mission to teach. welcome back this is all see if we. put a no on the merry go round of euro zone meetings fails to offer apply to solution. or it takes its name off the list of states willing to embrace the single currency finally having qualified. big words are said to be rushing out but stance against iran in a bid to delay a possible it's really hard to get the country passionately you could be under pressure from israel to declare it's a red line is a tire on your back. tom financial times have people in

kind of the french speaking to what back increasingly more independent people are set to go to the polls to choose their government with a separate gaining ground. with the global economy showing little sign of growth we asked the president of russia's second largest bank about what he sees ahead for global finance. and the costing president of the it's a big bond precious second largest bank it's really great to have you with us sir today after 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 or i think. we have to accept the word volatility has become part of our life. of course the world economy. passing the period of the cycle and we expect that the next two or three years it will be quite difficult for the global economy and will not be very easy for the russian ones for example. we think the global economy will not grow for more than two. 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 world economy. not expecting and. nor the second wave of the crisis i think there will be quite

a long period of recovery which will be more than the one you just mentioned the problems should be resolved one of the of course of the crisis in europe and there's still a lot of. not very clear how these courses. of the of the expected any sharp decline in the quantum well you just mentioned the european crisis which is really sharp at this point are you concerned about a possible impact on your business because of that. because there's no direct exposure of the russian banking sector to european banking or financial sector but our concern of course is that the repeat a recession we leads 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. russian making

sector will be affected as world 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 depositors. got their money out of the banks and everyone's fearing that something really bad going to happen do you think something like lehman story could repeat itself or even worse because american that injected a lot of money unconditionally to their banking system europeans are ready to do that but i think this was a good lesson for everybody and i think. no one wants to. repeat this experience because lehman lehman's collapse to a chain reaction all the row in the world and particularly america so i think european union will try very best to protect the spiritual banking sector but of course quite right i mean the if we take europe. 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 collected and of course it will it will require even more political will on part of the leading european governments the old resort so what is it like growth versus hysterically what do you think is the bear well this year europe rule 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 it would be a reasonable approach to authority. but we still on the other hand have a very high budget deficit or around three hundred to be on part of the style through it being country so i think there will be a moderate approach there will be definitely. much more severe discipline on spending in solve some of them europe but on the other hand i think the government

. support for them are still be required in order to get in she reasonable growth and positive growth hopefully. in europe next year what's going to happen to here alexei in one year's time in your opinion my personal opinion the my analysts that. these are the dollar for example. a little bit of a currency on the other. is to believe there will be enough political will on part of the you know if you were to keep all countries within the european within the monetary union or within the eurozone and the usual greece will breeze over the other day you mentioned recently that this was frank was to say first currency to get their money out why is that well 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 is frank over the last few years. so who's on to a very big stand still so it's frank 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. euro will continue to be the major reserve currency in the world with the potential. for chinese yuan to become another one and i think with the possibility over russian ruble to become a. regional currency for settlement maybe even the reserve currency for possibly two million territory that was going to my next question actually but we've been hearing about the possibility of becoming a regional currency for quite awhile 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 is

a channel through through through the ruble mechanism very simple things i mean the both exporters and importer should accept these that they're ready to trade in rubles and for these are. ruble should show a good track record of being a stable car and so predictable currency and i think what this all big is doing 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 if 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 still u.s. economic performance part of a problem or a solution at the moment did 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 doesn't provide any and for the for for growth like china no matter that the slowdown as of general rules do provide good medium but this for the global growth so merica of course has its own problems and the major one is the great budget deficit partly based on the 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 i think this year the growth of the merged market area will be four times higher than the ones world so it's still there i think the main area and that's for example we should be

where we focus on for the next five years for example now you of course the v 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 the app i get it especially the upcoming pack in russia going to help find new global resources for new global growth because if you compare it for example last year. i guess there were some deals signed you know company and government government i was going hasn't really changed anything on a global scale it's a process i mean the doesn't. doesn't happen overnight it's a process you need to work on 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 the countries with

a different level of development for example and different structures of the quantum here but still as i mentioned before i mean that's one of the fastest growing region becoming a point of view we have china we. are in the media. 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 focus on the asian site because we will all be looking for europe and we have a very close relationship in the economy with europe but taking into account what will we 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 there. in global cooperation in the neighboring countries like china south korea japan and we can bring investments

which can growth for russia so i think for us meeting is extremely is to be important but 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 out 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 wait and see because the stop of the interview with the word relativity 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.

domestic i think we just have to focus. 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 or 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 our economy to make it a focus on investment growth rather than resources growth because again we can talk about the prospects of the economy but we 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 rise and yes the oil prices to remain the major risk for for the russian economy today and the question had

a fifty pound thank you very much for this interview thank you. there conduced childhood was all rush out of it by this tragedy. do you still feel the fear or do you think just. remember every second of this nightmare. it will remain in the memories and hearts forever. i'll do anything so. innocent victim. of little angel one or keep.

