it would. seem. this street still keeps it secret but now it's time to reveal the reason being the soviet files. if you're just joining us a very warm welcome to you this is r.t. and live from moscow here you have tens of thousands demanding justice across spain as workers protest cuts and labor reforms with a general strike the massive industrial action is seen as a tough test for the country's young government and comes a day before it's expected to announce more painful austerity measures. grips the u.k. ahead of a possible tanker drivers strike come with fuel costs escalating london paris and

washington all consider releasing oil reserves to push down prices. and moscow news its opposition to foreign military intervention in syria as a divided arab league debates how to end the violence the group will give us backing to a u.n. sponsored peace plan calling on the opposition and president assad to fully comply . those are the headlines here r t but next sophie shevardnadze talks to the chairman of the world's largest commodities trading company for his take on where china the euro and the dollar are all heading. someone morey chairman of the multinational corporation glencore also the former french foreign missionary it's great to have you with us here in moscow sir thank

you so you spent most of your business career china are you one of those who see the china as the center of the world's economic future no i don't think i do but i think at the moment china on a comparison basis is certainly doing better than everyone else so but whether that's going to lead the world forever or have a i don't think so i don't think that we have to say go ahead or a chinese century not so why this phobia in china china's coming it's going to swallow us all because on a comparison basis compared to china for example when i first went there in one nine hundred seventy when they had absolutely nothing of course it's very different china is a manufacturing company today and benefiting from manufacturing and if you look back in history in one thousand nine hundred ninety eight hundred ten of the probably the brits the english were the most prosperous nation in the world

certainly per capita all on the back of manufacturing so the industrial revolution on the back of coal and i think hundred england was two percent of the world's population producing forty percent of the world's trade think about our america also groups hugely on the back of manufacturing so manufacturing is what really needs to prosperity and the western world has swung away from the new factory into service industries and that is as also have huge dollars of inflation. over the years i'm talking about europe and america chinese china is going through its industrial revolution equivalent doing fantastically well but also feeling the beginnings of inflation the growing cost base and base and over the next twenty years we may well see the chinese manufacturing moves offshore from

places like cambodia and vietnam and maybe. that's a cycloset that simple is that there's just a formula cheap labor hard working it's all about labor are i do something more the hard work that you put in that people did they talk about asian values of hard work those were exactly the same better victorian values the same in the u.k. everybody used to work much harder in a way than they do today people of sixteen years old were walking at work i'm less fifteen years old working in a coal mines today everything is not i mean it's human rights an entitlement on the benefits and so on china doesn't have those which makes you wonder is that a good thing or not i don't you think that's a good thing and i think it is in monetary terms it is amazingly successful so china is growing at eight percent per annum whatever the figure is seventy eight percent brown and the rest of the world isn't really doing it to go to war by

comparison so yes they have huge monetary success on the surface but underneath they have lots and lots of problems do you believe in the theory of chinese getting older faster than going to church. i don't know that i have heard that phrase that they're getting older rather than the rich or their problem is also that when you talk about rich you have also the big evaluate the haves and have nots china are reported to have three hundred fifty thousand millionaires they're reported to have a hundred fifty billion as a pro to the precise. but they have seven hundred million people who live in the rural areas central parts of china who live on four dollars a day so they're not all getting richer. they are not better off than they were forty years ago there is no question about that about the wealth has spread over everybody is ok in the sense that they are better off than they were but still big

difference is still a long way to go twenty million people probably a year move from the rural areas of china into the urban areas looking for jobs every year let me china's got to find two hundred million jobs over the next ten years that's a pretty big task china's cost base is wising the china is now as starting things like minimum wage you have discontent in china and many villages there are riots and people on strike but we don't see that if those towns all grown up in the same day and rebelled china will have big problems so for china the most important thing for the party is stability keeping this place stable and it's very tough and they can do it because the communist party is very very tough

