player that's the main stories we're covering for you this hour here on t.v. the facts and fictional russia's rallies are as the election launches take a twist in foreign news coverage america's faux news has wrongly used images of the watts in greece claiming the footage is from moscow. future security is at stake as russian and nato foreign ministers meet to tackle a bottle sticking points and discuss corp afghanistan in missile defense on the prevention of another libya style military intervention are among the priorities of

. the single currency is about to face its toughest test yet as you print leaders gather data for a crucial summit on the eurozone debt crisis to consider french and german proposals to impose tight budget controls and this cruise for the rest of the block . on the financial fallout from the euro crisis tends to ignore borders with a squeeze felt far beyond europe where next r.t. gets experts insights on what's likely to be a slow drawn out recovery. today i'm talking to cuba he's the managing partner of fusion asset management based in london we are talking as ratings agencies increasingly look at downgrading the debt rating but the entire city of the year is a including financially healthy countries like germany mr lecky thanks for talking

to us today now this is a crucial time for the euro zone old europe is pushing for more fiscal unity and meanwhile the u.k. is backing away from it what's the solution do you think i think for the united kingdom it's interesting game because really if you see a whole economy develop here when a functioning window on so many functioning changed from twenty five percent to ten percent at the same time financial sector grew from five percent to ten percent g.d.p. so now we're on a vehicle footing so it's not only about europe but it's about overall contamination of financial system and clearly as financial system as london as a financial center this is very important for the united kingdom for there are two sides of the game one is political and economic and the novel is financial infrastructure and one should politics really come into what is essentially an economic decision absolutely politics should go in and what what is really going to

move this in because politics is the concern that the explosion of economics really . european union was a part of. a larger political project which took almost fifty years since the second world war and this unification and fiscal unification which people talking now is just the last or latest step in the overall process therefore every country needs to decide how closely integrated it wants to be in the political process on the line of united kingdom so far was actually very reasonable if you see what happened in the europe recently and how much united kingdom would be affected what was done so far was extremely well but what about this kind of forcing of the issue i mean you say that fiscal union is the natural result of political union but isn't it the case now that the political union and the fiscal union is kind of breaking up and people like merkel and sarkozy are trying to force it back together this is

true to some extent. but at the same time we need to remember germany. but then they really they are playing. if you look at the italian situation if you look at the information then france has a real at least or for losing three. people a rating and therefore putting it to. the fair facility which effectively was created to solve its financial problems. it's definitely different game for germany and france and timing wise is different because of the germany it's a miracle see that as a model from really this sort of problems which work and related using thirty forty years of that expunged from an uncontrollable spending away cannot before two thousand and thirty months or sort of cause the whole where we're. friends so it's happening in next two months and very publicly and politically or because the real

problem in his own country how much economic logic is there in throwing everything at preserving the. there is economic logic. but the question here is. is it the same europe same country is which were accepted for political reasons and at the time or for cheap credit then. the issue of control was not so. or it's better to have smaller or smaller collapse or for real euro countries with a stronger economy and stronger can't sing. so. it's probably less a question if greece is going to stay in the euro than. because if we talk about italy. once because i don't hundred billion the fact that they also have very very bored three hundred billion of government. but also about two hundred applause

billion of our financial one of our financial institutions then we have four hundred fifty billion the five hundred billion of deposits on of a balance sheets. and if italy goes out of utah and visibly geishas are all in euros so you i when you put a structure or it will for the bulk of the banking system banking about one thing system will bring the social in of a country but also in the whole euro because then you have one point seven trillion the euro or four who else called them form a law which will immediately the. chain of events across not only you italy where inflation unemployment the sky loaded but it also will immediately the biggest similar effects in the european countries so losing greece and moving into these two different games let's move on and talk more generally about the financial crisis people are blaming the bankers they're still doing it's what you have most often on the news when people talk about the financial crisis do you think it's had

any effect on the way that bank has operates definitely because of the fact. we can talk about the effect because there are several sides that is the great that is so that there is an increase in the required capital then that is obviously all question or for easy money control. of conflict of interests and they all different angles of the question. in terms of how banks are regulated banks definitely better regulated but on the other hand you need to profitability for the village your bonds forty percent of income of banks coming from non interest related activities just services which is basically investment banking so now if you start pushing the regulation on and the regulators kind of leave these things and trying to split investment banks from corporate side clearly a lot of synergies regionally in the structure we will disappear so just cutting in the regulating will kill that part of services which will drive down profitability

but if you. do increase capabilities then that will drive a profit ability of banks even long then you start to relate in bonuses what's happening then it's a very competitive industry so what banks did wake up to the bonuses because they agreed this government the got bonuses but they immediately increase is two things so now when people say you're we're not getting my bones are you actually getting to them sell it which means that fixed costs in banks increased enormously so now we need to cut people that's right twenty twenty five percent of workforce. which means it's not going to be supportive for the bun business in principle you supposed to generate more revenues not cut costs and say where are we now in terms of getting out of financial trouble it's a very long process. if we. see post-war that was watered down and how it was deal to visit to korea.

