the aston p. downgrade of the united states economy has raised many questions about whether or not america will continue to be the powerhouse in the global economy and now the international monetary fund predicts that china will actually outpace the united states economy by twenty sixteen so how is all of this going to affect the traditional players and what is the impact going to be on the so-called developing world well joining me to help get some answers on all of this is mr monti thing i want to ask you is the second wave of the global financial crisis upon us i think what will happen is markets would be disrupted slightly moderate growth prospects for the card you're in the u.s. and maybe in europe but i don't see this as going back to two thousand and eight and so where do we go from here who is going to fix what's going on in the world right now the world needs to. get together to work out what's the transition what's

a reasonable transition in a world in which there would be more than one currency and where the traditional reserve currency. of the moment is in the country which doesn't have a very well balanced microeconomics attrition and is there a sense in india do you think that perhaps there could be a shift in the world order and that india could be somehow gaining from what's going on in washington there is certainly a shift going on in the world there's no doubt about that i mean any medium term or long term projection suggests that japan will go relatively slowly europe may grew a little bit foster good and the us has traditionally been viewed as a very dynamic economy is like do the grew faster than europe but the group through it in these economies would be much less the group through. in emerging market

countries i mean china india brazil so i think over time there is a shift in economic power taking place one is to asia and another way of looking at it is really the rising rate of emerging market countries and i think you are thinking of a world in which there would be a large number of relatively equal economic pain and you want to global system that can accommodate that it it can't be a global system which is run only by saying well look this is the center of power and everybody else must adjust and it's been said that europe has dominated the air national monetary fund and your opinion is that part of the problem or the solution i do think that the dominance of the industrialized countries of these two institutions has to change remember that as long as europe and the united states are together. account for almost half the votes in the army or from the world bank

so even if you made a voting system they would be able to get their candidates in providing they collaborate with each other but you don't want to system where it's assumed that one organization will be run by one country and the other will always have european and how do you think all of that has affected the euro zone and personally i think the world is going through some very important structural changes and if europe is showing signs of strain i think it's appropriate that the fund should do what is necessary but it's also appropriate that europe should bear a very large part of the burden and the costs and that's what's happening because the i.m.f. is working collaboratively with the european central bank so on the whole i think stability is very important for all of us and so far what they've done think is the right thing but looking ahead as a new set. the problems arise i mean there's always an issue that the fund must be

not dominated by the concerns of any one part of the world trade be should be seen to be reflecting global interests and do you personally think that the euro is going to survive the creation of a single currency for europe was a pretty major and a bold and ambitious step i think is generally recognize that if you want to have a single currency it needs to be backed by a single fiscal authority now since euro zone is different countries they obviously don't have a single fiscal authority but to back a single currency they must have a very shared understanding of who's going to pay the bills if a problem arises that will become a substitute for a single policy i don't think that's been sufficiently clear i think in the first flush of. good feeling about the euro there was an assumption that

a lot of benefits that come to european countries from having the same currency but not enough appreciation that there are costs and i think that's now evident so it's a challenge for europe how they're going to handle this in future i do feel that they need to be if you like bailed out right now because i don't think it's in anybody's interest to see a major financial collapse but moving ahead how do you stop the same problem arising ten years from now it is very important for europe to have a very clear rules of behavior how are they going to deal with fiscal crises. i mean what's going to be the rule of the european central bank in bailing out governments as opposed to the role of the i.m.f. so i think these are issues that global community will have to look at and i want to ask you about china obviously china is the number one us to get holder i believe they have around three trillion dollars of u.s. debt in your opinion can they make the right decision and doing. it is true that

the chinese have a very large holding to some extent if the chinese wanted to retain. parity with the dollar which was part of their strategy they would end up holding dollar debt because if they didn't hold dollar debt then essentially the dollar would depreciate. and the renminbi would have appreciated so to some extent the chinese holding dollar debt is the other side of a korean of running surpluses but not actually appreciating against the current see that you're running a surplus which now you know that that period gave the world a lot of stability a lot of growth the chinese benefited i guess whether they made the right choice or not depends on whether we now adjust in a soft landing mefford rather than in a highly disruptive method and it's in everybody's interests including the chinese of course the adjustment should be a soft landing do you think that dollars and i survive as. a currency as