do you think europe is actually a challenge should he were working harder. yes yes i would like to see less of this sort of benefits and. we live in european of the west with. an age of entitlement people come out of university with my job i mean titles are drawn i mean title of this i'm entitled to benefits i've just arrived in england where all my benefits i think we have gone a little bit soft yes but is there a way of turning this whole thing back. probably not i think that the politicians in england are trying to bring in what they call austerity measures you see what's happening in greece whether whether people will take accept this or whether they will rebel you're seeing in greece they rebel you have seen in england in november we have students rioting in the streets smashing windows robbing shops and so on so

will we have rebellions and then i think we probably will. there's going to be resistance to this is to us it will be here as an survive as one zero and i think there's a good chance bad sign on the southern countries greece maybe italy maybe maybe spain portugal may withdraw from the euro. the euro benefit the german nation more than anybody else because if we didn't have the euro we would have the deutsche mark and we would have the lira italian lira acknowledgement would be here lira would be here so it would be one say disbands for three four hour is what do you think you take probably three four hours so if the euro goes germany will have unemployment at twenty percent so they need to keep the euro going you have to remember that the european community as

a collective is solvent. it is solvent but the money is all in germany not in the other places so whether they can keep it as a whole is going to be tough and it's particularly tough for the germans because the germans understand that they need the euro otherwise they're going to have unemployment but the man in the street in germany sees his taxpayers' money going to these guys in greece who he thinks are very spoiled they don't pay tax they'll get up in the morning or whatever they do actually they were pretty hungry but they do not pay their taxes so he resents that and that is politically very tough for the german politicians to sell that they have done it at the moment greece as being allowed to the tune of three billion dollars it three hundred billion dollars it's interesting those numbers you have to remember the biggest default ever in history first was russia which was seventy nine billion dollars after that was.

shortly after that eighty two billion dollars you put that eighty two billion dollars as a country the biggest we have ever seen today the greek debt is five times bigger than that and five hundred billion why make for italy's that five times bigger than what it is two point five trillion dollars ok you put that sort of thing in the context of the eighty two billion you realize what we've got in europe we have never seen anything like it is huge so whether europe is how europe is going to pay back this debt the only way they can do it is to grow and they are growing one percent not even so it's going to take them a long long time in the meantime do they go into deflation. well they go into inflation the americans are terrified of deflation because they remember one nine

hundred twenty s. soup kitchens people lining up in the street to get their soup at lunch time greats overall and so on steinbeck cork some saw the germans are terrified of inflation because the one of the public eye did twenty nine fifty million doing drugs for a loaf of bread so when you understand what inflation really is this is inflation ok this is a one hundred little billion that's a trillion dollar note or one hundred trillion dollars that is inflation that is a zimbabwean dollar and that buys you probably in the broadway i don't know if you're coca-cola or something that is inflation so the germ of the terror when i was a boy we all have a million notes which were worth nothing so you got completely different attitudes

from europe and america in the western world on how this should all be approached ok but the question is alongside of us here out americans are also having rained out how do they do to maintain their high living standards i don't know that they do maintain their high living standards but they want of course they do everybody wants to america are in debt to the cuban american government isn't that that the fifteen trillion dollars that's the american government that's not the whole of america whole of america debt is probably forty trillion dollars but they have huge problems and housing prices probably prices people being ejected out of their houses they even have in america they have tent villages where people living in tents you haven't seen that but they have america. getting to come back a bit but they have unemployment of say eight point four percent. down from nine point four percent down to eight point three percent so they are very pleased

that unemployment has gone by but if you look at those numbers a little bit more carefully you will see that between the ages of about twenty two and thirty five or thirty seven that figure eight point three between those ages young people twenty two and thirty seven it's near a twenty percent unemployment. huge problems that will reduce. ability to spend consumer spending moving again so i don't think they are continuing to live and spend as they used to and two thousand and eight when we had the first back on the back of massive massive credit boom people fear that we would have a double dip and here we are right on the edge of it. in. looming