plus years it's twenty years it's a very slow process that is a huge amount of that and the united kingdom is probably the worst country in terms of total public and. state that which is now i think around four hundred fifty percent of g.d.p. . so those the need that. person states is of a it's most publicly known issues there's also hidden that which is coming from pension liabilities we don't talk about it but actually it's a huge amount which sits as a as a liability for corporates and seats as a liability on councils and so on there is no easy way we all were consumed so we need we all consume to board this is that we need to affect the payback for the waste heat wave but neither of them are going to love and the one of lines of force is what people call. financial repression which means it's

a negative real interest rates inflation nominal interest rates alone it's a couple interest rates it's boring government boring boring from top of clients to pension funds if you have to invest in highly rated and highly rated as your government then you need to give money to the government but then you die and then the government effectively using this money to pay back all of that and then that will bring in closer relationship between government and banks closer to go away from grow closer. and in this sense. to believe that you can pay for the four percent of that a year and then you take the number which you need to achieve divide by three four five percent that's amount of years you need to get out it's not a one year we not super positive for next year in terms of it's not going to be two

thousand nine hundred percent that are we don't think so every stage of the financial crisis is bigger scale and. considerably more difficult to get out because every time you put in more money efficiency or putting this money is. going down money does appear from the problem problematic areas which were not affected so going into emerging markets increasing labor costs increasing inflation so making emerging markets less competitive therefore less able to pull develop pull developed markets from the from the crisis and more and more money. in the system very effectively. dealing with a sentence which was supposed to. the whole financial system out of the crisis that was sounds very painful at times like this where do you think people should be keeping their money and we talk about gold or a mix of currencies or what yeah i think that some point whether it's.

beauty contest so it's not the euro is but guidance it's maybe some other currency even of the new europe. and it's a question of comparison clearly depends on the you but his profile. in terms of overall of wealth and we do believe that the. fixed income of from the regulators. it's very difficult to button gold because the move is very it's been in the facts and he's come out of. the metal so it's difficult to predict but gold particularly well in the recent years more for the cage and as innocent. and then absolutely don't start the g.'s it's unlikely that they quickly going to produce as much of it as it was before fueled by easy money. so they really absolutely don't start the juice is what people and pension funds go if there is

a low low yield environment and for that we can learn from japan is so japanese are in this situation for ten plus years so if you look at the proportion of pension funds in japan the like eating fosters if you hear it's fifty percent five percent there it's up to thirty percent because when the over government was not going to make them money and equity is probably not going to make them money so we need to war for something more the longer term but then clearly that aim to extract the absolute performance of and whatever forms killian's get thank you very much.

bryson if you move. from phones to pressure. for instance on t.v. dot com. the facts in fictional brushes rowdies size the election marches take a twist in foreign news coverage america's faux news has wrongly used images of riots in greece claiming the footage is from moscow. future security is at stake as russian and nato foreign ministers meet to tackle bottle sticking points and discuss corp got a standing opinion sell the fence on the bench. of another libya style delivery intervention are among the power to use. the single currency is about to face its toughest test yet as european leaders gather nato for

a crucial summit on the eurozone debt crisis consider french and german proposals to impose tight budget controls at this school for the rest of. the sports news is up next with good. this is indeed sports plenty ahead over the next ten minutes or so including. double for the first time they'll be two russian sides in the last sixteen of the champions league this season joining this elite on wednesday evening. nothing but net basketball team stay perfect in the euro league extending their winning streak in the competition to eight game. slippery underfoot the seventh i smart often takes place without cleats from seventeen countries braving

the subzero temps. we get going with the news that russia will have two teams in the knockout stages of the champions league for the first ever time this year sask in moscow earning their berth on wednesday evening thanks to a last gasp when. things were looking too bright heading into the clash at the san siro needing not only to beat the italian giants on a way soil but also hope the other group b. clash between songs for finished fear of glee the visitors doing their part in milan but they left it late. for four minutes from time making all the difference leaving it to on the final score to see. joy was compounded when they checked the legal trouble for a result meaning. the most unlikely of qualifying spots interim already made it through during the previous game we. must be content with the europa league not. we created plenty of chances on a regular basis our opponents had plenty of opportunities as well especially when

diego believed to have the crossbar with the game tied at one march but we were able to execute superbly when it came to peace immediately following the not happy . with thank you mary. he's a one man chest united also looking forward to your roof over league football for only the third time in seventeen years alison ferguson's charges failed to make it into the last sixteen of the champions league two on the last of the leaving them in third place in group c. with their swiss opponents taking second on top of the pile following victory over pointless to look guilty. when you read from your were no doubt. you have a job to do. and. they want to use riyadh. through story. all quiet in the blue half of manchester today to after months city were denied entry into the knockout stages despite beating table toppers by

