no because the i.m.f. has nothing whatsoever to do with the euro sovereign debt problem the i.m.f. is supposed to listen to countries who have a balance of payments problems and this is most often underdeveloped countries who can't pay for all the imports that they're bringing in country. to feed their people and also in order to invest and develop the characters so they get into a balance of payments crisis and they're at the purpose. is to. smooth over those crisis when those crisis while the countries return to. pay off their. trade debts and so you're saying i that the euro zone doesn't even qualify because it isn't right for you to ration my question to you you mentioned earlier the i.m.f. is though as a western dominated organization it always has been there have been i would say over the last year or so many people that i've interviewed that have said that that bretton woods system of which the i.m.f. is a part of and came out of that meeting post world war two is outdated does it need to be do we need to get rid of the i.m.f. at this point and put replace it with something

well the i.m.f. changes its tone for your united states but not for anybody else but then how would you respond to great because great as part of the article and the i.m.f. has prescribe austerity for very right well you see the trouble is that the policy makers in united states and europe are in the hands of the bankers and so the bankers who don't want to lose one euro or one dollar are using the policy of europe and united states to bail themselves out and they're being bailed out regardless of the cost to the general public and the various countries or a cost to the national economies of the base countries and that's the basic problem so as long as policymakers are focused on bailing out the banks. the rest of the economy will suffer and continue to worsen so would you argue that if greece does in fact default and if i.m.f. allowed that that would be breaking the cycle that you're talking about well it's not up to the i.m.f. if whether greece defaults we have to be very careful that the i.m.f. do

countries rather than the i.m.f. . already the hundred billion euro bailout fund for greece at the moment is heading problems in finland and sabine years of out here because germany you know merkel's own party in c.d.p. has been massacred in local elections part of the f.t.p. as well so the political cost of this is going up in art and it may be that it just isn't politically palatable to get such a package through it is coming from the i.m.f. it's a different ballgame because you get in countries that are not in the e.u. britain we have four point five percent liability but countries outside the e.u. could actually then assists this fan but it's not clear the stage exactly where the funds will come from let's focus it on greece then so the half we think may be of greece's debt could be written off as part of this plan if it goes through much of this those about saving french and german banks who are owed a fortune by greece rather than actually saving greece itself. well the world is very interconnected which is why t

they are more stakeholders at the i.m.f. and then this the i.m.f. distributors to snelling to european countries but this is not going to happen tomorrow or even maxed year it would imply a visceral reform of the i.m.f. which is being fought by i guess what the europeans and the americans are venona it's been a western dominated institution however i think in that sense help why would the bracks want to work through the i.m.f. an order to get more authority like any institution as opposed to just going around it no because that's the problem the way the breath of war it's a system is still in place there's no other replacements there's no plan b. terms of economic help and that leads us to the second bric strategy which is they want the reform of the whole world financial infrastructure and that means among other sings a freer climate for investment china they want to invest in the u.s. they can't first of all because of american protection is one second because the republican party would start calling for a nato airstrikes and turn of the next morn

has never been the i.m.f. strongpoint it's an institution where my main shareholder is the united states of america well any dollar any euro that is invested in the fund goes buck. to the member principal and interest we're not in the business obsessed of subsidies we're not in the business of giving grants the u.s. and europe are holding the most votes in the organization and veto power despite the fact that emerging economies have been the engine of global growth in recent years the organization's policymaking is been under fire for being biased in favor of its top shareholders one of the functions of the i.m.f. is crisis warning and prevention but when three years ago the financial crisis in the u.s. was sending devastating shock waves throughout the world the organization proved completely we've done didn't get in the case of united states the i.m.f. should have taken a much stronger position warning about the build up of financial excess in the private economy that went right out the gate and then the hou