a major currency absolutely i mean look the united states is going to remain. the dominant country globally it won't be as overwhelmingly dominant as it used to be but it's suddenly remain the largest economy certainly for another ten years the fact that the u.s. has three movements in and out of capital will still make it the trendsetter rather than the chinese economies the real issue is in future would people be willing to hold all their reserves in dollars now as a general rule if you've got four major currencies it doesn't actually make said store all your lives in one province so i think the in the past there's always been the assumption that other countries may addressed but that the u.s. currency become the sort of. stability that i don't think can remain true once you get a lot of our. the current countries which have more or less similar size as the

u.s. and in your ideal world who should referee the global economy i think there is a lot of consensus around the world that the fund is the international institution that should be looking at these things and if there are governance problems or inadequacies. known representation in adequate amount of the newly emerging countries and those should be corrected we should actually use this as the forum and obviously you know there is a reshaping of the world economy as we've discussed that happening that's probably going to also cause fundamental political shift as well why do you expect those to be from our point of view the rise of a number of emerging market countries will create a much more balanced sense of the world economy amongst countries that were earlier seen to be dominant it might create

a greater awareness that you know they can't unilaterally decide the future of the world and certainly countries that earlier felt that they were not part of the critical decision making now feeling part of the political decision making i mean that's democratize asian of the globe which should have positive effects because it will make these countries behave in a more responsible manner and there's been a lot of talk about rating agencies being unaccountable despite their political influence when you make these agencies more accountable if you could one of the fundamental areas of conflict are the rating agencies rate companies that pay them to rate them so you can generally assume that a company that pays a rating agency to rate it is hoping to get a good rating so there's a there's an element of conflict of interest if you're getting your money. from the people to whom you're giving a rating. i don't find an easy way of solving this problem but i think transpire.

transparency in how the ratings are. and the track record is the only really that you're going to be able to solve the problem and the last question i want to ask is you know a lot of people are saying that investors are going to perhaps invest more in these emerging markets if they start to look away from u.s. treasury bonds i mean what's the planning commission it's short term predictions for india in relation to everything that's going on right now the big message coming out of how the global economy is moving is that the industrialized countries are going to grow more grew more slowly whereas the emerging market countries are going to grow faster india has been growing for the last five years at about eight point two percent anybody who's investing and looking around the world if they find one market is growing and you know somewhere between eight and a half and nine percent another market is going to grow two and a half percent i mean they would be very well advised to invest in the markets that

are growing so we expect on a medium term basis that there would be it already is and will remain preferred destination for foreign investment people look at the global portfolio traditionally they've invested too much money in the industrialized world not having anticipated what the consequences of globalization are going to be so over time i think they should be rebalancing a little more towards the emerging markets and within that i think india would be a very good bet. it'll certainly be interesting to see how affected by all of this i want to thank you so much for taking the time to talk to me thank you.

i've.

been rattled. prepare to tap one of colonel gadhafi as the last desert strongholds the town of bani walid that's half of the negotiating the surrender of the ousted leader is remaining supporters breakdown. russia says the u.n. must immediately call for all sides of the syrian conflict to stop the violence and

start talking plea came after moscow can d.m. the recent sanctions which threaten to hurt the people more and the regime. and israel gives its security forces permission to fire at palestinian protesters in the west bank are planning to have planning a march in the area in support of a bid for statehood at the u.n. later this month. so the top stories and sports next with the. u.n. and finally an a flat external means to remember for team russia and it's taken a while as it's been years since we could see about russia. to remember as you just said the just started at the world championships bodes well for the longer than lympics we're going to have a look at their results in just a second. great to have you with us this is for today i mean you know me let's take

