the eurozone looms with a crisis ongoing now affecting the g eight summit in america with president obama expected to more rescue measures from the e.u. as his campaign for reelection. in iraq over plans to merge two of america's switch to iran is calling us to reshape the region. egyptians may have hoped the revolution would bring them change but it seems that only brought rocketing crime rates and unsafe street. this is just off the five o'clock on friday this is live with me will receive. as

the u.s. president hosts this year's g. eight summit he's expected to pressure eurozone members to apply a more expensive bandish to the open a single currency wound but barack obama's admitted to having his hands tied on certain issues as a reelection worries his thoughts are with more from washington is ati's and he said. there are several challenges for this year's g eight summit one is facing its host obama has his hands tied with an election coming up in november a lot of focus for him on trying to stay in the white house so he's going to have to balance domestic and international considerations at this camp david summit something that's never easy but even more so when you have voters to please and global leaders to reassure it's always a difficult thing to do even more difficult during the election he has in one sense to really. sure american allies that america has remained strong and committed to

the g eight and it has an important role to play at the same time he has to be sensitive to what his constituents in america are thinking about domestic concerns the economy unemployment housing all of the things that remain an issue both already told the world that more ready to compromise on global issues after the election given it was by accident in that hot mike sit down with dmitri medvedev but with that incident aside many experts say that it's very unlikely we'll see progress on bilateral issues with russia per se on missile defense or iran's nuclear program in the election year now another challenge facing the group as a whole is the question many are asking does the g. eight format still work it's true that most countries of the world see the g eight as outdated most countries in the world don't recognize. the singular leadership of

the united states and its western european allies so in terms of what might come out of the g eight i think that again substantive policy decisions are unlikely rather this is going to be a much more much more geared towards padding obama's image as the host of the summit and showing the world that obama is this sort of a uniting uniting force rather than the divisive force that he has seemed to be for the for his first term now in terms of uniting one of the main goals and focus of this summit will be the euro crisis the goal there to try to get the new french president on board with all of the massive austerity cuts that we're seeing throughout europe this is something that european leaders will certainly be looking for obama to try to unite all of them on how to move forward with that but again a lot of critics think the g. eight is an outdated format and then you have all the speculation as to why president putin didn't come perhaps it's because he doesn't. understand how

important the g twenty is especially when it comes to the financial turmoil that we're seeing across the world not of course will be held in mexico into reporting from washington and he's now a r.t. and this year's g. eight gathering is looking increasingly like a euro crisis summit with a german led focus on austerity likely to come under scrutiny this. sentiment is spreading fast across the whole of europe along with fears about greece leaving the euro we report on the gathering storm clouds in just a few months. pro-government demonstrators have taken to the streets in iran to protest what they are calling a u.s. ploy to reshape the region tehran's unhappy about plans by two of washington's key allies grain and saudi arabia to cement a military and political alliance the islamic state fears washington's orchestrating the unity push to force it into

a corner to run has summoned back or any diplomats for an explanation this as pro-democracy protests in bahrain have again been met with brute force as police dispersed the latest rally with tear gas and rubber bullets one iranian professor told r.t. that america's gulf allies desperately clinging to power. this is basically for the survival of the dictatorship in bahrain because the dictatorship the king is immensely unpopular the vast majority of the people of bahrain want the overthrow of the regime but unfortunately the west supports the saudis and the dictatorship but what ron is concerned about is that the saudi regime will attempt to annex behind because the dictator is immensely unpopular he is unable to keep control and in order. to lucian.

allowed saudi forces to effectively occupy the country it's very interesting that the people about i mean despite all this this small country has put up so much resistance and i think this itself shows the immense weakness that lies behind the saudi regime but the iranians believe that the fact that the united states supports the balcony in saudi dictatorships also makes them responsible for the both the bloodshed as well as the current situation a large. well there we are closely following the situation in bahrain online just had a head over to our web site r.t. dot com you can get the latest updates there for example the dining out of the ruler of bahrain decides to abandon his kingdom torn by protests just so he can attend the queen's jubilee lunch at buckingham palace. fisherman for sale north korea demands two hundred thousand dollars for the return of twenty nine chinese

men captured out see those details also when our website. live from moscow this is our t.v. ratings agency moody's downgraded the credit scores of sixteen spanish banks amid fears the madrid may be next to fall should greece exit the euro zone it comes off the billions of euros were withdrawn from greek and spanish banks this week as people growing increasingly worried over the safety of their savings so let's now hear more from our teams that go there is katie could deceive you are people in greece and spain have been withdrawing their funds in panic so how significant is this downgrade that we're talking about is fairly significant indeed actually i mean it's got investors really worried at the moment because it's yet another blow

