there will surely are seas great to how you were the headline. all told no being merry go round of euro zone meetings but it was to all the crisis solutions such as ball garrett takes its name off the list of states and willing to embrace the single currency despite finally having qualified to join. the us is said to be a ratcheting up of threats against iran in a bid to delay a possible if your brain is trying to game the country washington could be under pressure from a zero to declare certain red lines of attack iran so you've got

a problem. tough financial times have people in canada's french speaking quebec increasingly opting for independence people are set to go to the polls to choose their government with the separatists gaining ground. to the global economy showing little sign of growth we asked the president of russia's second largest bank about what he sees a had for global finance it. and requesting president a very to their bank precious second largest bank it's really great to have you with us are today gotten so you've had it to be for the last ten years and you've been there in two thousand and eight and you so everything when the financial crisis broke out now the global economy at this point is really not much better off

i mean you have the eurozone crisis unemployment in the united states is still really high and when china is really had it for a hard landing if you compare things today to four years ago how bad are they i think we have to accept the word volatility it's become part of our life. of course the world economy. passing the period of the cycle and we expect that when there's two or three years it will be quite difficult for the global economy and would not be very easy for the russian ones for example this year are. we seeing the global economy will not grow for more than two to half percent so the economic growth is slowing down but we don't expect any problems like we experienced or in two thousand and eight and the war the economy stupid to solve and so on so you're not expecting and heartlessly were no nor the second wave of

the crisis i think will be quite a long period of recovery which will be more than me the one you just mentioned the problems we should be resolved one of the easy of course is the crisis in europe and there's still a lot to be done and still not very clear how these courses will be resolved but at the end of the day everyone expected any sharp decline in the quantum or you just mentioned to you. crisis which is really sharp at this point are you concerned about a possible impact on your business because of that well there's a list of course there's no direct exposure of the russian banking sector to all european banking or financial sector but our concern of course is that if the european recession we leaves happening already here we could demand for our export goods such as what we see in the metal. and in the future if it can lead to the drop in oil prices that will affect our clients and through the us the russian

making sector will be affected as well i want to focus a little bit about the recession fears that you've mentioned spain's banking system obviously being the biggest problem at this point because you have all the depositors pulling out their money out of the banks and everyone's fearing that something really bad is going to happen do you think something like lehman story could repeat itself were even worse because american that injected a lot of money unconditionally to their banking system europeans aren't ready to do that but i think this was a good lesson for everybody and i think. no one wants to. be this experience because lehman's lehman's collapse to a chain reaction all around the world and particularly america so i think european union will try very best to protect the spiritual banking sector but of course you're quite right i mean the if we take europe that is one problem after another

we have a problem in spain portugal in you need to not only in greece so by resolving one problem we will have to face another one immediately and that's why i think the crisis in europe will be quite the collected and of course it will it will require even more political will on part of the leading european governments in order to resolve it so what is it like growth. versus hysterically what do you think is the bear well this year will will produce a negative growth and of course storage is another problem because it will not help to resolve the question of growth and the two situations so i think we should be reasonable approach to authority plans but we still on the other hand have a very high budget deficit were around three percent g.d.p. on part of the south european countries so i think there will be a moderate approach there will be definitely. much more severe discipline on

spending in south europe but on the other hand i think the government. support for the month still will be required in order to get in she reasonable growth and positive growth hopefully in europe next year what's going to happen to hear a let's say in one year's time in your opinion my personal opinion and my analysts that. these are the dollar for example you are a little bit as a currency on the other hand is to believe that will be enough political will in part of the you know if you were to keep all countries within the european monetary union or within the euro zone and the your greece who breeze over the other day you mentioned recently that this was frank wants to say first currency to get their money out why is that well you you saw the well there's a number of reasons for the tightening up or the. two other currencies and there's

been four months of through the law and. the track record of frank over the last few years. so who's on to a very big stand still so it's frankly is a quite reliable. instrument but i'm not saying i mean i still believe that of course if we talk about currencies the dollar and euro will continue to be the major reserve currency. the world with a potential. opportunity for chinese yuan to become another one and i think we would the possibility over russia nubile to become a. regional currency for settlement maybe even the reserve currency for possibly the union territory and that was going to be my next question actually but we've been hearing about the possibility of russia becoming a regional currency for quite a while now maybe five or six years. what exactly needs to be done for that and what time limits are we talking about things happening to the standards already in

