u.s. defense secretary says a military campaign would not prevent a nuclear crisis only escalate. up next artie's interview show spotlight is ireland gears up for another austerity blowout sits down with the country's deputy prime minister and minister of foreign affairs and trade eamon gilmore to discuss what the country's trying to do to over default stay with us. culture is that so much i was about the feeling i think i'm going to give it real improvement is china and the inner is the world undergoes massive economic and geopolitical shifts and as the world changes china take on a greater. hello again and welcome to spotlight. on r.t.

. today my guest is. island will be taking over the presidency in the new year of two thousand. but on the eve of this event ireland is facing pretty serious economic and financial problems well as well as many other european countries and members of the euro zone president medvedev the russian president when he was present at the g twenty summit in france said russia is ready to help its european neighbors so what kind of help is russia ready to provide to islands let's ask the deputy prime minister and the foreign minister of ireland the men gathered. as the european debt crisis spirals even further all the economists worry about the future all the euro if greece defaults and then leaves the currency island and all the weaker economies may be forced to do the same the region stronger nations have graded and almost half a trillion euro bailout fund but that's still not enough to boost it further the

europeans are seeking support in the east particularly from china but they also want russia to help it's a request officials in moscow believes both innocent konami and political interests to meet. over welcome to the show thank you very much for being with us pleasure to be with you well first of all i woud have a quote before coming to moscow at 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 arlen has always had very good relations with russia. 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 arvind 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 all 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 the that i'm 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 are i've 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're closing your embassy in vatican and maybe in some of the european countries what about the mission in moscow are you keeping it or were very much keeping the mission in moscow and 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 aryans 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 one of the outcomes that i've been hoping for from these two days is to see an increase in

that activity and the continuation of our embassy here in moscow and the work that irish agencies do here of russia is going to be very much part of this here through a pretty rough third quarter of the exporters is that she has downgraded its two thousand level growth projection from seven to five percent do they 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 but eighty percent of everything we produce all trade in exports is very much part of our growth strategy but is most interested in mainly well the areas stuff we see potential for growth here in moscow are for example in agriculture and technology does that 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 arland 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 grow and of course in the whole area of alternative energy because again our land because of our maritime area of air is 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 like yes innovation is. living. change world. innovation certainly innovation and industry science technology this has to be at the heart of of

industrial strategy innovate we can all make activity and our own 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 rehabilitation 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 of the military of helpless 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 how it 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 aren't. into with the i.m.f. and the european union and the european central bank we are working the program

we're missing all of the targets and this year the first two quarters of this year are and 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 including 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 that are in some 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 elections how much did your government improve the situation well what would you for example answer to the left wing critics who accuse you of i quote slavishly submitting to their think 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 arland had been hit with a double whammy first of all the effects of the international recession and 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 us restructure. 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 our economy has returned to groet. 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 bolt. about arlin's ability to pay its way and that is reflected in the markets that's reflected for example that the interest rate. has greatly reduced since the new government took over says the deputy prime minister and the foreign minister of ireland who is on a visit to spotlight will be back shortly after we take a break so stay with us. in canada and the u.s. that it is legal for. a bubble bath on your baby it contains a known carcinogen something that causes cancer most of the. independent. industry and most of the. conflict of interest today an average cancer drug

prescription costs nearly one thousand six hundred dollars a month. nobody with cancer in my five therefore i'm perfect. because ninety five percent of cancers hurt people with family history of cancer the pharmaceutical industry spends about fourteen percent of their budget on research and development and about thirty one percent for marketing and administration. in fact there are more pharmaceutical industry lobbyists in washington d.c. than members of congress. a very warm welcome this is your news today protesters. holds true today at.

least in canceling the chance just to get booked for exactly the status of the human experiment it's sitting on when. we put this in this rap music awards it goes to movies allegedly trying to make sense of global economy and it's all changed things as financial template for the research plan to maintain confidence in markets and. wants to be easing trade imbalances recession look keeping missions close to collapsing in some clothes homes people. to fail swivel a basic infield level like thing is a us crash and imminent smash the ceiling. just like ultimate in a tradition three the i.m.f. imports books mail just programs increase the total economy. wealthy british style. time to.