to the economy i mean you consider the fact they've already got a recession on the cards surging unemployment a five year property passed as well as they got plenty to deal with now the agency said that the reason for the downgrade was on the grounds that the government's ability to support some lenders has weekend now the freaky thing about this is the ibex the spanish aboard that she gave us one of the only european bourses gaining in the session there so that's some interesting one to watch now as well is that we've also got the fact that italy which is a main concern too big for a lot of investors a say twenty fakes of that banks a face downgrade in the wake warry so it's all going on as well as the greece situation of course. we will see you soon thank you. it's good to have you with us here in our e.u. leaders are adamant the eurozone must be held together but the director of the bruges group believes the member states are just too different to function as one

of the european leaders aren't really doing what's necessary to generate economic growth within the eurozone and within the european union there is a major problem with the euro but that needs a disorderly demand dismantling that that's what is required at the problem within the european union and the eurozone is a problem of growth and despondent imbalances caused by germany and we can't have a common see you in with many different disparate economies which need different levels of support different interest rates different fiscal policies but germany and the european central bank forcing on countries like greece and spain and italy and portugal as well as other countries such as ardent austerity cutbacks coupled with tax wise is which of her economic growth then economies are already on competitive as a result of being in the euro and they just are now in a major economic depression that's what's happening in those economies with massive levels of unemployment and really no no future something radical needs to happen

otherwise there will be more of the same and the same is a declining economy with ever increasing numbers of unemployment and the worst hit victims of the euro crisis are the millions of europeans who have lost their jobs and incomes almost half of all of spain's youth alone they're all out of work here this is not stopping brussels from spending thousands of euros on bureaucratic hiring processes for ministers our correspondent reports. good income great working hours generous benefits career growth and essentially a job for life it's no surprise that the tens of thousands of applicants across the european union vie for permanent posts in the e.u. institutions are is one of them i applied because maybe i get the chance to become a staff member it's a job more secure can transfer to another position after two years walking the halls of these buildings are thousands of men and women who run this massive you

wish to marry the manager of the union for five hundred million citizens no doubt requires manpower but so many people are quiet foul or talks players money is concerned it costs between seven thousand and fourteen and a half thousand euros to simply go through the process of hiring one permanent staff is an awful lot it's probably the same amount that a company would pay only creating a chief executive say i want her so that's of course ridiculous by no means to fund the book why is it that these stories keep on emerging i think in all honesty. e.u. officials who really matter they don't seem to care i mean they might say certain things but at the end of the day they are asking for more money year after year after year this time the e.u. commission is asking for a budget increase of six point eight percent for two thousand and thirteen taking the total amount to one hundred thirty eight billion heroes about twenty three million of which will go to the european personnel selection office or eb so in

charge of selecting potential permanent staff selected candidates are then placed on a reserve list for about a year commission various e.u. institutions can choose if you keep people reserve list this list is only valid for a certain time off to which these people probably find jobs so where's the value added in that the cost of hiring people could be much higher we also need to select people on the broader. possible geographical bases so we need to make sure that people from all countries be presented there is an additional cost for that she adds that in an exercise comparing the costs of each new hire and twenty nine international bodies including the world bank and the united nations episodes average cost per person is still lower but in this context. where millions of jobless e.u. citizens are hanging by a thread critics say that no amount of justification is going to make this

situation appear like taxpayers' money well spent tess or sylvia r.t. brussels. and r.t. is coming to you live from the heart of moscow the ancient city of babylon in southern iraq is considered to be one of the seven wonders of the world but that prestigious title doesn't seem to be bothering the country's booming oil industry the country's government has built a pipeline through the archaeological site are claiming nothing historic has been put at risk well let's get more on this story and go now to the middle east expert be part you're about the joining us live here on our good to see you today thank you for coming on the program an iraqi oil ministry spokesman said no evidence of antiquities were found during the drilling up perhaps that could be a rather easy thing for him to say what are your thoughts on this. i have seen in the past hour or so some of the picture. international nugent's.