munich to know they have finished third thus joining their cross-town rivals in the europa league not pulling secure the second qualifying place in. a team that usually with them points all the team who are two or wish. ninety nine percent by these groups. or for the in their neighborhoods are due one point more than i. can go through. and finally group it d. witness their foster everhart trick in champions league history buff it to me go miss is three goals in seven minutes helping the french side record a blistering seven one win away to grab their four for the second qualifying place after the amsterdam men were seen off by a real madrid who themselves made it six wins from six in the netherlands. last season normal to him was a little bit up and down sometimes very well not a match not so good and in his moment we are much more. much more stable

people is much more confident. the team is much more compact. and we feel we've got about it and. then we were losses it seems basketball team have forgotten how to lose the army men defeated through eight games in the euro league after dunning's i grab in the russian capital on wednesday nights on the record and research before hand the competitions players of the month for a cobra november respectively on the injured a k forty seven car length i watched him on gordon pick up the slack for his side the american leading the way with a team high eighteen points research showing his award was no fluke boasting yet another strong game with fourteen points a total of four c.s.k. players scoring in double figures to overcome fierce zagreb resistance cheska holding on for an eighty seven seventy four victory and a much closer on the final scoreline would suggest. so undercurrent it was

a mere spectator on the night there but he's been an integrity part of sask a stunning run so far this season with the n.b.a. year due to get underway later this month though the former utah jazz forward has a decision to make stay or go our correspondent. up very question in one thousand nine hundred ninety nine and a key to language became not only the first russian to be picked in the first round of the n.b.a. draft but also the youngest european players to be selected in two thousand and one he joined the utah jazz and remained faithful to the salt lake city for a full san years before becoming a free agent and moving back to european powerhouse says com moscow twenty eleven still the revival of russia's red army club in a large part thanks to the experience to be a forward now following a successful spell at home kirilenko is uncertain if you want to go back to the n b a part i'm definitely looking to offer. when i signed

a deal with the tigers car near there. i'm going to be leaving remember the middle of the season but when it comes to this point you know it's always tough to leave the team in the middle of the season and you know we have a great chemistry as i said and that's why it makes it the way tougher to make a decision six time you really champion says john mosco are now well on their way to their seventh continental title and i'm to take you to lanka has been instrumental in the current campaign and was even the most valuable player on the tournaments in october even as to say a k forty seven is a regular in the national squad where he helped the team on their way to becoming european champions in two thousand and seven these impressive performance earned the prestigious black berry honor at the two thousand and eight olympics in beijing as well as a visit to the kremlin ahead of the games and if russia finishes in that salt three

at the wildcard tournaments in july of next year kirilenko could go for a third attempt at a golden dick medal last. shows a lot of promising. young guys and you know we plan the way brad as a team young guys you know stuff you know fill out those roles and taking way more responsibility right now so i'm looking forward you know to see them next year with having a great season right now and you know being national team from they see you know play in that qualification try to ride before the olympics and break it and go is a very active when it comes to promoting the game of basketball especially in russia with thousands of kids turned up to witness him and another and they start white howard and events in moscow last summer he stayed in one place for hours just signing autographs for anyone that asked becoming a true champion all the people in the process. archie must go to

curling where russia's women's team have taken their chance up their home. european championships moving to with a game of the playoffs thanks to a seven four win over rock bottom norway after four wins four defeats russia fifth heading into whedon's the meaning in order to finish in the top four test and so qualify for the playoffs the home side had to beat the norwegians hope denmark were too good for fourth place germany despite being lost in the table norway kept the game tight until the tense is when the two thousand and six european champions came from behind to secure a one point lead but they eventually won it seven for a while second place germany did denmark did beat germany this upper class russia later on thursday the winner of that one will play in the final playoff. series just as everything didn't depend on our result we tried to follow the score in the germany denmark match we shouldn't have done that really as we had to concentrate on our game but we did keep an eye on it i thought the germans would manage to take

the game into an extra and but they failed anyway the result made us happy that we've already imagine how to be the. boss of their team is very experienced as they have to focus on the match and produce our best when the tide break. it may be hard to believe but ski sensation lindsey volm has only no one her first world cup a vent on the home slopes the twenty ten olympic gold medalist topping the super g. standings in colorado where the event moved you to lack of snow when the french alps novell dizzier on the schedule in june two on seasonably temperatures meaning ladies moved to the men's bird of radon track in beaver creek suits are making a challenging course that easy by taking the lead the swiss whatever edged out by vaughan who could rely on raucous home support she lives in nearby vail colorado the twenty seven year old taking the victory with souter second an austrian. in third von nauheim loss of one hundred thirty six point lead in the overall

standings she's also talk of the super g. . or insurance running events are normally held in landscape is quite different from the following thirty six brave souls from seventeen different countries aiming to discover just who is the hardest of them all up the bottom of the world introducing the seventh. mara thin chile a name in nature running forty two kilometers or twenty six miles in the great white line no died at a breath of fresh air for most competitors and it was frenchmen klim all event a who took top honors in the man's category this thirty seven year old private biker finishing the distance in three hours forty seven minutes seven seconds is a new record britain of all grown claiming the levy's title in four hours twenty six minutes ten seconds per beating all comers not to mention a sub zero elements thankfully not a polar bear in sight either. beautiful landscape though that is all the sport see

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