and britain all writing in and saying to the french g twenty presidency you've got a you're all wrong it's a disaster unfortunately and the greek people are basically being are normally alter of essential eat pig headedness amongst france and germany refusing to understand the problem all right patrick young executive director of investment advisory firm devi advisors thanks for a perspective. of course you can get more on this in our business bulletin coming up in about five minutes as the greeks are protesting against pressed for russian austerity cuts the finance minister has been trying to restore public calm saying the country has no choice but to bring in austerity but his comments didn't sit well with the greek people or our financial pundits max keiser and stacy her. we want to stabilize this situation if we want to adverse default you don't

on issues like iran in the middle east peace process and financial stability in the g eight and g twenty almost all of which we've discussed this morning so as i said at last year's state university this morning if we can build a stronger relationship i believe both our countries will gain of course it's no secret that there are difficult issues where we differ we can't pretend these don't exist we must continue to have frank discussions about them as we've had today at the same time without wishing these issues away it is right to rebuild a more effective relationship on those things that are vital to the safety and well being of people in russia and in britain so i'm pleased the president is out and i have agreed to strengthen our cooperation in a number of areas first on our commercial relationship we agreed on the need to increase trade and investment between britain and russia and on the partnership we've just signed to support modernization it's good for britain and british jobs to connect our economy to faster growing parts of the world like russia and it's good for russia too bec

g twenty summit and leave details on when we discuss this issue says we should talk about economy but he then used it recently where in the smaller states we have slowed down in north. dakota who has a room that you we're there in the oval well and that's our turnover grew by twenty we. reached sixty in blue is the and going to. double this is a good for the children because not only turnover is growing but michel investment i go in as well if you use. and i want to ask questions to bring this investment to the guaranteed level and to ensure the. legal framework is wired to this investment and that is. to ensure that they're mutually beneficial to the investments of british companies and that's what i'm going to. be have a huge importance in. when incorporation in the field of narrative knowledge is we have signed a question on knowledge of. modernisation we haven't done this in order to show you of course relations. in the more than. two way from. we're all materials into. aspects of economic cooperation and i believe that this is a memorandum of this subject of the way which you can

middle east we should and work together to try and work out the very best that the world can do the g twenty in cannes it's absolutely vital for russia vital for britain that those meetings are productive that we solve the problems of the euro zone problems of of debt and we get the world economy to move on so we're committed to building a stronger relationship even while some of the problems and issues between us haven't been resolved. we have. i'm sure. the question was do you want britain to stop talking about litvinenko case. you have a motorcycle with. practically fall you know has been said by my colleagues who got in the. killings but he was sure through the. legal. illegal prism any politicisation of these illegals is harmful they have different to legal framework already. anyway we should talk to each other and we should to look for solutions. but if we. are not likely to manage. to find solutions then we should continue the. case because of the princess in our legal framework but it should. be in our other areas of course we should continue to use the. national legal framework. let

about the great depression are we in another great depression and if so are the central banks the g twenty i.m.f. world bank leaders making it worse i believe we are and i'll second great depression so let me get that out first i've written about why we were in that coming into that it takes a pillage and i'm doing the research for this novel and just watching everything that's happening around us every day it becomes more and more clear that our global economy is in a depression and the world leaders are are doing absolutely nothing to try and understand exactly why. i and instead it's sort of like there's there's a mold in the walls of the global economy and they keep sort of repainting over the walls as opposed to getting in there and figuring out what caused the mold to begin with and so it continues to rot from the inside out and you have all these bailout measures and conversations about bailout measures in return for austerity in return for you know waiting until the next bailout measure is discussed without actually looking at the internal causes of the rot within the banking syste

g. twenty i.m.f. world bank all of those entities are effectively. on the same side of the table they're all bankers helping bankers there's nobody actually whose interests lie with those are being victimized by these bankers is that true well that's true take a look at greece for example which which none of these people these leaders seems to really done besides for the conversations about bailouts versus austerity measures and whether it's going to default or not default in a camp the fall because we're going to bail out all these like conversations are going on if you take a look at the actual reports of their conditions from even the last annual report for the national bank of greece for example there is there is a very clear discussion about how their mortgage loans for example have deteriorated their positions in what they purchased in terms of the u.s. dollar denominated toxic mortgages and also the ones in the loans that are within their own country so this problem with deteriorating investments and credit within their own balance sheet with