the heart of the trade these channel through through through the ruble mechanism very simple things i mean the both exporters and import of should except of these that they ever get to trade in rubles and for these i think ruble should show a good track record of being a stable car and so predictable currency and i think what the sobig is doing now to providing a more flexible exchange rate frugal is a good thing and provide more for looks ability on the other hand there's more but the beauty for the rouble we talk about the united states a little bit people still look at it and expect for a to contribute greatly to the global economy forgetting that it really still suffering from enormous national debt ante employment is really high at this point in regards to global economy is to us economic performance part of a problem or a solution at the moment it's none of this in the. u.s. economy's developing. better than you were for example with some of the growth of

this year on the other hand does not provide any and for the for for growth like china no matter that the slowdown is of job growth to provide the major impetus for the global growth so merica of course has its own problems and the major one is the great budget deficit partly. based on their growing medical care expenditures. but what is for me seems for sure that america will not contribute war to rescue the european economy you've just mentioned china slowing down a little bit also along with china some key economies that kept the global economy expanding like germany and brazil they're also slowing down so where will the much needed growth come from at this point still from from emerging markets having this year the growth of the merged market area it will be four times higher than the

once world so it's still there i think that the main area and that's for example b. to be where we are focused on for the next five years for example now you of course to be t.v. also chair of the asia pacific economic cooperation c.e.o. summit and the member countries that are going to zation accounting for over more than a health actually of the global g.d.p. but how is. that app back in russia. global resources for new global growth because if you compare it for example last year. i guess there were some deal signed you know company and government government with but hasn't really changed anything on a global scale it's a process i mean the doesn't help doesn't happen overnight it's a process you need to work on those specific things and the one of the keys you for meetings liberalization of trades and investment in the region and of course this

is a region with a very different level of countries with countries with very different level of development for example and different structures of the quantum in but still as i mentioned before i mean that's one of the fastest growing region from becoming a point of view we have china we are. going to meet. states and russia by the way which is also. in the future is one of the leading member of the apec region and for russia i think it's absolutely vital to put our focus on the asian site because we will all be looking for europe and we have a very tight relationship in economy with europe but taking into account what will be discussed before i think for russia it's vital that we will focus on our forums there's a huge potentials in the resources in their genes in global cooperation the neighboring countries like china south korea japan and others we can bring

investments which can growth for russia so i think for us meeting it's extremely is to be important let's look at a little bit russian economy because up to one hundred billion dollars are expected to outflow out of russia i mean i know that investors could be uncertain about the russian investing climate before the elections but it's already been three months what's going on the money still going. well i think partly that is the general concern. on the global markets investment investors today not investing very much they prefer to sit and care and to wait and see because as a stop of the interview with the word well it eludes here i think you would for a recent period of economic rules on the other hand i think we know all too well the problems which exist in russia from the point of view of. investment climate

but. domestic i think we just have to focus on on this if you would take for example far east there's a good opportunity for bringing a lot of investment there but the we need a really clear cut government policy i think there's nothing in the russian legislation on there or investment climate which can prevent us from doing this. and that we definitely number one task for russia is to change the nature of what we call in the me to make it a focus on investment growth rather than resource growth because again we can talk about the prosperous a little economy but we we will always come to the conclusion that if you will price for your alls will go below ninety five dollars per barrel russian economy will be in trouble and so is the main and major risk russia's economy will absolutely i think yes the oil prices still remain the major risk for for the

russian economy today and the question had a fifty pound thank you very much for a century i think. sigrid laboratory to mccurry was to build a new age most sophisticated reading which on fortunately doesn't do it don't worry about anything james mission to teach music creation why it should care about human to end. this is why you should care what your only.

little story is an all see no action the merry go round of the euro zone. crisis edition is garrett takes its name off the list of states willing to embrace the single currency despite finally being qualified to join. the e.u. us is said to be ratcheting up but threats against iran in a bid to delay a possible israeli strike against the country washington could bend to pressure from israel to declare seven red lines of attack on the nuclear problem. tom financial times have people in canada's french speaking quebec increasingly opting point to penzance people are set to go to the polls to choose their government with

a separate gaining ground. and the school is coming your way next and there's a new man at the helm of russian football with all the details his entree. hello there you're watching the sport here in our. headline football's nicholai pool stork is elected as the new president of the russian school or union head of the world cup qualifiers against northern ireland and israel. ruins rina williams.