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market finance system the. find out what's really happening to the global economy with mike's concert for a no holds barred look at the global financial headlines tune in to cause report on our cheap. headlines on r.t. and tens of thousands demanded justice across spain as workers protest cuts and labor reforms with a general strike the massive industrial action is seen as a tough test for the country's young government and it comes a day before it's expected to announce more painful austerity measures. petrol panic grips the u.k. ahead of a possible tanker driver strike with fuel costs escalating london paris and washington consider releasing oil reserves to push down prices. and moscow read news its opposition to foreign military intervention in syria as

a divided arab league debates how to end the violence the group will give its backing to a u.n. sponsored peace plan calling on the opposition and president assad so fully comply . cohen joining me now mr you know neal good to have you on the program of course time for your sports hero here a bump in the road for c.s. garza basketball as are on the continent could it prove costly tried i'm not sure if it will or not you know it was going so c.s.k. in the quarterfinals of the euro basketball competition want to tell you what if they win tomorrow night they're into the semifinals once again rory caprices hope right there what about a busy night ahead for ice hockey fans as well yeah again we're in the semifinals of the. time's gone quickly hasn't thought of talking about this only last month but here we go again it's semifinals big games ahead rory that coming up in just a second before it's over.

pretty becoming this is sports day we have got plenty have for you this hour including the stories and three. are going hopes mobo have the deficit in their euro league basketball quarterfinal with c.s.k. moscow after victory and game three. then there were eight state quarter final stage of football's europa league gets going in a few hours with manchester united's conquerors up let make looking like the team to beat. the pedal to the floor r.t. chats exclusively to russia's first ever formula one driver vitaly petrov about his start to the new campaign on his hopes for the future. that's coming up shortly but we get going with basketball where sisk in moscow have suffered defeat for only the second time in this season's your only they are men though still leading their quarterfinal series with bilbao heading into friday's game four ruled on by a capacity ten thousand pounds the cost side new defeat would mean elimination from

the competition. a precarious thirty seven forty lead time held in particular by the outstanding mark obama h eighteen points course this vassili this was top score for the with twenty points are in jackson and thirteen in the christic is game high twenty two for the visiting russians simply not enough held on for ninety four eighty one victory over the paper then in game four which takes place on friday evening. over in the n.b.a. meanwhile toronto have ended their two game losing streak with a one hundred five ninety six win over denver in canada neither side were in their respective conference payoff places going into the game so a type of birth was expected and that's what we got eighty five each at the end of the third period it was the home side who came out on andrea bargnani. he was toronto's topping on twenty six point one five ninety six the final six. but brings

us to four poor this year's european giant killers are preparing for their next test in the europa league athletic bilbao shocked at manchester united in the last sixteen taking on shall k. in their opening leg of the competitions quarterfinals in germany the spaniards haue been hot in europe but inconsistent domestically sliding on to eleventh place in the league shortly after beating united five three on gets on the continent shall come on you're a kook stevens the submitting he's not certain just how good his opponents really are or where he can come in plus jaan huntelaar who's the europa league stops we're at nine goals voluntary marcelo. to go all out by not resting any top players for saturday's clash with barcelona. also polish or an old german final still a possibility with a z in the night the. eight european games but they haven't won in the last seventeen away matches well twenty ten winners outlet

a common trait have hung over for company after jumping much in the last sixteen sporting will enter his big fear to. look ukrainians a time first style seen them win five of their six away games during the competition so far. the race for the concept. cup is drawing closer to its climax the eastern conference finals kick off just moments from now pitting this year's surprise package truck tour against. new or this regular season continued. in the playoffs by two time winners bars in the previous drawing while the hawks easily took care of former european champions mesler course but weren't able to beat their upcoming opponents in regular season games. in tennis women's world number one victoria azarenka has lost for the first time this year the belorussian feeling trisha so he eriksson open semifinals following defeat to marion bartoli