market why not. come to. find out what's really happening to the global economy with max cause or for a no holds barred look at the global financial headlines to conjure reports on our . welcome back to spotlight our nerve in just a reminder that my guest today on the show is the deputy prime minister and foreign minister of the republic of ireland. when the island and to the hero's out it was seen as a guarantee for prosperity for economic prosperity for years to come well. now after that has experienced serious problems and is actually facing crisis what's

your what's your opinion the year round the the irish. entry into the use and didn't do more good or more bad for the republic i believe it's had more gold really i think first of all you have to acknowledge that column e. grew very significantly during its period in the euro yes it is true that aren't experienced an economic setback about three years ago but we are now coming through that and coming out of that there are difficulties in the eurozone everybody knows us but the european leadership is working to deal with those difficulties and i believe it's dealing with with those difficulties success successfully if you look at the number of decisions that have been made this year to support the euro and to support the eurozone the establishment of the europeans to stabilization the european stability mechanism the change in the european treaties in order to.

pin the various decisions that have been made to strengthen governance in 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. that the leadership of european union countries will do whatever it takes in order to ensure that the ural stables that it succeeds and that it continues so you are absolutely sure this is interesting you know as a prime minister deputy prime minister violent you're absolutely sure that the euro leaders who see 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 the 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 mouth 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 are 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. and as an individual country and europe as a whole will come out of this period. as i read the economic reports i get an impression that you're oh this and have another choice as to compete with the dollar i mean they they have to. the dollar and this is the problem this is the need this is what causes the problems of europe and it's trying to to 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 at 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 so that we can grow both economies to our mutual advantage do you think that the troubled economy to greece through there 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 over time 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 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 and many of the proposals if you look at the proposals which have been discussed the big. of the european council by heads of states of government but in the main have been proposals that have been prepared by the european commission the

role of the european commission has changed following the adoption of the lisbon treaty and there is no new structure for making use of the station and government and of course there is a new office now. two new offices in fact 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 are seen as the universal means of solving european financial problems many people in europe are not happy with that they don't want to too many chinese investors in europe what's the irish position it's well arnold welcomes from china and indeed we've had discussions with. chinese leaders chinese businesspeople to encourage investment in ireland to trade between art 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 that chinese money is 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 strengthened by being reformed by growing by jobs being created. off so the crisis of two thousand and eight the g. twenty was considered to be to become the the main mechanise main instrument so having. problems in financial problem solving management problems on the continent after this. 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 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 military 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 learned the lesson remember this is this has been a global financial crisis what happened on wall street what happened in many of the financial centers reverberations will cross the world and i think we have to go

back to why that happened 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 bear in the lessons that that kind of light 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 cannot allow that to happen again and therefore i think that a global level 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 let's make the news or read i want to talk about this this irish vessel that was captured by the israelis and it was it was jazz about. well the opposition in your country it says that you should seek immediate release of the irish crew well the foreign ministry is the you so it's

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 that none of the crew were in any way harmed and 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 quite so they are ok they feel they. are embassy officials were in touch with the business of the monday evening that they were brought into port visitor to make gain the following day range for legal representation for them and has assured me that yes they are well prefer not to be in. detention but 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 offers to comment on what's going on in and outside russia until then r.t. and take care thank you very recently.

wealthy british sign of the sun. times. market why not. find out what's really happening to the global economy with mike stronger or a no holds barred look at the global financial headlines tune in to conjure reports on our. mission accomplished russia

finally overcomes the last major obstacle on its way to the world trade organization accession was approved after nearly two decades of negotiations will officially start after the w t o's members of both in december. says economic stalemate now in the hands of a technocrat athens names former banker and european central bank vice president lucas papademos the country's interim prime minister a lot of a tough job of guiding his country through its debt crisis until elections happen in february. israel could attack iran as soon as christmas according to british intelligence news follows the latest u.n. report claiming to iran is building atomic weapons but the u.s. defense secretary says a military campaign would not prevent a nuclear crisis only aggravate. the next peter lavelle on cross talk gas exports china's position as an emerging superpower amid the pull.