spirit economy the i.m.f. still offers the same bitter medicine of draconian budget belt tightening greece's push to redouble its austerity efforts at a time of deep economic recession and to sell a vast chunk of public assets at fire sale prices some have no choice but to cut dificid know the i.m.f. form ahead domenic stress collins said their forcing greece to pay back its debts would unacceptably impoverished the country and that everyone must be willing to accept losses on greek debt but feel as their p. has never been the i.m.f. strong point it's a new situation where my main shareholder is the united states of america well any dollar any euro that is invested in the fund goes buck. to the member principle and interest we're not in the business obsessed of subsidies we're not in the business of giving grants the u.s. and europe are holding the most votes in the organization and veto power despite the fact that emerging economies have been the engine of global growth in recent years the organization's poli

the old ways can in must change with the i.m.f. said wealthiest members themselves facing their own problems many doubt whether the organization will be able to take adequate measures to work off possibly another global crisis as well lending money to the world's weaker connelly's the i.m.f. is still facing the challenge of offering viable solutions that cannot come with crippling measures but one thing is clear the world demands an i.m.f. that does not work solely for the benefit of the few i'm going to check out with forty four last r.t. . and r.t. spoke with russia's finance minister alexei kudrin who says in order to tackle the economic crisis countries in the west have to deal with what provoked it in the first place consumerism more on these thoughts at our interview coming up in about an hour. the way western countries are vital has become somewhat outdated as huge consumption and little investments and savings have provoked this crisis at this point most western countries are not ready to reduce their consumption and preser

the i.m.f. warns it may not be able to help out bigger economies this is european leaders prepare a rescue plan to stave off a double dip recession and the prospect of greek default looms. and a clampdown on freedom of expression in the u.k. as a historic precedent is set over a ban on marching in parts of london. nine am in moscow good to have you with us here on r t our top story global media has been responding to news out of a lot of your putin will campaign to return to his old job as president next year he's been backed by russia's current president dmitri medvedev who's now aiming to replace putin as prime minister parties and he said no way as more. the announcement itself not a very big surprise but how and when it happened some analysts are saying it was the best kept little secret in modern history of course social networks went crazy with reaction if we take a look at some of the tweets that came immediately stateside from senator john mccain not a big surprise coming from him here o

corporations as a matter of concern all of the big decisions at the i.m.f. are made by the us treasury department well even the head of the world bank has accused the top advanced economies a few congress in their policies when countries with large fiscal deficits preach fiscal discipline to poor countries what are they really saying do what i say not what i do when countries pay homage to free trade but hold back developing countries with barriers what do they really say do what i say not what i do a do what i say not what i do world will fracture to the detriment of all. the old ways can in must change with the arguments of wealthiest members themselves facing their own problems many doubt whether the organization will be able to take adequate measures to work off possibly another global crisis as well lending money to the world's weaker economies the i.m.f. is still facing the challenge of offering viable solutions that do not come with crippling measures but one thing is clear the world demands an i.m.f. that does not work solely for the benefit of the f

and the i.m.f. forms that may not be able to help out bigger economies as fears of a double dip recession grow with the prospect of a greek default approaching but the fund is accused of being too tough on some countries more taking a softer stance on the us where the crisis began in two thousand and.

struck i.m.f. over the weekend we didn't get that and what we have seen is a lot of words no decisive action and the longer they leave it the more volatile the markets are likely to get and we're entering that period of the whereby volatility increases quite sharply you tend to see in october a shot falls in equity prices and if there's north resolution to the european debt crisis then we could see further falls. but if you can't hammer out say a robust they are package would you expect gold to fall further. gold could certainly fall further because. as i mentioned before it has become relatively crowded and traders are now looking at the rewards versus the risk and if there's limited upside to be had in gold and they're looking at other other asset classes as a possibility for safe haven what we have seen recently is investors switching out of the gold and into the dollar which as we all know has been pounded and pounded over the last few months or so certainly on the back of increased amount of.