azarenka it was on a twenty six much winning streak since the turn of the year a run which included her string open victory and melbourne in january it was the best start made by any player on the women's tour since martina hingis in one thousand and seven but for troy the piri controlled this time march winning in straight sets six three six. bartoli faces poland's i guess the red skin the last four that is after the fifth seed saw three turning venus williams in straight sets six four six one this week saw one hundred thirty fourth ranked williams return to competitive tennis for the first time since the us open last member threw. in the men's strongly murray as good this place in the semifinals after a four six six three six four win over yankel tips are which it was the serve those who fought back for a break down to take you know the former he did likewise in the second company see the notch in the final. rough and the doll the scots next challenge

the spaniard coming out the right side of a three sets quarterfinal with concert you with that song the ten time grand slam winner pushed all the way by the french open despite looking in control after two breaks in the opening games alone the talent for two in the second before a brave song to fight back was ended in the final set six two five seven six for the final i n f l commissioner roger goodell has stated he understands new orleans fans frustrations following the league's recent punishment of the saints coach sean payton has been suspended for the whole of next season after the merge the team are paying bonuses to injure other opponents. i worked very closely obviously as we were getting the saints we established after the hurricane so i saw it first hand of the saints passion and their faith and special and i think i clearly understand their frustration but i also want to understand it

thirty two teams and everybody is going to have to operate by the same rules up and it's finally the formula one where it's been a mixed start to the season for russian the tally petroff the catherine driver is in his first season with his new team after losing its place a rental but the v board rocket is optimistic about the future as he explained in an exclusive chat with r.t. . i think it was not about father for some kid the first place we didn't really finish but anyway i think we sure were good results and. in malaysia finally finished and actually it was a move to receive the stimulus it started from where and then it was getting so it was actually really exciting was a way to make you wonder cause of all the trouble of the heart of wiley and you can see look a lot of money go and yeah actually i did marxism i think on this theme and i'm discussed so now it's like first of all looking the chief something we're going to

change few months hydrophones into account of the need to come to. actually it was pretty easy you know everything would behave on this team which was almost the same like i never know of course the people bit smaller team but. well the set up wise and. the working model was actually the same way and there's sort of an arrangement so i'm not hopeful for this and i think it was actually pretty easy to. be received by themselves i mean obviously right now it's kind of going to be a ministry has more spending power. you can get more you know where you can't compete try right trying to pretend. you know of course when i left. and i understood now it's not a team that's new to me just so dear under championship and. i will need to go forward with another group of people but i think you know on your mind it's very important to understand this before when you go into that and form this then you

will need to fight with another different people but what is it would you want. take not so from this crowd into being this go on the top or a cliff somewhere you know to win some places and i hope or hope in the future we can do this i mean psychologically as you just said. we need to you know need to of course. of course you cannot fight with the poison for them but the you stay there you will. you will lead the same car you will feel the same way for does your adult life and for the. actually i consider it stop a step back for the pull for guiding forward speed and so i think it's even more in the summer it's been because it's new table it's new it's really cool she's going to be maybe guidance with the wizard but anyway you'll only gain something and pieces will give a more plausible. rebounded in

a month three hundred season. and this coming summer. any progress you please visit here in the moments reviews things you know it's really fun and want to be part of the of course you knew you know what it could be you called the paper. because you know when that is the soul of course you know you always want to be in the moment i think what they did or did it and what we did together with the team with the mission ceased in place and move mosher and the we managed to finish that ace in the we don't have an income for voters i think this is in the moment much more than we can do in the different than pleased to work with one of the you know big sums of money it's a man with a lot to offer in my opinion a lot is all your support for what this next.

something to do what is happening on the streets now as in the you know the after party for a very wild parts of it without however i totally disagree i don't even think the parts of baghdad. we are still waiting for the actual revolution to have. more news today in holland says once again flared up. these are the images go girl

he's been seeing from the streets of canada after. trying to corporations are relieved a. all

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