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Jan. 14 (Bloomberg) -- João Vale de Almeida, the European Union's ambassador to the U.S., discusses the European debt crisis and BP Plc's agreement to form a global strategic alliance with Russian state oil producer OAO Rosneft. BP agreed to swap a $7.8 billion stake in the company for a 9.5 percent share of Rosneft as part of a drive to extract billions of barrels of oil from above the Arctic Circle. Vale de Almeida talks with Carol Massar and Matt Miller on Bloomberg Television's "Street Smart." (Source: Bloomberg)