hello you're watching our international from the top stories tonight president says the publication of the results of such as a lecture and. investigation takes place meanwhile russia's prime minister called for dialogue with the opposition group warned foreign powers against meddling in the country's political of. nato isn't taking russia's concerns over european missile defense into account and isn't ready to seriously work together on the shield the strong words from russia's foreign minister sergei lavrov nato russia meeting in brussels. and european leaders race against time to save the single

currency by gathering state some of the brussels on brother germany and france are pushing for new e.u. treaties to bind the nations into a close knit union but it's only taxes and fines. and indeed the financial fallout from the going euro crisis tends to ignore borders is waiting for him to return to business just now with a squeeze felt far beyond europe next on r.t. gets expert insight on what's likely to be a slow drawn out recovery. today i'm talking to cuba who'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 lidsky thanks for talking to us today now this is a crucial time for the 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 would put us in game because. if you see a whole economy develop here when your progeny wind down so many change from twenty five percent to ten percent of the same time financial sector a good move from five percent to ten percent did you do 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 its financial system as london as a financial center this is a very important for the united kingdom and for that are two sides of the game one is political and economic and another use financial infrastructure one and should politics really come into what is essentially an economic decision absolutely politics should go you know what what is going to move this in because politics is a 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. 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 of some of the lines 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.

and then there will be they are playing. if you look at the situation if you look at it and. then france has a real at least score for losing three. people a rating and therefore putting a. fair facility which effectively was created to solve its financial problem it's definitely different game for germany and for france and timing wise as different as well because for germany medical see that there's a model for really of this sort of problems which will come related booting thirty forty years of that expansion and uncontrollable spending if you like to start them for the months or so of course you. have a bit of a look from so it's happening in next two months and very publicly and politically because a real problem in his own country how much economic logic is that 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 of cheap credit then. the issue of control is not. all it's about the smaller or smaller call up or for deal . with the stronger economy and stronger currency so. it's probably a question is going to stay in the euro. because if you talk about italian one. hundred billion of very bored three hundred billion of government. but also two hundred plus billion of it one of our financial institutions then we have four hundred fifty billion or five hundred billion of viewpoints it's on the balance sheets and if rules out of utah and visibly geishas are all in euros so you

why when you do the structure for the banking system one thing system will bring recession and recovery but also in the whole you will because then you have one point seven trillion the euro or four call them formal or which will immediately chain of events across not only italy where inflation unemployment this but it also really mediately that it is similar effects in the european companies 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 hear most often on the news when people talk about the financial crisis do you think it 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 that is that if. there is an increase in the required capital then that is obviously all the question of easy money for all. of conflict of interests

and they all different angles of the question. in terms of how banks integrated banks definitely better regulated but on the other hand you need to look at profitability of banks forty percent of income of banks coming from non interest related activities which are services which is basically investment banking so now if you start pushing the relation on the degree to things trying to split investment banks from the corporate side clearly a lot of seen that judas regionally in the structure will disappear so just cutting integrating will kill that part of services which will drive down profitability of banks if you. do increase capability sure then that will drive your banks even lower then you start relating bonuses what's happening it's a very calm but if industry so what banks did wake up to the bonuses because they agreed with governments because bonuses but they mediately increase is to banks so now when people say you're not getting my bones are you actually getting to them which means that fixed costs in banks increased enormously so now we need to cut

people that's why twenty twenty five percent of workforce. which means it's not going to be supportive from a business in principle you're 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. them plus years it's twenty years it's a very slow process that is a huge amount of the. united kingdom is probably. the country in terms of total public and state that is i think around four hundred fifty percent of g.d.p. so that those from states also very it's most publicly known issues there's also heat in that which is coming from pension liabilities we don't talk about it but