quite good because the i.m.f. is expecting something like four percent growth this year which is vastly superior to the european union america you talk about economics that of course the question still hangs in the arab political circles and the ruling united russia party and the p.c. made that a tandem is supported by the heart of all russians but the widespread he persisted there is a lack of democracy in the country why is that. basically because the middle class or small. if you look at the west european and american north american democracy the middle class has a large. political parties really come from the middle class. and many of the people middle class are business professionals and so on and that group is look really developed in russia. but many some of the civil servants and so on state officials. and russia needs to evolve a much larger beautiful are small and medium scale businesses need to develop. the middle class will develop. everywhere in europe especially america big business is involved in po

we always hear and must change with the i.m.f. swap is members themselves facing their own problems many doubt whether the organization will be able to take adequate measures to work off i also believe other global price it's as well lending money to the world's weaker economies the i.m.f. the still facing the challenge of offering viable solutions that do not come with crippling measure it's the one thing is clear the world demands an i.m.f. that does not work solely for the benefit of the few i'm going to check out with forty four last r.t. . love is the latest welker reaction from around the world this hour let's cross so you can see you here now he's got the info for us so you know markets really bracing themselves for a possible greek default. and i suppose a lot of news for investors to digest and they are close and definitely a lot of confusion on the markets and the markets low are too weak and of talks over how to deal with the euro zone debt hard line comments from german chancellor angela merkel and also the resignation

but in terms of the i.m.f. close to brics have eleven percent in western europe have sturdy supersets so if europe once some help from the i.m.f. and if the brics have a more say and larger quotas out at the i.m.f. you we can see for instance china brazil or india putting more money in the i.m.f. they are more stakeholders at the i.m.f. and then this is the m.f. distribute this this money to european countries but this is not going to happen so more or even maxed year hard i mean it's been a western dominated institution however that's a conception so why would the bracks and want to work through the i.m.f. an order to get more authority within the institution as opposed to just going around it no because that's the problem the way the breath of law it's the system is still in place there's no other replacements there's no plan b. in terms of economic help and that leads us to the second bric strategy which is they want a reform of the whole world financial infrastructure and that means among other scenes a fre

the i.m.f. or as it may not be able to help out bigger economies as fears of a double dip recession grow with the prospect of greek to the fall approaching. and i clamp down on freedom of expression in the u.k. is a historic precedent is set over a ban on marching in parts of one to. eight am in moscow i match reza good to have you with us here on r t our top story we've had the announcement now the analysis of global media is responding to the news that vladimir putin will campaign to return to his old job as president next year he's been backed by russia's current president dmitry medvedev who's now aiming to replace putin is prime minister let's get more on how the world is reacting from artie's a nice and now way he joins us live hello a nice long running intrigue is no more but speculation about this move was going around for some time so how much of a surprise really is. it really depends who you ask certainly the announcement itself not a very big surprise but how it happened and when it

and are we i.m.f. the world bank and i.m.f. meet in washington a global economic crisis could loom so can they solve the world's problems or is the i.m.f. part of the problem. and while the i.m.f. leaders look for a solution another movement is offering some alternative ideas for a total overhaul of society enter the venus project. good evening it's friday september twenty third it's eight pm here in washington d.c. i'm lauren lister and you're watching r.t. . as a sixty six general assembly continues its united nations clashes between israelis and palestinians continue in the west bank now while in new york different story palestinian leader mahmoud abbas has handed over a bid for membership to the united nations this got a massive applause and standing over. nation from delegations such as egypt when abbas took the podium at the u.n. g.a. earlier today take a listen thank you for the words. meanwhile outside our new york bureau just blocks from the u.n. our producers could hear the chants of free palestine as the speech racke

the old ways here in must change with the i.m.f. swarthy its members themselves facing their own problems many doubt whether the organization will be able to take adequate measures to work off possibly another global crisis as well lending money to the world's recur tani's the i.m.f. the still facing the challenge of offering viable solutions that can not come with crippling measures the one thing is clear the world demands an i.m.f. that does not work solely for the benefit of the few i'm going to check out with forty four march parties. but with cuts of more cuts soon will be only recipe coming from the i.m.f. and british u.m.p. david campbell burnham and told the people living in the eurozone won't take playing forced into further austerity. but i think what's happening is the marcus is reasserting itself a lot of countries are saying no you're getting real trouble on the streets of greece the cia actually prophesies that agree a military government in greece is a possibility god forbid. there are serious political movements in s