and the beginning of. the ground under the hanging gardens of babylon is quite illustrated. apart from everything else lee's pipelines have been installed a very long time indefinitely and sooner or later there will be oil leaks. in addition to that iraqi officials in the departments. deal with protection of treasures have said they're disturbed by this so i do not see how the iraqi oil ministry the state claims that nothing that is priceless has been damaged and going to be don't know how that can be justified well as you say as you say there's always the threat of an oil leak or some sort of disaster in fact certainly in the region all pipelines

have been sabotaged before by militants trying to say their part to the or thirty's . to some degree though you know he we have babylon which could be a tourist hot spot hasn't iraq got a nuff oil fields without also mostly obliterating what we know as the archaeological site of babylon. iraq has one of the. largest oil deposits in the world it's a major oil supplier but you know iraq is once again under tight authoritarian or ruled. by by the shia. jollity. under the prime minister nouri al maliki and iraq is still at war. it also has. fulfill the promises made to international oil companies so i think the aftermath of the major water. that is behind us and the little water is

still going on and in addition to water i would have to see the reef. for you bring up the issue of greed here because ultimately here we have you know iraq is known to many archaeology archaeologists and historians as the birthplace the cradle of human civilization as we know thousands of years ago with sea marion's and mesopotamians and so on and so forth is this a chance of just big business overriding what could his what some just see as old history it looks like that it is greed in commercials. and then like didn't you. dissuade any iraqi government from leaking disaster in areas like a lot but i would say because it is a misplaced kind of greed. meant official looking ahead and not.

oh right now of violence has been the government seems to connect iraq's recovery chiefly with oil cash to rebuild roads and hospitals but there is a danger if you think that the money will never actually trickle down to babylons ruins. well in any authoritarian government. it is very difficult to ensure that ancient church treasures are looked after they take a back seat. the iraqis will probably barrel the military the events going on in bahrain and saudi arabia will. alert them towards future potential. tensions and potential conflict between iran and saudi arabia and also between themselves because the iraqi government is an ally

of iran so the. military build up and the ambition to be mugged once again as a major regional power will trump everything else all right a middle east expert at the package for patty thank you very much for coming on our to you today. a massive explosion and fire have hit an ammunition dump belonging to russia's ministry of defense in the country's far east officials say some weapons exploded when they were being disposed of the fire and explosions are continuing to rage prompting the suspension of the trans-siberian railway a part of which is located a few kilometers away from the site of this event officials say two people have been injured i mean time about two thousand people are being evacuated from the nearby villages specialist trains and a number of helicopters have been battling it out for hours or trying to bring the situation under control. now let's get to some other global news for you brief with

the r.t. world update straight to baghdad where three civil tenuous blasts have struck an outdoor bird market killing five wounding dozens or the bombings took place in a shia neighborhood where the area was crowded with shoppers now violence has decreased in iraq in the past few years but insurgent attacks on security forces and civilians are they all continue in an attempt to undermine the shiite led government. buses crashed off a bridge in central vietnam killing thirty four and injuring dozens the crowded coach was traveling to the city of min in the south when the driver lost control causing the vehicle to plunge eighteen meters into a river over eleven thousand people die every year in vietnam in traffic related incidents. the un chief says al-qaeda militants were behind the deadly suicide car bombings that killed fifty five people in syria last week thank you moved also said

the get hold of the crisis now stands at two hundred thousand meanwhile and the regime activists of course for mass more mass protests to keep up momentum following a huge student demo on thursday violence persists elsewhere with the regime forces renewing their bombardment of the town of us in an attempt to break up defensive lines set up by the opposition. well because what you wish for that's what it gyptian zur learning the hard way last year's uprising and the revolution brought about change but mainly by destabilizing the country it's left people facing chaos and a massive crime wave of burglary and armed robberies. reports from cairo. it's not just protests the disrupt peace on the streets of cairo just ask taxi driver. it was calm before the revolution one hundred percent where in a total mess now i used to drive anywhere wherever they want us came from never

refused a customer now i park my car in the garage at six pm and go home i put a special security system on it so it would be harder to steal. robberies or car thefts all have become part of a daily life in large cities like. this after the revolution many people say the police at times simply choose to turn away when a crime is being committed. all hell broke loose after the uprising i know some who escaped from prison there are still stealing and they use guys who steal cars for them and then use those cars to deliver cocaine and hash to drug addicts. people say this was something unheard of before the arab spring and the mayhem that followed the uprising of january two thousand and eleven many believe thousands of convicts escaped from unguarded prisons a crime wave has followed with egyptian media reporting more than twenty five hundred murders and some two thousand abductions since their revolution yet the

