the u.n. warns the spate of violence could put its observer mission in jeopardy. but the headlines are next that we talk to the winner of the nobel prize for economics kenneth joseph tells us here about see how he thinks the eurozone debt crisis should be truthfully title. arrow professor outspoken omics america is at stanford university you're also the youngest nobel laureates to have been deported ward at that price in economics in ninety seven it's really great to have you with us today. driving 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 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 being thoroughly results but at the moment all the media fires have been there but i was there 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 torture austerity when we have. a condition of deficient demand and supply 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've made 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 a crease it has defaulted a few 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 they defaulted once they have the fall together. you have there's not much evidence that countries default or than we go ahead to quite a nice recovery the best. people will 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 because of cells in little bit trouble but. overspend that was no i think is any conceivable course they ran up with a deficit that was. during times of prosperity that was not. not 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 greece now they're fundamental there are also fundamental long run problems with the greece as a reserve 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 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. throw 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 be dealing with. like all these things benefits make her the long run sort of greece if. you see it was interesting if greece had had not been in the euro they 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 demand a high interest rate so they would have been much worse off well we were better off

actually because they've been disciplined i think we tell him he's been allowed to run down badly there were some periods with fact twenty thirty years ago when it looked like it was going off but in the short term political advantage led to conceding this one and seeing that one and then of course the corruption and 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 though do you think they maybe don't you know the fact that we see is hilly and spain default right after greece i would think of 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've not run a big emphasis their problems entirely different they have very rigid labor laws and these labor laws that make it to the. i've lived through high unemployment

during periods of prosperity so i think we this is a strain 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 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 are a big mistake to begin with what do you think is it a big mystery i think is probably premature. having a currency without being of a single state it's got a lot of problems the if you guys states. essentially the 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 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 succeeding 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 easily. not a great strain of course we suited for it some point rise and that return over that it's going to be going to has the what you bar at 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 i think as such here is a minor issue. the things that are not health and not. social security. i think they are 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. education is right now because of as a recipe for disaster 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 some of this true that the we have an economic system a financial system to be more precise which has led to and i think. the food rather directly led 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. recession levels. there is there is a sense in which the inequality of income has this focus the inequality has gotten a lot worse whether that is not to the recession that was going on well before the

recession and people were noticing that the inequality of income and the inequality of income do you think it will grow in the united states will last 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 manufacturers are rising today but the manufacturing was that was the way by which you have high growth of high income jobs i mean middle middling but middling can jobs for people without very successful education. and that this has gone down greatly what do you make of. what do you think it feel self well first i thought it was ridiculous it seemed 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 do that i think very well about

professor ara thank you very much for this interview frederick. wealthy british style. market why not. find out what's really happening to the global economy with mike stronger or a no holds barred look at the global financial headlines kaiser reports on our. site. two meters. weights more than a thousand tons of. skin thickness thirty centimeters. the

guinness record. commemorating the battle of stalingrad. the motherland called. on our teeth. more news today violence is once again flared up. and these are the images the world has been seeing from the streets of canada. trying to cope ration through the

day. and then. the official. from the. video. with the palm of your.

headlines. informs us. that he is. instead though he will be. on a steep mountainside in. two strong explosions. reported many more. struck by a number of mainly. but it's of. the world of sports all the action with paul.

thank you very much rory welcome to the sports had what headlines here's what we've got for you. european masters athletico madrid great athletic bilbao three nil improve grassed win the second europa league title in three years. it is all from on peterson's well title rematch with i'm a car has counseled awfully like welterweight champion to run the drugs test. the sky's the limit louis sets a new record as he reaches the peak of mt elbrus in just three hours and forty one minutes. but first off as a hammer dread have won their second year openly talking three years they've been a fellow spanish side athletic bilbao three nil in bucharest it was a rather one sided confidence from start to finish the striker falcao scored twice in the first half to put aside money 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 in twenty nine appearances diego completed the scoring with five minutes to go i need to pick themselves up out of the cup a dollar a final later this month. if. it's going to 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 to 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 people 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 the action on the pitch was marred by trouble off it in the spanish campus. clashes broke out between police and fire breaking after i suppose