actually it's a huge amount which seats is a liability for corporates and seats as a liability on councils and there is no easy way we all can assume to board is that we need to pay back so there are different ways to pay back but neither of them are going to be pleasant and the wonderful lines of force people call financial repression which means it's a negative real interest rates so inflation nominal interest rates are low it's a couple interest rates government born from a couple of clients 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 that then you have a. government effectively using this money to pay back that and then that will bring it closer relationship between the government and banks closer to goodish and grow closer and in this sense believe it 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 the amount of years you need to get out it's not one the year we not super positive for next year in terms of it's not going to be two thousand nine hundred percent that we don't think so every stage of the financial crisis is bigger scale. considerably more difficult to get out because every time you put in more money. putting this money is. going down money does appear from the problem problematic areas which were not affected so boring into emerging markets increasing labor costs increasing inflation so making emerging markets less competitive therefore less able to pull develop pull developed markets from from a crisis and more and more money. in the system very effectively. killing the 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's. yeah i think that some point of the. beauty contest so it's not that you're always but got and 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 what all us of course we do believe it fixed income office and the thing about unit is it's very difficult to bet on gold because it's a mix between the facts. and the metal so it's difficult to predict but gold walk particularly well and that is in the years more for the cage and as an investment and absolutely don't start the gee it's unlikely that you're going to produce as much of it as it was before fueled by easy money. so that really absolutely don't strategy is what people and pension funds who are. low yield environment

and for that we can learn from japan so japanese are in this situation for ten plus years so if you look at the proportion of pension funds in japan i like eating. here it's fifty percent five percent there it's up to thirty percent because when the government was not going to make them money. probably not going to make them money so we need to war for something more. long term but then clearly that aim to extract the absolute performance of a mage market forms. thank you very much. i. think people who believed in trade for many years in a soviet system has faded away in less than twenty four hours

a spell of this kind of push up coupled with below we acted in a true russian style we didn't know exactly what the future would bring that we don't think about later three leaders come together and sign an agreement dissolving the u.s.s.r. for good or to get rid of the so called big brother that was always controlling them was the dream of many republics but. in the eyes of the people they put it like this i will liberate you from the kremlin oppression no one wants to take the blame for it would not be able to persuade gorbachev and besides she's word could not be relied upon. he could tell you anything and do something completely different i can forgive myself for being too liberal and in the sand boris yeltsin or i should have that was my mistake. this is the decisive in strict boris yeltsin that sets in the kremlin instead of good stuff about time. again i don't think we

have left elevator forest soaries of. two decades have passed but the discussion still rages was this applause for a fait accompli. out .

of. the top stories present recent events of publication of the results of sunday's elections could be postponed investigation takes place meanwhile russia's prime minister called for dialogue with the opposition but warned foreign powers against meddling in the country's political affairs. european leaders race against time to save the single currency by gathering states on the brussels on germany and france are pushing for a new e.u. treaty is to bind the nations into a close knit union with its own taxes and find. a nato isn't taking russia's concerns over european missile defense into account it isn't ready to seriously work together on the shield those strong words came from russia's foreign minister

sergei lavrov after a nato russia meeting in brussels. now spoke. you know their sports are not to go to the company again coming up in the program. make that double for the first time ever there will be two russian sides in the last sixteen of the champions league. joins in and on wednesday night. nothing but now and then stays perfect impossible sending their winnings thirty eight games in the competition. and clear to play in england final group game at the you are twenty twelve reduces wayne rooney's free band to. football where russia will have to tame in the knockout stages of the champions league for the

first time ever next spring to their place on wednesday thanks to their victory at enter things who are not looking too bright heading into that clash at the sincerer needed to be a tellin giants away plus there was one more condition needed for progress a draw in the other group a match between little and tribes on score so the muscovites take their part in milan living it late though. with four minutes to go seal the final result of two one in favor of. the rest for. the two sides failed to score many and finished goalless in france so it's a scar snatch the most unlikely sport had already qualified for the place during the previous game we. must be content with euro police now. start on time we created plenty of chances on a regular basis our opponents had plenty of opportunities as well especially when diego believe to hit the crossbar with the game tied one one but we were able to

execute superbly when it came to the set piece immediately following not have pursued the wind. much sooner to do with most certainly not to forget for only the third time in seventeen years alex ferguson's charges failed to make it into the last sixteen of the champions league a two one loss to basel left in third place in group saying this was opponents taking second and then think of finishing top following victory over pointless water little. where are we from when you were no don't. you have a job to do. and. there were two is really hard. to come when i was through story to give him. another manchester city it will not play in the european cup next spring better until his men were denied entry into the knockout stages despite thirteen table toppers by mimic toenails finished third joining their cross-town rivals in the euro off the lake while not secured its

second qualifying place. a team that usually with them points all the team go to always. ninety nine percent made this group. or not enough for it in their neighborhoods or do one point more than eyes in their zeal to to go. then finally a group to witness. the trick in the champions league play serie a free girls from buffeting big in just seven minutes helping the french side record a blistering seven one victory away to the now most are group know their thought second qualifying place after the dutch were greeted by real madrid in the netherlands has them or in his charges made it six wins from as many games. last season normal to him was a little bit up and down sometimes very world another match not so good and it was moments we are much more much more stable people is much more confident.