sell a vast trunk of public assets at fire sale prices some new choice but to cut dificid know the i.m.f. former head go many extra sconce said they're forcing greece to pay back its debts unacceptably impoverished the country and that everyone must be willing to accept losses on it but philanthropy has never been the i.m.f. strong point it's an institution where my main shareholder is the united states of america well any dollar any euro that is invested in the fund goes dark. to the number principle and interest we're not in the business obsess of subsidies we're not in the business of giving grants the u.s. and europe are holding the most votes in the organization and veto power despite the fact that emerging economies have been the engine of global growth in recent years the organization's policymaking is been under fire for being biased in favor of its top shareholders one of the functions of the i.m.f. is crisis warning in prevention but when three years ago the financial crisis in the u.s. was sending devastating shock waves throughout the world the organization proved completely

there are more stakeholders at the i.m.f. and india is the i.m.f. distributors this money to european countries but this is not going to happen so more or even next year it will imply of visceral reform of the i.m.f. which is before but i guess what the europeans or the american. dollar for further analysis of the global economic outlets across over to marina and our business thirst for the latest. hire henri while it's a gloomy day for the markets after a brief spell in positive territory europe has now slowed back inside their eggs when in wall street aides are and of course russia but even though experts are warning there is a lot of pessimism we do have analysts that say that russia is better prepared this time around for another down to an effort of course comes down so i want to tell you why and business. this is r.t. now relations between the u.s. and pakistan have hit a new low after a top american military chief accused pakistan's intelligence service of supporting a group behind last week's attack on the american embassy in kabul islamabad

the other more holders are the i.m.f. and then there's the i.m.f. distributors just money to european countries but this is not going to happen tomorrow or even next year even though the imply of visceral reform of the i.m.f. which is before but i guess what the europeans and the americans part of your father analysis of the analysis rather of the global economic out of what's across of the marina the business that's for them and i know you've got your eyes on the numbers there what the latest that you see for us now higher of all in the situation of the markets is really bad to worse european bourses had a brief spell in positive territory but they have since left and right and russian markets were already down when they are dropped they nosedive and we're now seeing losses of about a six percent. all right i'm going to get some more details from you in about five minutes time see that. relations between the u.s. and pakistan have hit a new low after a top american military chief accused pakistan's intelligence service of supporting a group behind

and then does the i.m.f. distribute this dismally to european countries that this is not going to happen to morrow or even next year even. this or a reform of the i.m.f. which is before. guess what the europeans and the americans. have a scar there as well for further analysis of the global economic outlook let's cross to our business desk or the latest we have what have you got for us hovering a lot of rushmore this are still trading in the red with. almost that's two percent european markets are there much better and have now moved into positive territory but there is still a lot of pessimism around having said that we have experts that say russia is better prepared to handle and now the financial crisis if it of course comes down to that i will tell you all about that in business shortly. relations between the u.s. and pakistan affair and new low after a top american military chief excuse pakistan's intelligence service are supporting a group behind last week's a tap on the american embassy in kabul and is

has never been the i.m.f. strongpoint it's an institution where my main shareholder is the united states of america well any dollar any euro that is invested in the fund goes park. to the monk or principal and interest we're not in the business of sense of subsidies we're not in the business of giving grants the us and europe are holding the most votes in the organisation and veto power despite the fact that emerging economies have been the engine of global growth in recent years the organisation's policy making it's been under fire for being biased in favor of its top shareholders one of the functions of the i.m.f. is crisis warning in prevention but when three years ago the financial crisis in the us was sending devastating shock waves throughout the world the organisation proved completely we've done didn't get in the face of the united. kingdom much rather than warning about the builder. completely. and it might be better to be able to monitor rich. eight as well as. it would. belittle some experts see the