a look at the stories some of them are bringing us silver lining russia finished second in the medals table at the world athletics championships are being abrasive golds on sunday's final day. eyes on the ball russia's highest ranked tennis player . qualifies for the quarterfinals of the u.s. open last year's finalist in new york aiming for a first ever grand slam title. mom behind the headlines here giving. offers his thoughts to artie on how the sport of i saw pete is really wrong. let's get going with lennox first where the world championships have now wrapped up russia claiming two more goals on the closing day to consolidate their best ever finish in the overall standings seven of up seven goals by beating world champion south african custer semenya in the women's eight hundred meters the russian clocking a time of one minute fifty five point eight seven seconds so many are forced to

sell for silver half a second behind with kenyan. taking. the easiest i have an incredible feeling inside me i can't find any words to express them i'm not tired though my result was fantastic i have three more competitions this season but i won the most important one the world championships. and i listened to the podium in the women's hammer throw her mark of seventy seven meters thirteen centimeters beating betty heiler of germany by more than a metre chinese junk completing the podium finish. so valley's not for another two years until more school hosts the fourth a. i don't believe world athletics championships in aug twenty third the united states though topping this year's event with twelve goals twenty five medals in total good news for russia is that their next three goals behind their best ever performance well

candy will be happy with their seven place finishes with them for. tennis in the u.s. open our fear is valerie over is set to face her kryptonite some other stones are in the quarterfinals the second seed beating sabine lisicki to set up the clash while still held off another russian reoccur olenka zone to be over though a model of efficiency with sixteen winners just eleven unforced errors the city struggling to much about pace new using the first set six two a similar story in the second it's been a real by closing out the six to six three when she meets the reserve who's been in the russian in seven of their nine. in the men's side of things russian involvement . in the last two fold going down to jill's miller in run three defending champion overall feel let down meanwhile have an advent full day at flushing meadows a self two hour forty minutes in country in the searing heat seeing the world over

to take her of david nalbandian seven six six one seven five hundred and develop. through to the fourth stage where he meets luxembourg's mueller for a place in the last eight. taking its toll on the doll in the interview room afterwards journalist watching on as the twenty five year old grabbed his leg with crump slowly stretching out before collapsing on the floor in the doll stating afterwards it was quote really hot just looked at the pain incurred in front of the cameras and stead of in the changing rooms. how much more straightforward afternoon for fellow title hopeful andy murray the scot burley putting a foot wrong in the six one six six four. to win over feliciano lopez a clash in the last sixteen with american wildcard what. brings us to football are gearing up to take a must of step towards euro two thousand and twelve qualification on choose they

the group b. leaders take on the second seeded republic of ireland in moscow dick advocaat charges should enter the tie in high spirits having beaten the irish three two quite convincingly as well in dublin in a two word victory fast becoming critical for both sides with slovakia and armenia also still very much in the running for the ukraine on pole for the finals the hosts have a fully fit squad to choose from although the self is arch through suspension. denmark's most successful professional golfer is on a roll after taking the european masters title thomas bjorn winning his second straight tournaments while carting a final round of sixty two to match the lowest total of his european career an amazing day seeing the four year old turn a three stroke deficit into a four shot victory grid approach of the fifteenth here just part of a stunning nine on. bjorn fully intent on overcoming the obstacles from the twelfth european title insights former world number one martin kaymer was next closest

sixteen overall but not even this was an eagle on the fifth was enough for the german bjorn closing i think with a birdie to secure the title of his third this year he also fought back from three done in the final run to win the johnnie walker championship last month. it's getting tighter at the top of the leaderboard at the championship five people are chasing leader bubba watson with a run to go the americans have who are obese on the day but still lead by. in part to this birdie on the seventeenth two thousand and eleven masters winner charles schwarz started with a share of the lead but lost ground the south african are two strokes back adam scott showing some great range on this set off for birdie on the eighteenth he's joined by jerry kelly brendon steel chairs revie and fellow was truly and jason day were all one stroke buck on ten. finally thing there will have been films made even songs sung about the fables professional sports agent but the majority of them

