john defterios, live from st. e st.burg on what that will mean. >> what is a framework is getting a firm foundation as a result of an interview we did an hour ago. >> we are open to foreign investments. the second is creating a specific instrument for them to be comfortable working from russia. the russian government is ready to give some comfort by matching foreign investments with funds, managed by professional team, not by the government itself. >> the chinese investment corps has decided to come in. we just don't know the scale just yet. that's positive in terms of russia/china relations. >> it's a good signal, a real partnership, relationship here. also strategic private equity funds from the west are coming to join us and sovereign wealth funds from a number of countries. also thinking about that and we are quite optimistic about them coming in. >> we have satellite issues there with john defterios in st. petersburg. we'll get back to him later on in the show. technology pending. >>> in the meantime, we're heading

. >>> let's go back to john defterios.joins us leave from the scene of the international economic forum under way in st. petersburg. let's go back to what you were saying about medvedev pushing for reforms like chancellor merkel has been showing us. the question is will he be in charge in a couple of years from now? >> reporter: it's a key question because they'll have elections in march of 2012. mr. medvedev said the economy is starting to crawl. the economy at $1.7 trillion but what happens next? it's a key question for the next generation. you talk to a lot of business leaders and they say, look, basically block out all the politics right now because one of them will lead in 2012. does the 2020 provizatiivatizatn survive. let me welcome to the program the chief executive officer of the italian embassy. nice to have you on the program. william. we heard the speech of president medvedev in the last half hour. it's interesting the forging of the partnership between russia and china, not surprisingly nermg and potentially d

john defterios joins us live from st. petersburg with more on that.a, the historic contrast if you take a step back here. you had hu jintao and president dimitri medvedev meeting. the reason i say it this way. you take it back to growth. it's coming from the east. china, 10%. russia struggling to come up to 8% it had new 206. it's still 4% less. these two leaders have two different agendas. let's start with president medvedev. you can almost call it a political manifesto. he talked about the stagflation and stagnation in the russian economy. he's trying to step himself from the prime minister of vladimir putin. the two may be vying for the presidential seat in march of 2012. we're told by sources on the ground we'll probably get a better indication of that in autumn of this year and hu jintao takes to the stage. now, he's quite availed in his comments. you see china going from 3.6%, up to 6%. it's still far behind the u stace and the collective states of the european union. discussions about the world order from hu jintao and from medvedev. >> it make

as john defterios explains, most opec members think the current price, it seems is right. >> reporter: after 5 1/2 hours of discussions they left the table with no agreement at all. at the heart of the debate, re-establishing the opec quota. it goes back to the end of 2008 when the oil market was collapsing at 24.8 million barrels a day. opec production is at 26.3 million barrels a day plus iraq. the market was looking for them to shrink that gap. opec's secretary general tried to put a brave tface on the discussions. >> we have enough supply in the market that is no shortage whatsoever. in the absence of one country but as of today, we are not in a crisis. >> are you disappointed though that you could not reach a consensus to put a quota that's more realistic with market demand right now and actual production of opec of 2 .3 million barrels a day, sir? >> i was minister and i attend many meetings that sometimes reach a decision, sometimes we won't reach a decision. i am sure if it's in crisis we'll make that decision. >> at the end of the day there are two distinct camps within opec

i'm john defterios. thanks for watching. we'll see you next week.

john defterios joinspetersburg. >> the economic forum is just getting under way, zain.nce to speak to a number of different bankers already. they're talking about guess and it's spillover effect, the ripples of greece. the economy is only $300 billion in size. the strategy by the european union and the european central bank and imf is to isolate greece on its own and work out the packages with portugal, ireland and on a larger scale, spain. that's not working. i had a chance to speak to jim wolfensohn. he said there's a large gap that still exists here. the eu states and leaders are trying to protect the private investors, the banks themself. now you have society and greece revolting. it's not working. he thinks, for example, the eu leaders, like the chancellor of germany, mrs. merkel and president sarkozy are going too far to protect their banks. let's take a listen. >> in my opinion, they are going too far. i think there is a situation here where there is real loss. greece and companies within greece as well as in the weaker countries of the four really that there are