fan secretary says a military campaign would not prevent a nuclear crisis only escalate. next artie's interview show spotlight as ireland gears up for another austerity blow host al gore enough sits down with the country's deputy prime minister and minister for foreign affairs and trade a maine gilmore to discuss what the country is trying to do to avert default stay with us. closure is that so much i was about to feel and i think i'm going to give it real improvement is china and that is the world undergoes a massive economic and geopolitical shift and as the world changes china take on a greater. spotlight. on r.t.

. and today my guest is. island will be taking over the presidency in the new year of two thousand and thirteen 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 was present at the g twenty summit in france said russia is ready to help neighbors so what kind of help is russia ready to provide to our island let's ask the deputy prime minister and the foreign minister of ireland eamon. as the european debt crisis spirals even further all of them troll 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 to 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 loans 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 mission 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 very near 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 over 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 all the work that irish agencies do here of russia's going to be very much part of this here through a pretty rough third quarter of the exporters is she asian 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. well first of all i want to say that exports are in fact growing increasing. arland exports but 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 areas stuff we see potential for growth here in moscow are for example in agriculture and technology art and design of 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 our home 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 have areas about ten times or our land area big potential for wind and wave energy and this is an area that we see great potential for growth in the visions are in big demand these days than in the kremlin if you want 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 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 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 are under. with the i.m.f. and the european union and the european central bank we're working the program

we're meeting all of the targets initials this year the first two quarters of this year arlen 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. south and 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 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 garden and 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 fuelled 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 the spotlight will be back shortly after we take a break so stay with us. and 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 in most of the most 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 predict. 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 to you this is your news today protesters. holt's street they have. been canceling

the chance to use it to get books for example the status of the human experiment. with. business rap music in which it goes to the movies allegedly trying to make sense of global economy and it's all came to us financial template for the research plan to maintain confidence in markets and. wants to be easing trade imbalances recession look keep the nations close to collapsing and stop buying loan foreclosed homes people. from failed aaa banks again feel like thing is us crash and imminent smashed feeling. like close to an explosion in streaks the i.m.f. impulse puts me on 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 mike stronger for a no holds barred look at the global financial headlines in two cars a report on our. welcome back to spotlight our norvin 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 euros out it was seen as a guarantee for prosperity for economic prosperity for years to come well. no after that year 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 more goat 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 ireland 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 that the european leadership is working to deal with those difficulties and i believe is dealing with with those difficulties success successfully if you look at the number of decisions that have been made this year to supports the euro and to support the euro zone the establishment of the europeans to stabilization 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 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 of ireland you're absolutely sure that the euro leaders like mr sarkozy. 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 key. 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 engine 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 are confident in the future of your 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 i get the impression that you're oh this isn't have another choice has to compete with the dollar i mean they 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 so that we can grow both economies to our mutual advantage do you think that the troubled economy to 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 worked out over the implications of that obviously and 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 are 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 to be. of the european council by heads of states of government these have been 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. station government and of course there is a new office now to 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 soul the 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 mechanism main instrument solving. a 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 a known jew 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 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 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 why some of that happened that 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 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 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 about. well the opposition in your country it says that you should seek immediate release of the irish crew well the foreign

ministry is 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 but 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 so they are ok they feel you that. our 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 data representation for them and has assured me that yes they are well they 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 comment on what's going on in and outside russia until then r.t. and take care thank you very much thank you.

signed sealed and delivered it says access into the world trade organization is finally agreed to eighteen years in the making and will from me in geneva in just a moment. the greek economic stalemate now in the hands of a technocrat finn's names former banker and european central bank vice president lucas papademos the country's interim prime minister. israel could launch military action against iraq as soon as christmas according to british intelligence the statement follows the un's atomic watchdog report that claims to iran is building nuclear weapons. it's six am in moscow i matra.