with the i.m.f. it provides talk about the doom mongers the i.m.f. brands an economy is failing isn't that simply making a rod for its own back legs is the i.m.f. of the day and ultimately a sister future bailout i mean it's not a lot lino go if the i.m.f. is saying that one country is failing because if you take a closer look to most western countries they are all failing they are all over the getting better if the search says such things so at the end of the day we are all falling together and the situation at the moment is psychologically very under big pressure so it doesn't hurt any of us if the i.m.f. says such things but if italy does ask for a bailout is that the end of the eurozone where is it going to go. everybody is speculating about the eurozone and if you take the key figures of the several countries that eurozone ok there are problems. we cannot bail out italy that's clear but i am sure that our politicians are working on plan b. plan b. . will be euro bonds. pretty sure will get them very soon because it's because the markets are forc

and then does the i.m.f. distribute this to somalia to european countries this is not going to happen to him or even next year he would imply visceral reform of the i.m.f. which is being fought but i guess what the europeans and the americans. are you watching are to live from moscow now as we go to our top story now it's time for paris to hand in its press for u.n. recognition in just a few hours well to talk about this we are joined live now by. dr mustafa barghouti live from ramallah mr of are good i think you are much for being here with us in the program well first there's been a lot of anger among palestinians worldwide to works mahmoud abbas for choosing to delay the actual vote until later and avoid an immediate outright veto from the u.s. so what's abbas's game plan here. i think what's happening is that the palestinians are but i. could go on. and use this negotiations for over twenty years i've been lost without any progress because of israeli policy and because of that it was all corruption to pea

has to bail out the banks but the i.m.f. is broke because they're made up of banks and they need a bailout from other series of banks who by the way need a bailout from other series of banks to go roaming around this mobius strip a carousel of dead musical chairs and then once the older ones go a little burst or it's gone now they're going to go after big guy you know god please make j.p. morgan go away in this next musical chairs round up we want to get rid of these terrorist blues max member at the top of the show we showed you a poster from j.p. morgan to tell you that they signal to me told her what the game is here's a here's a signal a headline from january twentieth levon earlier this year but we covered it from davos world needs one hundred trillion dollars more credit says world economic form this is where all these guys lloyd blankfein and jamie diamond of the world meet and they say we need one hundred trillion more dollars. chutzpah. let's see about what they're doing to put their plan into action multi-trillion

federal reserve and gloomy i.m.f. growth provisions which is currently traded at around eight to seven dollars a barrel while branches that one hundred twelve dollars. and u.s. stocks a little change so far as. a way to get federal reserve announcement that may signal more stimulus for the world's largest economy not only europe but markets finished on the road with banks leading the declines investors were cautious after wall street gave up its rally and as the greek debt crisis as well as on traders we're also awaiting the outcome of the u.s. federal reserve meeting later today it's now widely expected to deliver some new stimulus for the u.s. economy and finally here in russia the markets slipped into negative territory at the close of play the r.t.s. down point one percent while the mice it's most point eight percent whole look at some of the individual shareholders in the it's well may just were down at the close. one. last under two percent on the news the company is discussing the possibility of building a join

actually been affected by such kinds of interventions and what would they call in the i.m.f. world in the world bank has structural adjustments are actually causing significant structural. chaos in these kind of rule societies that have been targeted they have wonderful assets which are particularly valuable and are used to of course. uses collateral for these micro loans out of the assets and you have an water learns labor rights we have these kind of people who are receiving these grants who are somewhat responsible for the community and in many ways there's their past they were able to leverage some kind of. access to to the labor because possibly into the community in order to gain political sustenance usually through just the very typical kind of game in which locals are able to negotiate with the state for receive a little bit of rent from the state in return for compliance what is happening here is that the state is being replaced by these kinds of pseudo state institutions connected with that which connected with the islamic development banks of the world and now they