welcome back here with our team here is a look at our top stories for reports say there are no survivors from the crash of a russian savoy super jet airliner and it ended into recovery operations are being held bird by difficult mountainous terrain and a number of hours before teams reach the site of the wreckage. russia's president vladimir putin informs us counterpart is pulling out of the g eight summit in the state of maryland next week it comes just days after a pause in the return to the top job instead he'll be sending prime minister dmitry need to be active. and greece is left hanging as politicians failed to form

a coalition government with a far left leader giving a resoundingly no to e.u. bailout but the german chancellor demands of austerity is upheld. as the headlines here in our next we talk to the winner of the nobel prize for economics chemist joseph arrow who tells how he sings the eurozone debt crisis should be tackled. kenneth arrow professor k'naan makes americas at stanford university you're also the youngest nobel laureates to have been deported ward at that price in economics in ninety seven or two it's really great to have you with us today great hope enjoyed being here the global economy is still not fully recovered from the recent

financial crisis so now we have an economy saying that we're going to go to another global recession another round or we're going to have another way for of crisis hit us what's your take on that i think the answer is we don't know. it leave it at that the american economy seems to be recovering on a fairly solid basis slow but i don't see any any particular obvious instability you know. the european debt crisis is not being thoroughly result but at the moment all of the media fires have been dampened i would say they're not put out with their reduced. i am disturbed about the tendency which is partly through the united states but much more true in some parts of europe of torture austerity when we have. a condition of deep deficient demand massive unemployment i think rio the idea that you want to

stimulate the economy. through government spending or some other good way tax decreases is pretty clear we could be recovering faster from our problems the united states but we are we did and we did it we haven't gone the extremes of say great britain or. france or germany that has maintained a good it can only. move word of the recovery will be slower than need be here absolutely right the recession fears are actually the highest among the european union countries what. future do you see for creates it has defaulted here weeks ago it really that bad ever was so scared of it so really that that obviously creates problems for greece and that lenders may say well if they default that what's the default again. first you have there's not much evidence that countries default and then we go ahead to a quite

a nice recovery in the past. people be difficult for greece to borrow money but maybe that's a good thing that will maintain discipline now i think i think they made a mistake by not the forty year earlier. said that they have to think that would have saved them it would have the look they got themselves into bad trouble. by overspending it was no i think as any conceivable course they ran up with a deficit that was. during times of prosperity that was. not good not sustainable. they read that goes back to the olympics as a tool for which they probably should never have undertaken it was too much too much too costly for coverage for greece now their fundamental there are also fundamental long run problems with the with the greece as there is with a couple of other economies there they have rigidities in these are but these are real problems not that financial problems they have but they have. it into the

financial problems they have rigid labor laws we have for greece has what seemed to be extraordinarily generous social security system in far more generous the united states which could afford it a lot better. there are people retiring very early then of course they have a problem with recent tax. recoveries going to collect its taxes it's good being big problems but you don't think that greece will leave the euro i don't think so maybe they should by the way but i don't think they. prove the euro is that it's very difficult to break away from it it can be done but the big price to pay it is going to pay to be dealing. like all these things benefits make her the long run so to greece. well it was interesting of greece had had not been in the euro they probably would have been able to borrow the money they did but that was going to lead to drachmas because they were. a nobody but they would demand i interest rate

so they would have been much worse off well we are better off actually because they have been disciplined i think he's been allowed to run down badly there were some periods but that twenty or thirty years ago when it looked like it was going out but in the short term political advantage led to conceding this one and see that one and then of course the corruption and the lack of trust to have adequate tax collection which is my impression is enormous and i'm not at all sure it's been thirty rectified by the current reforms painful as they are because rich people the privileges of poor people don't do you think they maybe don't know the fact that we see is hilly and spain default right after greece i really think it leaking it but i don't see the it's it is much better control over its economy. and spain not only the problems in spain really a for school at all they've been very prudent they've not run a big emphasis their problems entirely different they have very rigid labor laws.

and these labor laws make it mean and lead to higher unemployment during periods of prosperity so i think we this is really a hurdle to do with these euro bond problems that i don't use their credit rating for the sake of just because of the economy which is. bad labor laws but you are still under question because of countries like italy spain portugal greece where do you see the time well i think you know there is an argument that you were a big mistake to begin with what do you think is it a bigger stomach i think is probably premature. there is. having a currency without being of a single state it's got a lot of problems the. united states. essentially central government giving out money to the poor part of the there's a problem if you have money for poor parts people can move one place to another of

course they can move in the european union but language is a problem of languages are much much harder to move in. europe that is the united states even apart more now you've said in the beginning of the interview that the united states is getting itself out of a mess slowly but securely from what we know u.s. step now stands at almost sixteen trillion u.s. dollars exceeding its d.d.p. . will that continue to create instability for the global financial system and how will the u.s. exactly cope well that well of course i think of it greatly exaggerated for political reasons we have got we have apparently a big debt problem of the moment that the interest rates the way they are and how this is easily better for. not a great strain of course we stupid face or some point rise and that as you turn over that it's going to be going to has the what you borrow at one percent of attempting to borrow. look. the

