was economists who had failed to give us an early warning or that it was the regulators who had failed to account for all the risks or maybe and i think this is the case that it was politicians who had allowed a boost in spending without securing revenues are driven as they often are by populist rationale as a result those economies were essentially living on credit i believe that one of the major precursors to the crisis has been exactly the fact that politicians oversaw an accumulation of debt back when their economies were enjoying positive economic growth growth periods should normally be used to reduce debt when the crisis broke out those economies found themselves ridden with debt with no reserves to use as a safety cushion therefore i think politicians are primarily responsible for the fall at a rather a direct question now what happened in cyprus can we describe this is an action to expropriate russian money and in general how much money did russia lose out on this or do you agree with president vladimir putin saying that what happened there is

going to make investors more inclined to keep russian money to keep their money in russia. i wouldn't call it an action to expropriate russian money since there were not too many options to choose from this is a very unpleasant way to deal with the problem maybe even the worst possible plan but at least this is some kind of solution there was a better way to deal with the situation i think that the e.u. should have given more money to cyprus however the e.u. also depends on the politics of its member countries they didn't want to cover the losses of investors from other countries most of the investors were from russia and the u.k. which german taxpayers don't care much about russian or u.k. investors which that's why the choices were limited but again the e.u. had enough resources to solve this problem and be done with it they didn't have to go with the worst case scenario i think it was a better choice coming investors' money is all. the worst solution it's the worst

case scenario that set a bad precedent which can cause crises in banking systems of less developed european countries everybody knows now that this scenario can be used in other countries as well. in general the crisis in cyprus and the off shore leak scandal the fact that they more or less come at the same time is this a coincidence presented the. some say that it may not be a coincidence and there are some facts that support this view as we know there was a major smear campaign in european countries there was a discussion of illegal russian money hidden in this zone as a result the public had a negative view of russian bank accounts in cyprus i can't really tell if russia was targeted specifically for this punishment but there are some facts that support this idea. now there's currently a pretty strong anti offshore campaign ongoing clearing a campaign against tax evasion which the organization for economic cooperation and

development has gotten involved in why do you think it is that for decades everyone seemed to be fine with offshores and now it really seems to be kind of the main counsellor in the european economy. that is a perpetual issue when there is enough money there there is a feeling that it's ok to spend more or to increase taxes for your taxpayers finding money doesn't seem such a problem of course but once the current crisis broke out the g twenty was the first to come up with a list of offshore financial centers that were to be placed under regulatory oversight i was present at that meeting some three years ago and it was fronts which initially brought up this issue since france has been exposed to rampant capital flight to offshore banks for purposes of tax avoidance when economies find themselves in a fix and there is no more room for the government to raise taxes that is when they go looking for runaway capital to taxes so the crisis has supposedly made

a pressing issue politically. there is a certain impression that problems in the european union in the united states here seem to be sort of piling up and not being dealt with debt unemployment dealing with the financial sector do you think there is really some kind of gentle way of getting out of these problems or do you think the the crisis will show its face yet again someone who. has the this is the biggest question which everybody is concerned with at the moment a central banks adopt policies to mitigate the crisis and governments raise taxes or reduce them in order to stimulate the economy. everyone is wondering whether we are actually solving the problem or merely deferring it maybe we are just biding time to reform our banking system but either our reforms are difficult to implement or there is not enough time undoubtedly there are fears that the crisis may still escalate we're already witnessing a double dip recession in europe europe is probably looking at another year in

recession if the springs from the meltdown of two thousand and eight which means it is being hit by a second wave of the crisis and everyone is wondering whether double dip recession will become a worldwide phenomenon so far it's difficult to predict anything with a degree of confidence but since all of the inefficiencies and imbalances remain unresolved to date there is a chance of a global second wave now in a more general question do you think people are living in developed countries are prepared to change their model of consumption their lifestyles are they ready for something like that. this is a good question which politically i think no one is ready but it's very hard to make such a decision whether personally or politically to cut health care education and road infrastructure it's very hard to decide to restrain oneself and it's difficult for people to agree to such measures this isn't something they would want to do yet it

is something that they'll have to do at some point those countries that come to terms with it quicker will probably get an additional chance of becoming more competitive in the future but now a question more about you would you be attracted by by the opportunity of working in the russian government again. post new year would be i've answered this question a number of times before it's not up to me to decide whether i should work there or not if the government should be appointing people to work that but i strongly disagree with the present government's policy which was actually the reason i stopped working there i would be interested in implementing a different policy though but this isn't an option at the moment so i'm not driving to work in the government right now. if you want to be one of the becoming the head of russia's central bank do you think women in finance says is that a new trend or will it still be a man's world after all. and i think it will be a trend slowly growing ones generally women will expand their role in society due

to emancipation and more equal rights in all areas of life in this sense the role of women has been underdeveloped and undeservingly constraint. there were many reasons for it such as traditional views and other difficulties that stopped women from being just as equally independent and committed to work but this will be changing over time so i believe this is a long term good slowly progressing trend in that upward alexei kudrin thank you very much for your time with us today thank you.

victims multiply here each day. it's very profitable to invest in colombia with every profit of the it is a very high return on investment. you'll know me and he said that i've been working in this area for thirty years and i've always had to play the armed groups are a part of me that is a new that i don't managers who change their name and strategy but i just feel the same murderous. high ranking suspects give no comment where you have to say about that mr president as soon as. the president didn't. vote in the. i won't give an interview i'm sorry but no. investigation is a dead. end he says stick

a stop to it and keep quiet or else you'll suffer the consequences. even if they're your bodyguards to watch themselves because the same goes for them. blood rigs for goats sake i've never heard of such a case as ours where so much money and gold has been stole for so many years. for all the gold in colombia on our t.v. . we are facing a lot of problem. because no one thought to drink no good school. what's not going up up is a law in the local needs you want to. be. done

for. i was fights about how most fights. fights. are right. ok going. i. wrote no way things are going to republican. better all from the state of. texas has got its own life. has got all the hauling thing and. it's got all that and. everything in me can survive but the rest united states would say tourist. with a mind. striving for bread and an

independent future. republican texas analyse. wealthy british style it's time to. market why not. come to. find out what's really happening to the global economy with mike stronger for a no holds barred look at the global fund. to build a. mission

to teach. today's top stories and the news that shape the week on r.g.p. the worst terror attack in the u.s. since nine eleven after a dramatic manhunt for suspects investigators want to know why an american citizen

and his brother could stage two deadly bombings in boston. that is one of blunders interposed the election violence that leaves seven dead as opposition supporters contest images razor thin victory the street protests and demands full recount. and clashes and but rain just hours before the formula one grand prix an event which protesters call an attempt to moscow the condemns human rights abuses. it's five pm here in moscow you live with us on r.t. it's good to have you company with us this sunday investigators say into the boston marathon bombings on trying to figure out what triggered two young suspects into.