g. twenty in pittsburgh there are protests that were going on they use this crazy sonic device that really pierces your ears so we have to plug your ears for a second because what it sounds like. yeah that's a i'm talking about even here. i mean i love the video of people running just because it's like a very nerdy like this is a good only way to go but i know i was there covering the protests at the time and i was the reporter that was assigned to go do the story about the protests i was standing like ten feet away from this big and it really is just as such a piercing miserable horrible sound like you feel like you're just getting attacked by birds and satellites are falling on you and make you want to run and hide and cry and so happy that somebody is you know suing them yeah i don't i think most of our crowd control methods are like sort of overly militaristically but having to run from a loud noise is like a first world problem i mean like i was watching these videos in greece. because yemen syria thousands of people dead in a week so we get to sue over a lot of people i don't hear bu

g. twenty countries coming together to see if we could be you could be allowed the euro zone and put it look at the dollar disaster in the united states i mean how times have changed now the g. twenty is going to bail out the g eight and i think that you know we are going to extrapolate from what you're saying is that you know countries like russia are a strategic place to play a major role in the restructuring of the financial system as you were saying he was that it was indeed over the past what twenty four forty eight hours the brics countries are saying they were they were not there was nothing set in stone a court of them but they did make a gesture to say that they were trying to help the. ailing american dollar also that of western europe some analysts say it's just a way for the first countries to get a foothold and out of the i.m.f. we do stay with us here in our c.r. i'm going to. i'm sure you do but for now let's get back to our piece on the ground all season he's in our conference in central moscow here i'm the united russia party where the announcement was made today and he

relationship beyond the through the years of course work together in many different formats including the g twenty the g eight the un security council and both sides spoke about that in terms of the most pressing international issues they spoke about livia and it turns out they spent most of the time speaking about the situation in syria david cameron mentioned that he believes that that sanctions should go even further and president made made him . to doubt that he or you would read doesn't think what's happening in syria is right and something needs to be done but by no means can this turn in to another the be a righteous cause russia believes the resolution in syria should be tough but at the same time violence to address to both in the syrian conflict president assad and the opposition only then can such a resolution succeed should be tough but not automatically sanctions syria is already under the e.u. and us sanctions he doesn't need additional pressure so certainly no major breakthrough in british russian relations but a very positive atmosphere considering that a british official at that l

are the two leaders of course work together in many different formats including the g twenty the g eight the u.n. security council and both sides spoke about that in terms of the most pressing international issues they spoke about livia and it turns out they spent most of their time speaking about the situation in syria both pointed out that they still do have very different viewpoints on that but they do encourage each other to be direct and frank about what they think and try to use each other's ideas to move forward david cameron mentioned that he believes that that sanctions should go even further and president medvedev pointed out that he is for you when president bush doesn't think what's happening in syria is right and something needs to be done but by no means can this turn in to another libya. crisis because russia believes the resolution in syria should be tough but at the same time finally has to address to both the syrian conflict president assad and the opposition only they can such a resolution succeed it should be tough but not automatically sanctions syria is already unde

have met several times over the last year and a half let's not forget they were together in the g twenty the g eight and now they're very close together and you have thirty council they do have a lot of work to do and a lot of issues on which they certainly hope they can begin to see eye to watch our enemies thanks very much indeed for bringing us the details and david cameron's visit here to moscow and he's now reporting there. it'll is much disputed fifty four billion euros terry package to slash the country's crippling debt will go through a final debate at the lower house of parliament on monday it would increase taxes and cut government spending to balance the budget by two thousand and thirteen a constant changes to the plan and squabbling between lawmakers as damaged people's faith in it and as i've been of reports there's a town that's decided it doesn't want to wait for the cuts. welcome to filipino a small town in the middle of italy that also claims to be an independent principality and to prove it it's even started printing its own money the man on the new note says town mayo