the world. science technology innovation all the news developments from the round russia we've got those huge earth covered. headlines on c.n.n. tracing us trying to meet in the hot and negative outlook on the blog with a possible downgrade looming while the merry go round of euro zone meetings fails to quiet the submissions that says belgariad not stay single and. also the tough financial times have people in kind of the french speaking fullback increasingly opting for independence people are set to go to the polls to choose their government would they separate says the. glass is said to be a budget saying outpaced threats against iran in a bid to delay a possible israeli strike against the country washington could be under pressure from israel to declare certain red lines of attack from. supporters next to the

hunter. hello there welcome to the store good to have you come from and these are the headlines big deals any sign brazil striker hold on belgium midfielder axel which for one hundred million dollars. plus russia's new full bore chief makes cleaning up the games a major priority before the country hosts the twenty eighteen world cup. and andy murray between ryan age to cruising to the u.s. open quarter finals along with roger federer. the first big spendings a native signed brazil striker hold and belgian midfielder axel vits off a fifteen million dollars age twenty six year old cold resigned from porto while it still has twenty three came from portuguese rivals ben feet have been given a five year contract by the same paid his club and have been brought in with a week left in the russian transfer window and he wanted to bolster their squad for

this year's champions league but they have been drawn with ac milan and the leg in the group stage direction champions are backed by energy giant gazprom and have also been linked to the fourteen million dollars bid for manchester united's nani. meanwhile former the normal moscow defender nick litel steek has been elected as the president of the russian football union and has made improving image of the game a priority for the country host the twenty eighteen world cup with more his rich poor fleet. this is the man who will oversee the development of russia for the run up to the two thousand and eighteen world cup. what form of you know a moscow defender has a big task ahead of him with a number of problems needing tackling with the game in russia so just hooliganism in trying to improve the development of youth football in the country. first of all i will be looking to get people together who want to improve russian football for

the. better there are people who can help the game move forwards we need to improve the image of football in russia and i'm not interested in having people around me who are not interested in trying to achieve this in that. cause the express decisis if. only predicted that russia would win the two thousand and eighteen world cup however following their poor performance of the recent european championships it seems this is a far fetched statements for just under six years to go to the top amends and the emphasis will be on developing new football especially in the regions to try and ensure russia have a shot of winning football's biggest prize. i will be looking at all 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 even today we need to start thinking about the team who will represent us at

our home world cup in twenty a team with. full speed is an excellent position to try and tap into the undoubted talent that lies within russia he was the president of a professional football league which covers the first and second divisions for a number of years and he also understands but to try and develop the game in the regions where there is often little money is of the upmost 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 you know of. course the it is by and large of popular appointments 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 of an excuse. as football in russia continues to develop richard if we don't see moscow. there is growing speculation about the future of christianity or now they reanimate dritte their star man refused to celebrate his two goals during their three no win over granada at the weekend and he says it was because he's unhappy with people at 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 new striker dimitar berbatov has criticised his former manchester united boss sir alex ferguson the bulgari international said he was unhappy at how he was treated during his last season at all trafford he only played in twelve matches and says he wasn't given a proper chance to prove themselves. innocent which when it does i did try to fight for my sport but in the end it didn't work so 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 at the top of the game in the end i said my goodbyes with everyone and deserved it and i'm going to go on with my life in a different way it's just a completely normal thing to do. let's switch to the tennis where roger federer and andy murray are through to the quarter finals of the u.s. open federer progressing after mardy fish with three for health reasons while murray easily won his match against the canadian we lost the raw image the brit having a straightforward day on court winning this match six four six four six two in two hours but next for the three seed is mad in chile each iteration easily beating martin down to reach the lives they. come from us but it will be facing roger federer replacing the semi to the czech who is the sixth the beach spain's nicolas almagro in straight sets. so the big names regressing in the men's draw but there was an upset in the women's to see dignitas get advanced crashing out its leader roberta vinci beat the pole six one six four in place fellow italian and julie

kerber in the quarter finals. however you can depend on serena williams at the moment she looks unstoppable in the czech and the fear. out of the loss of a single game in fact the americans only dropped twelve games in her four matches at flushing meadows this year although she begs to differ about her for. want to sit on the grass started out strong in the tournament will vote today getting more comfortable with the court and comfortable with the condition. getting back to more my 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. and facing williams in the quarter finals will be former world number one an advantage which the serb also pretty convincing she got a six love six school victory over satanic but on cover from bulgaria this match last just seventy seven in. the world's top goal for rory mcilroy has won the deutsche bank championship with a blistering final round in boston his latest triumph comes three weeks after

winning the p.g.a. championship and saw him overturn a three shot deficit on the final day to win by a single strike from south africa's luis you susan mcelroy carded a sixty seven and had an electrifying start with three birdies on the first full house and took the out rightly on the fifth when you susan here drove his ball into a hazard however the south african did manage to keep it close right up until the eighteenth hole meaning mcelroy need to sink this to be sure a victory but it was agonizingly short i bitingly so and then he had to pray you susan missed this birdie effort to avoid a playoff which he did handing the northern irishman the title top spot in the fed ex cup standings and that guarantees mark arroyo a shot at a ten million dollars bonus at the top championship later this month. couldn't finish it off but i liked what i got there and so you know very happy

third victory of the year and you know great to get a victory in these playoffs you know sets me up in a great position going into the next two weeks and finally russia are up to third in the medals table at the paralympics with another six days of competition to go but already they are being hailed as the best yet on many levels with more is on course arrest. massive international sporting events always attract or raise expected hers and hence the world media the second port 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 towards its well organizers managed to raise that bore. 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 a lot of it's not just i p c f and as 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 parent big game 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 so interest in team rush up from the foreign media certainly comes as a surprise for the country's delegates we spent a week and i can tell you that we have never come across such an explosion of attention from different media and many athletes just don't quite know how to x. in this situation on the other hand it's vital for zero paralympics and the more people hear about success the more athletes may want to join us at the moment it will probably be hard to find someone who will doubt that the level of competition at the paralympics sometimes exceeds that of the able bodied olympics starting with the opening ceremony of 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 reached 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 its events will be the most watched in history with the coverage extending to over one hundred countries calls for of artsy london. and that's all we've got time for for the moment the weather is coming up next.

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