prefer to let their clients do the talking that is why when you. said he'd speak to us we jumped at the chance events of course he takes up the story. huge contracts global grand indorsements and thousands of screaming fans the ice hockey all stars of the world really do have it all but despite being phenomenally talented individuals they would have a hard time making such an impact on the biggest stage without someone pulling the strings behind the scenes you know the osha cough never expected to become a sports agent but now he's become one of russia's trailblazers in the business he manages such mega stars as you get a market in surrogate gone char. with jamie i became an agent by accident i lost my job in one thousand nine hundred nine and was struggling to make ends meet a friend of mine called me one day and said he got word from the new york rangers that a sports agency is pursuing me i didn't jump the gun and let those guys pursue my

service he's eventually the company's representatives met with me and i took up the job. offers well aware of the trials and tribulations his clients the daily he himself had a twenty three year playing career in called spartak moscow after that but. i've got some colleagues who never played and they think a hockey background is not necessary to do their job i tend to disagree as one must be able to evaluate an athlete's current level of performance and his potential that's what ultimately determines a player's price and while managing moloch in gone char and other big names would be the top and she's a shut off resume no agent would want to miss a transcendent up and coming talent ready to blossom into a star yet bush and i was as it was that i would say i represent between forty to fifty players in total including those born in one thousand nine hundred four and one thousand nine hundred five i try to keep in touch with all my clients and go to

their matches if possible obviously there's a conflict of interest frequently because i can't attend all my players' games and the same time in. the competitive big money business can bring out the worst in some agents were. some going as far as to steal the diamond in the rough that others have found. cost says he experienced those shady dealings first hand and believes a lack of sporting knowledge is driving his colleagues through underhanded tactics . one agent blatantly told me he would take players from me once his current crop of stars retire this practice is widespread in russia while the united states for instance has a code of conduct which will limit such action if an athlete is already represented by one inch and no other agents can recruit him. however it was shock of claims he knows a few american agents who find ways to cheat players out of their hard earned money and i mean that he sees this is just i've never heard of agents taking money from players in russia but it's happened in the states before i knew the two hundred

kostitsyn was a victim of such a scam and they also tried to trick alexander ovechkin and that xander. since parents are the ones who often choose their child's agents for the future so he should make inquiries about it every agent. the players themselves though are much tighter need group and help each other out when the going gets tough molecule along those benefiting from the smooth n.h.l. transition by teaming up with going char. malkin has an easier time adjusting because gone charm was already on the team max talbot's and sidney crosby were also our clients playing in pittsburgh at the time he moved into surrogates how use and stayed there for three and a half years so gone char was like a big brother to have been there for a while he paid the bills helped him set up a bank account among other things. seeing your favorite athlete on the list of the richest people in their sport the cover of a new magazine or endorsing

a product is the result of a good agency work but those men like cough also clearly have the ability to become greeted by this to their clients while allowing the players to blossom in their respective leaves. vans gorski r.t. . interesting stuff and that is all the sports world weather is coming up in just a tick and i'm here again and just under two hours time with more sport. hungry for the full story we've got it first hand the biggest issues get a human voice face to face with the news makers on r t.

in turn i know she's available in the. square so if it's a look at your hotels bangkok sun and then book you told one colin mochrie

watergate hotel. princes hotel marriott cool job hotel phone call by yuki sweet hotel going cold the imperial queen's post married results in sponsor to share some photos new supply and spoke to said from the hotel golden cliffs resort and spa. to a one year old trees hotel atar discovery beach hotel children and the thai resort the sea entre pier resort to sixty two barracuda build a metropole her ok renaissance hotel ok real sweet toto from pacific sylvan resort and spa. in this room is available in some hotel time period hotels are recent. the un must immediately urge talks of the syrian conflict says russia after damning that you sanctions which threaten to hurt the people there or. maybe in rebels prepared to tap water of colonel gadhafi as

a last desert stronghold after efforts to negotiate the surrender of these remaining supporters break down. and israel gives its security forces permission to fire in the west bank had a palestinian march in support of a bid for statehood. also kiev says there will be no gas war with moscow as ukraine agrees it will comply with its current contract obligations until a new deal is reached form that's. twenty minutes. one pm in the russian capital you're watching r t i'm marina joshie welcome to the program russia says the un should immediately called all sides in the syrian conflict to stop violence and start talking russia's foreign ministers as president bashar assad has already implemented reforms aimed at solving the conflict.