because here at the g twenty summit and i think meeting of the i.m.f. board of governors i have called a new word here heartless to take all necessary measures i think this is just what will happen because they come and do it at the same time if the debt crisis does spread it does not affect us too much or at least directly you're because i'm trying to do not hold any of the greek debt or french or german banks some of the hunt will suffer retreat because they will comes on their homes a limited period which will cause problems with these clients problems with these plants having some overall problems on these markets because banks are after all the leading players on this internal growth and this could have a circumstance an effect on us but i would like to stress that we will respond just like during the latest crisis but this time the crisis will have a much smaller effect but should we do should instead just recently there were a key to debates in the media about the possibility that the world's leading the emerging economies the brics nations that

g. twenty summit and at the meeting of the i.m.f. board of governors and we have called in european partners to take all necessary measures i think this is just what will happen because they come do it at the same time if the debt crisis does spread it does not affect us too much at least directly because our banks do not hold any of the greek debt french and german banks on the other hand will suffer greatly because they will have qualms on their homes to live not be cleared this will cause problems within these banks problems with these plants present some overall problems on these markets because banks are after all the leading players on this in turn may affect growth and this could have circumstance of the facts on us but i would like to stress that we will respond just like during the latest crisis but this time the crisis will have a much smaller attract. just recently there were heated debates in the media about the possibility that the world's leading the merging economies the brics nations that is brazil russia india china

on the outlook for the g twenty meeting of the world bank and i mean after meeting and whether redemptions do actually materialize the levels now look increasingly attractive the market is cheap even on the basis of seventy five dollars grants to remind you still above one hundred dollars per barrel so the market has already priced in a pretty negative scenario it's hard to mention fundamentally that the market could could diplo or as two thousand and eight is still not not in place there's a number of factors the difference however of the mood is quite gloom although fears of a double dip recession are rising tell monday from our street you believe that the markets are still some way from panic mode. the speed of the solar officer very similar to two thousand and eight the. the overall level of the fool from our peak in april that's not without historical precedent so at the moment i think we're way off from calling this a two thousand and eight crisis the market is generally you know it's pricing research through the us already it's base case assumption is for slow very slow in the us th

g. twenty group of major economies issued a statement late on thursday saying they will take strong action to counter of the european debt crisis as well as the slumping economy growth in the united states it comes as an attempt to calm fears after world financial markets have been your biggest drop in a month combined with a series of grave warnings from the us federal reserve and international monetary fund this part concern of a double dip recession just around the corner. well artie sara first joins us now with more on how russian markets are reacting to the global song good morning to you sarah so how are the global fear is hitting home here in moscow absolutely it really seems that time doesn't that there is going to be no limit to the reach of this usa debt crisis if the three years since we saw the collapse of the wall street journal and the western banking crisis mean that emerging economies were really hit very hard those reliant on foreign funds i really felt the pinch that is once again emerging that we don't see the western downturn having is good to know what we've seen is th

and sunday's other game samoa beats the g twenty seven points to seventy a second point behind south africa. finally after six and patrick macao of kenya has beaten the world record held by the great haile gebrselassie to retain the men's marzan title in berlin the twenty six year old finished in a time of two hours three minutes and thirty eight seconds twenty one seconds off the record set by god was the last thing on the same course three years ago this time around the city open legend has retired after thirty five kilometers on the fourteenth really to race into chest pains. meanwhile running enthusiastic and out of bed numbers here in moscow to promote healthier lifestyles by taking part in national cross country events sporting festival in the capital as part of a day of running across russia with an estimated one million adults and children taking a run in the park on the events and fun of this race. and that's all sports news like the. wealthy british style like it's done by. the. market. can find out what's really happening to the global economy for a no holds barred look at

its attention to what it takes to save the banks but as long as the european central bank and the g twenty and the i.m.f. and the federal reserve and states are focused on saving the banks at all cost you know sensible outcome is possible. but later peter look down his gas take an in-depth look at the role of russia and other emerging economies in the current volatile global situation and watch on the money and fifteen minutes time but here is a quick preview. our other countries emerging markets going to be looking at this volatility because in some ways some ways there are some real cherry picks out there i mean like quality i'm thinking of these kind of things and if you've got the cash you're going to give emerging markets like russia second third look no better the moment at the moment that's being driven as far as i can see both pure you know the first . in europe and major european banks going through the wall people are doing with their wisdom and they flow to the things that they think the safest stupors in the state's gold but the irony of this is that the emerging markets have s