basic problem is medical costs our medical care system is extremely inefficient very expensive we have pretty well most twenty percent if this is seventeen or eighteen percent of national income goes to a medicare number half that's private by the way but half of that's public and this is squeezing everything. social security is a bit of a problem i think as such here is a minor issue. the things that are not health the not. social security first thing i think they're being cut in a very unfortunate way because many of them are point factors for example our education systems is under attack financially we can california we have a we have been cutting. his riches but i think it's a it's a recipe for disaster in mind but i know that you were in your teens when the great depression happened in the state of member very visibly love each other but you

don't feel like anything like that is to is happening right now in america you know oh there's no comparison this is the i mean this is this is the worst thing since the great depression ok question people feel like the government has preferred banks to them at this point and they're asking where where where is my bailout do you think they have a point where all this is of all of those a certain amount of sense of how people that is true that the we have an economic system a financial system to be more precise which has led and i think. through the rather directly lead to to be a very large negative value for the american people these people in the incomes of these people are now getting back to the. recession levels. there is there is a sense in which the inequality of income has this focus the inequality comes got

a lot worse probably that is not due the recession that was going on well before the recession and people were noticing that the inequality of income inequality i think up there do you think it will grow in the united states without so i don't know very part of it is a question of taxation course that's not the only reason there is also a problem of foreign trade a manufacturing jobs have gone overseas china now we still strong and great many industries our exports are going to manufacturing jobs are rising today but the manufacturing was that was the way by which you have high growth of high income jobs i mean you know middle middling but middling can jobs for people without very successful education me. and that this has gone down greatly what do you make of occupy wall street what do you think it feel self well first i thought it was ridiculous that seem to have no they have no proposals no but it has changed the national attitude you have you big company quality has become on the political

agenda and i must do that i think very well about professor ara thank you very much for this interview pleasure. wealthy british style sun it's time to. market why not. find out what's really happening to the global economy with mike stronger for a no holds barred look at the global financial headlines kaiser reports.

today. if these are the images. from the streets of canada.

to teach me.

reports say there are no survivors from the crash of a russian savoy superjet airliner indonesia recovery operations are being hampered by difficult mountainous terrain and will be a number of hours before teams reach the side of the wreckage. russia's president waterboard informs his u.s. counterpart is pulling out of the g eight summit in the state of maryland next week comes just days after putting the turn to the top job instead he'll be sending prime minister dmitry medvedev. and greece is left hanging us politicians sail to form a coalition government with a far left leader giving a resoundingly no to e.u. bailouts of the german chancellor demands a stare he is of help. and an expert at what's happening in the world of sports with paul.

thank you very much welcome to the sports headlines here's what we've got coming up european masters athletic and madrid athletic bilbao three nil in bucharest to win their second europa league title in three years. well number three roger federer is given a scan. on his way to the first round of the madrid masters. for the sky's the limit in sky running. sets a new record as he reaches the peak of mt albert in just three hours and forty one minutes. but first i have won their second europa league title in three years they beat fellow spanish side athletic bilbao three mail in bucharest it was a rather one sided contest from start to finish with striker falcao scoring twice in the first half to put his side firmly in control he became the first player in

history to win the competition with two different clubs in two years the colombian also now has twenty nine goals in the tournament and twenty nine appearances completed the scoring with five minutes to go will need to pick themselves up at the copa del rey final later this month. in the. words can't express the joy that i feel now after everything that was said when i arrived at athletico madrid some people say to that it was a mistake just sign me and i would like to say now publicly that those who criticize me they made a mistake we've had ups and downs and difficult moments but i think we really deserve to finish the season like this and let me say this i feel personally responsible for this result the difference between the two teams is not as great at what we've seen tonight on the pitch so as i say i feel totally responsible for this result. well action on the pitch was marred by trouble off it in the. spanish

capital clashes broke out between police and fire and celebrating articles when several thousand people poured into a city center square where police had put fences up in a failed attempt to prevent the crowds from blocking traffic the violence started when a small group of fans started to throw bottles and other objects out police reinforcements entered the square to try and push the crowd back several people were arrested. meanwhile there's a brand new name on the russian car brimming celebrating their first ever win in the competition following a victory over dinner a moscow it was a cagey catherine berg was looking like extra time before rubens roma edelman current found the winner twelve minutes from time one nil the final score as not much weight for a cup conquest now stretches eighteen years. elsewhere canada has moved top of group the ice hockey world championship after an era three two victory over switzerland in helsinki the reigning olympic champions had to come from a goal down captain ryan gets life schooled the winner in the period in the other