police are accused of doing little. the police a lot of respect a lot of. the tools that they work with like the weapons the cars and most of the different people for that this police has been treating my. for the last thirty years i would say for a long time maybe for six. this police is not looking to us we are the police and in my opinion the minister charged with enforcing the law has a very different view saying the situation is under control want to settle about like this i told the members of the people's council look at the results we managed to achieve in record time i'm sure that no one could have done as much we had

a total collapse of everything and stability was nonexistent i don't have it all numbers regarding organized crime groups robberies and thefts they were committing and the achievements we've made. that in the meantime until come returns to egypt ibrahim and others will continue to close up shop early and head home before sunset fearful not only for their property and possessions but for their safety and lives in cairo in a ghost go. are you standing by for us now with your listeners to bring us up to date for their so good to see you again or do you tell us it's all been about greed this week but no we understand spain is in the limelight it is indeed and it's not happy about it is facing recession we've got surging unemployment we've got a five year property bust as well and we were saying earlier we those sixteen banks have been downgraded by moody's that they were saying that it's because of the government's ability to support some lenders we kids now we've got the european

markets on the screen just footsie down around nine tenths of a percent the dax around five basis points these are worth a mention as well while we've got germany and screen just the all time lows it seems to be that's where investors are putting their cash let's get on to the common currency and see how the euro dollar is trading at this hour we do see it's still a lower is getting i was just like fraction but one twenty seven zero seven is low for the common currency right there because of rubles performance has been a poor session for the russian currency today that moves us on to the russian market i will see how the r.t.s. and the my six are performing vis our look at the r.c.s. around six tenths of a percent down the my sex just a notch right there that's as investors move their money out of emerging markets are losing their positions are high and they just want to be on the safe side is not necessarily to do with the russian economy the fundamentals the domestic scene remains healthy it's a real existence of factors playing into those prices right now so let's get on to

the stocks and see who is moving and shaking our. back there the largest lending his still down one and a quarter of a percent we got gas from that really suffering because of that threat of demand being decreased put in metal that is just not his gang still manages to hold on to its strength ok let's talk about the russian markets sun as you can see they have indeed been falling on a yearly basis as we've got it from april. in the last thirty days the index has lost around twelve per cent and it's now trading at around two years. that is the russian scene right now as they say really feeling the pressure from the international scene moving on going to take a look at the ore prices because of course they have a knock on effect here in moscow and we can see right now they are indeed makes for those prices. they're going to finish up on a light note we're going to talk about facebook because today it will place itself

on the nasdaq we're going to be able to see how much this company the such a hype is been put into this how much it really is a way now so far raised sixteen billion dollars in an i.p.o. and it values the company at wait for it one hundred four billion dollars my word now is are saying that it's a big wind field for a company that only began eight years ago can you imagine that at that time they had no way to make money they didn't invest in advertising that now facebook price its focus thirty eight dollars per share at the top of expectations that was some thought it was rather high now among the facebook shareholders though is russia's fund and its own billionaire. off now auntie's that you bush explains how you just made his way to the world's top social network. started building his facebook stake in two thousand and nine just as the global economy tanked and investors were pulling out but social networks

a wildly popular roster in fact thousands of private investors have bid to buy shares in the world's favorite websites so much so that the top brokers this film will miss out but. we cannot guarantee our clients that they will definitely get facebook shares his demand is huge underwriters prefer big institutional investors who will hold the shares for a long time meaning the price is more stable. one of the investment terms is t. and meldrew will mort the eight hundred million dollars was an absurd sum to pay for facebook's own proven concept but with the site attracting five percent of all u.s. internet advertising the i.p.o. will now earn him billions yet the social networks fall from russia's only world beating online gamble so what's been the secret social gaming course on phones to ring russia than in the u.s. or europe russian developed farmville became facebook's most popular game world cup the group created by russia's it was

a top download on the store and russia is one of the few countries to beat out facebook and google yandex is the number one search engine and facebook is less popular than local rivals v.k. now facebook rival twitter is being tipped to follow it and go public that signals another huge payday for russia because mail rooms also bought a large stake in twitter as the lesson tell you minutes until the u.s. opening bell so we'll be able to see how that performs for a looking for it ok to keep us posted. still to come here and see other headlines and then our special artie documentary looking at how the occupy movement is once again gaining momentum across america.

wealthy british style old so it's not on the title. markets why not. find out what's really happening to the global economy in these kinds of reports on r g. download the official t. up location on the phone oh i pod touch from the stops to. watch on t.v. life on the go. video on demand on t.v.'s my old compass.