone is that an option i don't think so i think if you look at the way in which this whole crisis has been approached it has been approached on the basis that we are members of the euro on a collective basis where one country gets into difficulty there is a sense of solidarity from other member states we've seen that work for the implications of that obviously in individual countries are different and they are difficult and i think we've seen that expressed particularly in greece in recent times but i'm confident that these problems can be overcome watching from the outside from moscow i you know impression that the european commission is weakening and that you and that paris and berlin are becoming the decision makers in europe do you agree no i wouldn't agree with that i think the european commission is very strong in many of the proposals if you look at the proposals which have been discussed in the nations of the european council by heads of states of government.

in the main have been proposals that have been prepared by the european commission the rule of the european commission has changed following the adoption of the lisbon treaty and there is no new structure for meetings of heads of station and government and of course there is a new office now two new offices of the office first of all of the president of the european council and secondly the office of the high representative which deals with the foreign affairs side of the european union. czerny's many today seen as a universal means of solving european financial problems many people in europe are not happy with that they don't want too many chinese investors in europe what's the irish position well arnold welcomes from china and indeed we've had discussions with. chinese leaders chinese businesspeople. to encourage investment in ireland and to trade between our land and china but i think we have to be clear

about this there is no facing a single silver bullet that resolves the european financial crisis and that includes the idea of dutch chinese money as some kind of a silver bullet that will result in financial difficulties in europe financial difficulties in europe the problems in the eurozone have to be some results first of all by european leaders making the decisions that are necessary and i believe that that is happening but secondly they also have to be resolved by the european economy which underpins. our financial system that by that economy be strengthened by being reformed by growing by jobs being created. off showed the crisis of two thousand and eight the g twenty was considered to be to become the the main mechanism main instrument solving. the problem self-serving financial problem solving management problems on the continent after the summit in france that said

that it just took place do you agree that this mission is being fulfilled by the g. twenty what i think i think it will be wrong to place to place an emphasis on the g. twenty the g. twenty to really has a very critical a very important role to play in the overall management of the global economy but there are of course very many countries who are not a part of the of the g. twenty i think one of the lessons that is emerging from this period of economic turbulence is perhaps the necessity to look again at the international financial institutions and monetary institutions that are in place to look to see how they can be reformed and how a system of thought ensure a monetary regulation on a global wide basis can be put in place which provides for a greater degree of stability. i think the important thing is that we learn the lesson remember this is this has been

a global financial crisis what happened on wall street what happened in many other financial centers reverberations will cross the world and i think we have to go back to. what happened because of the creation of new financial products which were not based on economic reality in many cases we saw a period of very light financial regulation i think we need to learn the lessons that that kind of like financial regulation very often ends up in crisis and the people who suffer as a result of that crisis are people who are at the end of the line who lose their jobs whose businesses fail we tell us allowed that to happen again and therefore i think. we need to look at the international institutions that we have to ensure that there is better regulation and that there is some governance of the global economy have time for one final question good news a reason to want to talk about this this irish vessel that was captured by the israelis today it was it was and as

a bound well the opposition in your country it says that you should seek immediate release of the irish crew while the foreign ministry is used to it they are in moscow so what is your government doing to to to release the crew well first of all very pleased first of all but none of the crew were in any way harmed that there was no violent incident surrounding the arrest of the citizens who were arrested on the vessel. or embassy in israel has been in touch with the fourteen people who are arrested and those working closely with them and i'm hopeful that they will in fact be released so they are ok they feel you they. are embassy officials were in touch with the business of the monday evening that they were brought into port visitor at the may day in the following day range for legal representation for them . has assured me that yes they are well prefer not to be in arrested

detention we're hoping that they will be released thank you thank you very much sir and just a reminder that my guest on the show today was. the p.d. prime minister and minister of foreign affairs of the republic of ireland spotlight will be back with you all first time comments on what's going on in and outside russia until then stay on r.t. and take care thank you very much and i think. more news today violence is once again flared up. these are the images.

from the streets of canada. operations to rule the day.

in taiwan the multis available in demand is twenty p. who took. twenty p. the howard clothes are told toi be sure to try to be hotel hotel while cio his the groom her to the show with her job some will do misty toity hotel to the show to overturn slim hotel resort evergreen gold for totally the grand victoria soto's gloria prince hutto oil gold springs resort and spa all try to show the world she couldn't come closer to her to know. the wisdom to be evergreen close a hotel in thailand tell you learned is her told to an ambassador tardy hoto points and i would print search to the splined for toll entire truth wins or tell me touch your girl the fictional a good girl how would international flood to change every green lowell who told him talk of.

course he's up stories a rusher just as an acceptable calls for prada sanctions against iran in the wake of a year at atomic or stock report which claims that teheran is aiming at building nuclear weapons. thousands of student demonstrators have marched to central london to protest against riot isn't you should present higher education cuts with dozens are arrested. tensions flare up in northern across what three ethnic sense have been wounded and assure top of albanians that while they said peacekeepers use tear gas to take i will one of the remaining roadblocks in the region. unclear is a financial stalemate a rocky it's only as the state's boring costs so to me and affordable levels despite brown's claims it will fulfill all of us to the un to adopt austerity measures. and we head to our washington studios where they are which looks at what pubs a recent elections in several states across the u.s. may have on the occupy wall street movement.