the team is much more compact and we feel we were going to do and. then we were listed. now when rooney is cleared to help england in their final group game at euro two thousand to twelve against crane that's because his three match ban has been reduced to two remember the twenty six year old play received direct card for kicking lead to reach it all draw with morton aggregate tobar group his lawyers apparently put a strong case together in the earth headquarters in switzerland they pale featured a letter from to himself asking his attackers ban to be reduced so really it will england's games against france and sweden. will be available. for the final group game of the european championships against the ukraine so infected too much suspension with garrido for a four year period for the national to use so we're very pleased with that today

we're going to present to you was clearly important so i'd like to make special thanks to manchester united to david gill. for releasing wayne to be present. staying with football where they twenty eleven club world cup is underway in japan in the l a fixture of the perth sea were a sell bait auckland city from new zealand by two girls to nothing then you're a crown japanese champ started the game confidently you need to narcos precised shot down the back of the net to seven minutes into the game to see what double they laid there just three minutes later thanks to the quick reactions of the start to get inside the box the total result student to the final whistle meaning the home side now advances to the point finals of the face conquer calf. when is monterrey mexico. it seems

possible team have forgotten how to lose the muscovites now undefeated through eight games in the euro lake after beating in the russian capital on wednesday night pro. to the game and then a christian church group on a stick competition splays of them are thought of ember respectively and a k forty seven watch john golden pick up the slack for his side the american leading the way with a tame eighteen point christie showed his what was a well deserved one posting and yet another strong game with fourteen points total for tesco place scoring in double figures to overcome the crowd's resistance. for an eight to seven seven to four victory. so undercurrent it was i'm a spectator on the night but has been an important part of test cause impressive run so far this year with the n.b.a. season due to get underway later this month a four minute adjusts forward has a decision to make stay or go. or my course of ask him that very question

regular language became not only the first russians a bit picked in the first round of the n.b.a. draft but also the youngest european player to be selected in two thousand and one he joined the utah jazz and remade faithful to the salt lake sand years before becoming a free agent and moving back to european powerhouse says come moscow. twenty eleven so the revival of russia's red army club in large part thanks to the experienced n.b.a. forward now following a successful spell at home kirilenko is uncertain if you want to go back to the n.b.a. i'm definitely looking at the offer. when i signed a deal with a terrorist i know here that. i'm going to be leaving remember him 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. and that's why it makes it way tougher to make a decision six time you really champion says khan mosco are now well on their way to their seventh continental title and undertake it angle has been instrumental in the current campaign and was even named the most valuable player of the tournaments in october needless 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 he's impressive performance earned the prestigious black berry on or at the two thousand and eight olympics in beijing as well as a visit to the kremlin ahead of the games and its russia finishes and that's all three at the wildcard tournament in july of next year kirilenko could go for a third attempt at a gold and big metal. shows a lot of promising. young guys that you know we play in the way better as a team young guys you know stuff you know those falls and taking way more

responsibility right now so i'm looking forward to you know to see them next year with having a great season right now and then you know being national team from a senior you know playing the qualification tournaments right before the olympics and they get it and go is a very active when it comes to promoting the game of basketball especially in russia what thousands of kids turned up to witness. him and another in the starred white howard at a live event in moscow last summer he stayed in one place for hours just signing autographs for anyone that asked becoming a true champion of the people in the process room on cost through r.t. moscow. and over to some said news now russian light heavyweight boxer. has died after failing to come the consequences of his last. week the twelve round bout for the w.b.c.

asian boxing council title in you could see him work and it with a technical knockout in the seventh round cynical slipped into a coma right in the ring and was emitted live taken to hospital where head surgery unfortunately it wasn't enough to save the life of the russian boxer promotes a michael force twenty seven. ok today more sports news from around the globe for in toys time here and stay with us. download the official ante up location on the phone called touch from the top story

. life on the go. video on demand. tease mine gold comes an r.s.s. feeds now in the palm of your. question on the dot com.

line in motion would be soo much brighter if you knew about someone from funds to impression it's.