that's the headlines here in r.t. next we talk to the winner of the nobel prize for economics chemist joseph arrow who tells r t how he's saying the eurozone debt crisis should be tackled. kenneth arrow professor nomics americas at stanford university you're also the youngest nobel laureates to have been to portray ward at that price in economics in ninety seven it's really great to have you with us today. enjoy 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. 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 in. the european debt crisis is not thoroughly result but at the moment all the media fires have been there but i would say they're not put out with their reduced. i am disturbed about the tendency which is partly true the united states were much more true in some parts of europe of too much austerity. when we have. a condition of the fish and demand and supply the employment i think the idea that you want to stimulate the economy. through government spending or some other good way he tax decreases is pretty clear we could be recovering faster from our problems the

united states but we are we do and we haven't gone to 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 that really that bad obviously creates problems for greece and that lenders may say well if they default the blood's of the fall together. you have there's not much evidence that countries default than we go ahead to quite a nice recovery in the past. people will be difficult for greece to borrow money but maybe that's a good thing that will maintain discipline now i think maybe i think they made

a mistake by not the forty year earlier. said that they have to do things that would have saved them it would have the look they got themselves into a bit trouble but by the by overspread that was no i think is any conceivable course they ran up with a deficit that was. during times of prosperity that was. not good not sustainable. they read. 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 there are 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 financial problems but they are. 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 the have a problem with recent tax. recoveries going to collect its taxes it's going to be 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 is going to be paid to begin with. like all these things benefits make her the long run sort of greece if. you see it was interesting of greece had had not been in the euro it probably would have been able to borrow the money that it. was going to lead to drachmas because they were the nobody but they had demanded a high interest rate so they would have been much worse off well we were better off actually because they've been disciplined. and he's been allowed to run down badly

there were some periods with 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 seeing that one and then of course the corruption the lack of 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 get privileges of poor people do you think they maybe don't you 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 of spain really a for school at all they have been very prudent they're not running b.b.s.'s they're problems entirely different they have very rigid labor laws and these labor laws make it. high unemployment during periods of prosperity so i think we do this in spain really a hurdle to do with these euro bond problems that i don't use their credit rating

for the sake of just the play of the economy was. 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 big mystery i think is probably premature there is. having a currency without being of a single state it's got a lot of problems the realize that it's. essentially the central government giving out money to the poor part of the there's a problem if you have money if you're 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 than does the united states even apart from oh 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 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 we have apparently a big debt problem of the moment that the interest rates the way they are and how this is usually better for. not a great strain of course we assume good faith sort of at some point rise and that as you turn over that it's going to be going to has the what you borrow one percent through of attempting to. look. the basic problem is medical costs our medical care system is extremely inefficient very expensive we have pretty well most twenty percent if the seventeen or eighteen

percent of national income goes to a medical remember 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 it's mine i think as such here is a minor issue. the things that are not health and not. social security. i think they're being cut in a very unfortunate way because many of them were point factors for example our education systems is under attack financially we can california we have a we have been cutting. education is right now because of as a recipe for disaster in my budget i know that you were in your teens when the great depression happened in the state of member very vividly 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 you do but you know this was 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 although there's a certain amount of sentimentality about that is true that the we have an economic system a financial system to be more precise which has led to i think. the food or rather directly lead to a 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 pretty the. recession levels. there is there is a sense in which the inequality of income has. gotten a lot worse whether that is not due the recession that was going on well before the recession and people were noticing that the inequality of. the inequality of income

do you think it will grow in the united states will have. 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 manufacturers 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 who've got very successful education. and that this has gone down greatly what do you make of. what do you think it fits elf well first i thought it was ridiculous that seem to have no they have no proposals but it has changed the national attitude you have you big company quality has become on the political agenda and i do that i think very well about professor thank you very much for this interview pleasure.

wealthy british science. 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. more news today. and these are the images the world has been seeing

from the streets of canada. showing corporations are on the day. yes. you knew the super secret laboratory to mccurry was able to build

a new world most sophisticated robot which all unfortunately doesn't give a darn about anything tim's mission to teach creation why it should care about humans and world this is why you should care watch only on the r g dot com.