biggest prize age groups within russian football and we'll have a chat with the coaches to see if they're going in the right direction there will be a lot of emphasis on trying to improve the youth teams who represent russia at international level as even today we need to start thinking about the team who will represent oz after home world cup in twenty eighteen. i don't think is an excellent position to

try and tap into the undoubted talent but lies within russia he was the president of a professional football league which covers but first and second divisions for a number of years and he also understands but to try and develop the game in the regions where it's often little money is a bit of most importance which it will put up with i have a wealth of experience working within russian football and i completely understand that i have a tough job ahead of me i'll be trying to get a team who want to see things improve together and i'm sure that this will have a positive impact the main thing is to work together me and that of the fishermen full speed is by and large a popular appointment he has a reputation of getting things done and in the right way he certainly isn't afraid of making the right decision even if it's upsets others however the fifty six year old will certainly have a big task on his hands over the next few years as football in russia continues to

develop richard pombo awfully dancey moscow. there is growing speculation christianity now lay could leave real madrid their star man refused to celebrate his two goals showing reales three nil win over the weekend and says it was because he's upset with paypal the club. or maybe it's because i'm a little upset that's the only reason when i don't celebrate goals is because i'm not happy people here at the club they know why i have nothing further to say. meanwhile full of new striker dimitar berbatov has criticised his former manchester united boss sir alex ferguson the gary international said he was unhappy at how he was treated during his last season and old trafford he only played in twelve matches and says he wasn't given a proper chance to prove himself. but i did try to fight for my sport but in the end it didn't work when i got my goals in march that's when i was a starter there's nothing to be ashamed of i became a premier league champion twice top scorer in the league in general with united

reached the top of the game in the end i said my goodbyes with everyone and deserved it i'm going to go on with my life in a different way it's just a completely normal. former england manager venue and eriksson has taken a job at a top club in thailand the swede was officially unveiled as the technical director for bangkok side. the sixty four year old is probably best known for guiding the three lions to three straight international quarter finals but eriksson has also won domestic titles in his native sweden as well as portugal and italy and wants more success at club level. i look forward to it and i hope that i can help the club that meeting with that's why i'm here. only to be interesting to see the first game on wednesday. so i look forward to it and hopefully i can hear something to tennis now and tops eight roger federer and then remarry are three to the quarter finals at the u.s. open federer could have walked over after american mardy fish with three citing

health reasons the world number one faces the big serving check now until its next after he flashed nicolas almagro and also into the last eighty three seed and he married the canadian me that's all i need in straight sets to set up a showdown america chile separation easily beating martin to reach the laws. taked so the big names regressing in the men's draw but there was an upset in the women's to see they're going to get advance crashing out to please a bit of vinci she beat the pole six one six four pace fellow italian and german in the quarter finals however you can depend on serena williams at the moment she looks unstoppable and be checked under where i live and cover without the loss of a single game in fact the american is only dropped twelve games in her four matches at flushing meadows this year although begs to differ about her form. i want to sit on the grass started out strong in the tournament today giving more comfortable with the court and comfortable with the conditions getting back to more smy game

which is good you know i like to you know i like to play better during the second week so hopefully i can do that. i'm facing williams in the quarter finals of the former world number one an event of each the serve also pretty convincing she got a six love six four victory. from bulgaria this match lasting just seventy seven minutes. and finally russia have won two will go to the power lympics the lies that you've got one in the tree and two more chance of one in the table tennis to put the team fourth in the medals table there are another six days of competition to go but already they are being hailed as one of the best yet on many levels with more insight on costs or a. massive international sporting events always attract or ways of spectators and hence the world media the second part of the summer games however the paralympics have been less popular with viewers at home to say the least but that's before the london twenty twelve organizers managed to raise that bar and further bolster

interest in this year's games paralympic games has been growing ever since one nine hundred sixty the beijing games are supposedly the best yet we've been working for seven years with the local care it's not just p.c.f. it has many partners involved in delivering hopefully the most successful paralympic games ever there's been great activation by all the sponsors as well every single sponsor of the games has done a paralympic games specific campaign attention from the whole media for the russian paralympic athletes is largely unnoticed and only slightly once every two years when the time comes for either summer or winter games some interest in team russia from the foreign media certainly it comes as a surprise for the countries delegates. who have spent a week and i can tell you for sure that we have never come across such an explosion of attention from different media and many athletes just don't quite know how to act in this situation on the other hand it's vital for oh paralympic sport the more

people hear about success the more athletes may want to join us at the moment it will probably be hard to find some. one who will doubt that the level of competition at the paralympics sometimes exceeds that of the able bodied olympics starting with the opening ceremony london's athletic spectacle has proved that such high profile events are interesting not only to sports lovers but sponsors and the world press as well never before have the paralympics reach such a wide audience with the london games already setting several more explicit as the record breaking ticket sales it looks like that's once it's well events will be the most watched in history with the coverage extending to over one hundred countries calls for of all artsy ones and. i don't know about to sign off to you that's old school for the moment.

you know how sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize that everything you thought you knew you don't know i'm tom harpur welcome to the big picture.

their calendars childhood was overshadowed by this tragedy. they still feel the fear they faced. and remember every second of this nightmare. will remain in their memories and hearts forever. and it seems so.