group against the back here because it's done. in the mean time in stockholm cohosts we didn't have kept their one hundred percent record for their fourth straight victory swings big germany five two world norway were too good for it to make russia play their next game in group b. later on thursday against denmark. now the news that boxing fans had feared the light welterweight world title rematch between lamont peterson and i'm a card has been called off the bat was settled for may the nineteenth has been cancelled after the world champion failed a random drugs test pages and tested positive for synthetic testosterone in march although he was negative in a follow up test last month the twenty eight year old i.d.'s and w.p.a. bell holder can get a hearing until four days before the fight forcing its cancellation can says he is now looking for a new opponent to fight on june thirtieth. now in the n.b.a. playoffs miami heat to reach the sec. around at the expense of the new york knicks

one hundred six ninety four when on wednesday and sure enough for one victory in their best of seven series the star man in game five was le bron james who finished with twenty nine points eight rebounds and seven assists they now face indiana pacers in the eastern conference semifinals the series begins on sunday meanwhile the memphis grizzlies are still alive in their series with the los angeles clippers they won game five ninety two eighty six in that series is on friday for the heat but their attention now turns around. every time you advance and a series you grow because you go through adversity you go through some tough times and you have to learn how to make adjustments but stay true to your identity the whole time and learn how to put a team away now to tennis and both roger federer and rafael nadal are through to the third round of the madrid masters although the well them of three federer was given a scare along the way he lost the first six four games canadian write it had to use

all his experience to avoid his earliest tournament into his sixteen time grand slam winner eventually climbing the second set seven five before winning set title . yeah i mean i knew it was going to be extremely difficult match for me already played thank you clay court tennis to do is really quick and it really you know it's a great serve so it worked well for me here and for a long time it looked like i was going to come out of it and i just hung in there got a little luck at times served well the times and i did up a really good break and in the third i'm extremely happy when i saw the problems for play course specialist rafael nadal however he came through his second round match with russia nickel in straight sets six two six two despite the comfortable nature of his victory the spaniard echoed concerns from over about the slippery courts. i always did my best to be to be ready to play. good conditions when i am playing in my day that when the time and was in the when

the tournament is now we now do so. right here thursday knowing that the conditions will be difficult so you never arrive before you know when to and in the women's event number four seed. needed just an hour and five minutes to dispatch sad irony of it in a six six one dominance time in sixteen match winning streak he won in miami earlier this year looking in on his form to get. back to sky running where a new record has been set here in russia where we have mondays reaching the peak of mt albert in just three hours and forty one minutes are in mountain air constantine to top off was that. montiel bruce is playing host of the sky running world series for the first time europe's highest mountain has always been one of the most sought after climbs for dead air belts around the world and the inaugural sky race where

their fleets ran not walked to speak to turn out to be a great spectacle. starting from thirty five hundred meters above sea level human simply couldn't absorb oxygen properly that means breathing is hard work in itself but this guy runners and letting that get in their way they're just a nation the summit of mt all bruce the more experienced runners started from two thousand three hundred meters with this summit touching the sky at five thousand six karna and forty two they quibble and off fifty football fields italy's market i guess barry won that for us to race of the season at the vertical kilometer event and was eager to repeat his success but it was his fellow reigning skier run a world series champion luis i'll bet their demand outsider who braved the snow and moved mountains to stop the clock at three hours and forty one minutes him. the

race was a little longer than i'm used to and the altitude makes the abreu strange something special it was very hard to get to the finish line but it's really great we had a chance to compete at such a great course. while six time world mountain running champion the gas perry was second to the top a minute behind the thirty five year olds been. fantastic for me you know is a great experience today and you know happy because when i left from my town you know and. we get to the. to go to the top of the europe you know and i did it not too many runners dared to challenge russia's call that their opening stage of the world series but those who did will surely remember them is a year for it's leaving the event to become a significant stop on the sky running map because they about already groups.

now finally international road cyclist victory day in style here in the russian capital the last one hundred thirty kilometers stage of the five rings of moscow right stop traffic on the usually gridlocked garden ring brushes a go both to show was the overall leader after four days of the competition that advantage on the final day claiming an overall victory serbia's even stevic finished second. round off the podium in third place. with the second place because today. he showed that at the first hint for the bonus . i do you lose because i made mistakes just because you were stronger here fresh legs at the end. like you do i won once. which was really important for me that. i go. well that is all this poll for now but i'll have

more for you in a little under two hours time to join me then. zip secret lumber tour to mccurdy was able to build the most sophisticated robot which all unfortunately doesn't give a darn about anything turns mission to teach the creation why it should care about humans and. this is why you should care only dot com.

wealthy british style. time.

market why not come to. find out what's really happening to the global economy with max concert for a no holds barred look at the global financial headlines tune in to kaiser report on our.