reports say there are no survivors from the crash of a russian jet airliner in indonesia recovery operations are being hampered by difficult mountainous terrain and number of hours before teams reach the side of the wreckage. russia's president vladimir putin informs his u.s. counterpart is pulling out of the g eight summit in the state of maryland next week comes just days after important return to the top job instead he'll be sending prime minister dmitry medvedev. and greece is left hanging as politicians fail to form a coalition government with a far left leader giving a resounding no to bail out of the german chancellor demands is up to help. and next we take a look 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. madrid. three nil in bucharest to win their second title in three years. well number three roger federer is given a scan. on his way to the third round of the drift. to the sky's the limit running. sets a new record as he reaches the peak. in just three hours and forty one minutes. before. have won their second europa league title in three years they beat fellow spanish. three nil in bucharest it was a rather one sided contest from start to finish. scored twice in the first to put his side for many in control to become 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 in twenty nine appearances. diego completed the

scoring with five minutes to go. to pick themselves up at the copa del rey final later this month. words can't express the joy that i feel now after everything that was said when i arrived at athletico madrid some people said 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. you let me sit on 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 atletico 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 were enforcements entered the square to try and push the crowd back several people were arrested. meanwhile there's a new name on the russian card proving celebrating their first ever win in the competition following a victory over deny moscow it was a cagey affair when you cut them in bug was looking like extra time before rubens roman and adam encouraged found the winner twelve minutes from time one know the final score as not much weight for a cup conquest now stretches to eighteen. elsewhere canada had moved top of group a in the ice hockey world championship after an hour three two victory over switzerland in helsinki the reigning olympic champions had to come from a goal down to iran gets life schooled to win a period in the other group a game slovakia because it stands for. in the meantime in stockholm co-host sweden have kept the. one hundred percent recalled following their fourth straight victory

swings big germany five to norway were too good for it to make russia play their next game in group b. later on thursday i don't spend. now the news that boxing fans had feared the light welterweight world title rematch between them on page seven am a card has been called off the balance 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.f. and w.p.a. bell holder can't get a hearing until four days before the fight forcing its cancellation 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 second round at the expense of the new york knicks their one hundred six ninety four when on wednesday ensuring a full one victory and 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 turn. every time you advance in 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 set six four against canadian militarised it had to use all his experience to avoid his earliest tournament in two years the sixteen time grand slam winner when she cried in the second set seventy five full

well. sept time. yeah i mean i knew it was going to be extremely difficult match me is already played plenty of clay court tennis itself to do is really quick and it really you know is a great serve so obviously 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 had time served well the times and identified a really good tiebreaker and in the third i'm extremely happy when i saw the problems for clay course specialist rafael nadal however he came through his second round match with russia nicholai diver denker in straight sets six two six two despite the comfortable nature of his victory the spaniard echoed concerns from over joke of each about the slippery courts. i always did my best to be to be ready to play in good conditions when i am playing in my day when that time and was in the in the tournament is now we now do so. right here.

knowing that this is the nation will be difficult so you never arrive before you know when to and in the women's event number four seed agnes. needed just an hour and five minutes to dispatch start out on events in a cyclone six one dominance. sixteen match winning streak who won in miami earlier this year looking in on his form to get. now 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 all right mountain a concert him 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 their belts around the world and the inaugural sky race where their fleets ran not walked to speak turned 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 carnew it and forty two they quibble and off fifty football fields italy's market i guess perry won the first race of the season at the vertical kilometer event and was eager to repeat his success but it was his fellow reigning sky 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. 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 berry was second to the top a minute behind the thirty five year old spin is. fantastic for me you know it 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 serious but those who did will surely remember them is in year for it's leaving the event to become a significant stop on the sky running map because they about are both already groups. now finally international road cyclist mark 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 range russia's igor both of to show was the overall leader after four days of the competition that advantage on the final day claiming overall victory serbia's even stevic finished second. around off the podium in third place. in the second place because today boyle was stronger than me and showed that at the first hint for the bonus. i do you lose because i made mistakes just because he was stronger he had fresh legs at the end. but could you do i want one. which was really important for me that. i go home happy. well all this. for you in a little under two hours time to join me at. sigrid

laboratory to mccurdy was able to build a most sophisticated robot which all unfortunately doesn't give a dollar amount anything mission to teach creation why it should care about humans . this is why you should care only dot com.

wealthy british soil it's time to. market why not come to. find out what's really happening to the global economy

with much stronger for a no holds barred look at the global financial headlines tune in to conjure reports .

russia's president vladimir putin tells his american counterpart he's pulling out of next week's g. eight summit in the u.s. just days after settling back into the country seat of power. rescue teams find bodies of the crash site of a russian next generation airliner in indonesia as they reach the scene in the mountains. and two strong explosions rocked damascus with dozens reported dead and injured and one warns the spate of violence could quote. some server mission in jeopardy. and in the business bulletin following a pretty choppy trade on the opening the marshal market supposed to have two games in the first hour trade to get all the details in twenty minutes. or to learn to live from moscow eleven am and.