when several thousand people poured into a city center square where police had put fences up in an 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 arrests were made. meanwhile of there is a brand new name on the russian car proving khazan celebrating their first ever win in the competition following victory over deny moscow it was a cagey affair and your cattle in bergen was looking like an extra five people ranger or a man eremenko found the winner twelve minutes from time one nil the final score as their armors wait for a cup conquest now stretches to eighteen years. now canada moved top of group eight at the ice hockey world championship after a narrow three two victory i was switzerland in helsinki reading a limbic champions came from behind captain ron gets left school the winner in the third period the other group

a game slovakia because it's down four thirty. in the mean time in stockholm cos we didn't get their one hundred percent record for the fourth straight victory this week beat germany five two while norway were too good for italy russia play their next game in replay later on thursday against denmark. now to the news that boxing fans had feared the light welterweight world title rematch between the mom pietersen and i'm a card has been called off the bow scheduled for may the nineteenth has been cancelled after the world champion fell to random drug 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 w.p.a. belt holder counted harrington four days before the fight forcing its cancellation card will now fight for the vacant belts against an unnamed opponent on june the thirtieth. now in the n.b.a. playoffs miami hates of reach the second round at the expense of the new york knicks their one hundred. ninety four when on wednesday ensuring

a four one victory in the best of seven series. game five bron james finished with twenty nine points eight rebounds and seven assists they now face indiana pacers in the eastern conference semifinals series begins on sunday while the memphis grizzlies are still alive in their series with the los angeles clippers they won came five ninety two eighty six in that series is on friday as the hate for their attention now turns to round two. every time you advance and 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 world number three federer was given a scare along the way he lost the first set six four games canadian the last run each had to use all his experience to avoid his earliest tournament exit into here

is the sixteen time grand slam winner mentioning the second set seven five before winning tiger. yeah i mean i knew it was going to be extremely difficult match for me is already played plenty of clay court tennis itself to do is really quick and it really you know it's a great serve so obviously it worked well for me here and for a long time didn't look like i was going to come out of it and i just hung in there got a little look at time served well the times and i did up a really good break and in the third i'm extremely happy well there were no such problems for clay court specialist rafael nadal however he came through his second round match with russian nikolai dr denton straits a six two six two despite the comfortable nature of his victory the spaniard echoed concerns from novak djokovic about the slippery cool i. always did my best to be to be ready to play. good conditions when i am playing in my day that

when the tournament was in in the in the tournament is now we now do so. right here . knowing the illusion will be difficult so you never arrive before you know one tournament well in the women's event number four seed agnès covered france going needed just an hour and five minutes to dispatch star army of italy six six one dominant schooling to end the italian sixteen match winning streak but advance guy who won in miami earlier this year looking in on this for once again. not sky running where a new record has been set here in russia that we have not met is reaching the peak of mt albert in just three hours and forty one minutes soaring mountain air concert into top off was that. montiel drusus playing host to 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 its peak turned out to be a great spectacle. starting from thirty five hundred metres 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 markedly less beery won their 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 lisa i'll bet there are now and 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 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 scald at 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 the above or eighty groups now finally international road cyclists mark victory day in style here in

the russian capital the last one hundred thirty kilometer stage of the five rings of moscow right stop traffic on the usually gridlocked garden run russia's igor power first team cartouche it was the overall later after four days of competition terry not advantage on the final day claiming overall victory as even stevic finished second while germany rounded off the podium in third place. with a second place because today boyle was stronger than me he 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 what i want once. which was really important for me that the lads cause. i go home happy. well that is all the school for now you know it will be here and

a little under two hours time to join in that.

sigrid lumber tour. was to build a. mission to teach creation why it should care about humans. this is why you should care

only. sometimes you see a story. you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought. i'm tom harpur welcome to the big picture.

two massive explosions rocked damascus with dozens reported dead. 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. the country's seem to follow. and rescue teams are still trying to reach the crash site of a russian and next generation airliner in did. so the grim task of recovering bodies and begin. a very warm welcome to you from all of us here at the mosque are real research right to a large explosion.