free. food free board to video for your media projects free media john darche dot com. twelve thirty pm in moscow these here are t. headlines student protests against jewish and i guess in canada enter their hundred days demonstrations in defiance of a new emergency law turned violent leading to dozens of injuries and hundreds of arrests. the largest summit in nato history wraps up in chicago block leaders reaffirming their plan to end the war in afghanistan by two thousand and fourteen but keeping a presence in the country beyond that. germany's enthusiasm for europe wide austerity under fire from british opposition politicians who warn it might spell disaster for the global economy. coming up political risk in the

solomon john holzman gives us his forecast on what's next for europe's single currency zone stay with us. the ongoing debt crisis in the eurozone is certainly drawing everybody's attention at the minute not just in europe but around the world a lot of that attention from here in germany is being focused upon what is going to happen next with greece not to find out a little bit more about us i'm joined by john hulsman who's the president and co-founder of see holzman enterprises group which advises banks and hedge funds about where they should invest their money based on what's happening in the world politically john thank you very much for talking to us a pleasure to be here. well the global economy still hasn't recovered from the financial crisis of two thousand and eight would a potential exits of greece from the euro zone have

a similar effect on the global economy is the full of lehman brothers did i think it could be worse than the lehmann thing it depends on how it's poundstone the worry at the moment is that as europeans do there as they fiddle while rome burns or in this case athens burns the problem is that a disorderly kind of exit would mean that the bond markets would turn immediately upon portugal and more importantly italy and spain if we get to italy and spain game over if they've use this time to ring fence greece which was always the theory and if greece goes out but there's enough of a fund to protect the others recapitalize banking problems for italy and spain all will be well the problem is most of us think they haven't used this time to do anything except throw a plate in the air and hope it doesn't come back down if that's the case we could have an extendable moment in europe where europeans have to decide how much unity they want how much integration they want how much solidarity they're prepared to give up to save the euro or maybe the euro wasn't such a good idea in the first place no i put some analysts talking about say we come to

loop scenario that if greece was to go under then all eyes would start focusing on which was the next weakest economy and perhaps we could see some form of domino effect to follow that policy as well but there could be contagion indeed because what we've done is stop believing that there is one rate in europe i mean what happened was these weaker southern countries less competitive countries to germany had a party for ten years because everyone said well it's a unified currency so the bond rate in germany is going to be pretty much the same as the pawn rate in athens well that theory is destroyed with what's happened in greece at the moment so now if we look individually at the parts of europe we see a number of very weak analysts limping along indeed and the problem is that countries like portugal which is in a similar spiral to greece ireland is different and i think would make it but really even france i mean could be considered part of the. to ation if you look at individual policies the markets are going to have very little tolerance for the reality that indeed they say this isn't germany the problem is that these countries want german standards of living in

a german currency without german productivity now the british prime minister david cameron has warned the eurozone that it must make up all else it must break up you align yourself with that philosophy i totally would agree with the prime minister because the problem was they set up a currency without having a country and it's like building a house from the attic down you don't get all the things like federal deposit insurance which means your banks are guaranteed you don't have a common policy where the european central bank can act like the fed and be a lender of last resort you don't have all the things that make nations transfer money to weaker areas within countries just as a matter of course in study of germans grumbling about greeks who retire at fifty two and drink so you have greeks grumbling about germans having dick tod's forced upon them that's because these people are in the same boat rowing in the same direction that's the problem and so they created this weird push me pull you two headed monster they've either got to move forward to greater integration to save the euro or they've got to pull back and have less integration and go back to more a national model this mid-range view has really been failed and that's the theory

that's fallen apart here well there was never actually any plan for countries to leave the euro zone when it was created it was always thought that countries would come to new to keep on joining nobody would ever leave the club as it was on this is it i mean first the glaring overwhelming problem ninety percent of the people who do what i do ought to be fired because nobody thought this could even happen what a failure of intelligence that this wasn't even a possibility that sounds like a religion and not foreign policy to me what would likely happen would be there would be border controls there would be they would take your own notes close all the banks on a weekend not let anybody have any cash put stamps on it is the urgent argentinians didn't say these are now new drachma they would then refloat the drachma the drachma would lose between half and eighty percent of its value immediately there goes everyone's pension there goes everyone's life savings right there in the in an instant and then they would be more competitive and if they did labor market reform in ten to fifteen years all might be well that's the good scenario. the bad

scenario in this case is that they don't do these reforms that they default the europeans refuse to back them up and pretty soon greece leaves not just the euro zone but perhaps the e.u. as well but on very angry terms feeling they were let down they didn't get solidarity they weren't backed up ultimately the problem at the moment is there's fatigue on both sides the germans have donor fatigue they're sick of paying for a greek system that just doesn't work and they don't want to pick for greeks to retire at fifty two when they retire at sixty seven perfectly understandable greeks in return say we're tired of been told what to do while everyone's losing their pension money anyway it's the politics of this that are creaking if you had enough time you could rebalance the north which actually consumed more in the south which did austerity but we don't have a spare fifteen years as you rightly saying we have maybe it's all june but looking a greek bent deposit runs at the moment greeks are smart enough to pull their money out of the euro right now because they fear if they leave their money in a bank it could be drachma over a weekend and they live has to have their savings at a certain point this becomes a self-fulfilling prophecy and this is the danger we're not quite at

a run yet but we're heading in that direction can we even make it to june and the election which might not work out but can we make it to june is the key question now there's still a very high percentage of greeks who want to remain within the euro around eighty cents of them both can greece remain in the euro zone without a hearing to the astaire if he plans can they have their cake and eat it now it's a fairy tale there are a lot of fairy tales wandering around here the german fairy tale is that everyone can do austerity without growth forever and that somehow their politics can survive we've seen that they can't i mean we've seen that in the french election even the dutch with a aaa rating are now talking about spending more money and violating the terms of their solemnly agreed fiscal compact agreements we've seen the greek elections i mean we've seen the italian elections and so the germans don't allow that politics matter and the greeks don't allow that economics matter and the problem with the system is that both of them are wrong there is no growth there there isn't you can't you don't just sit. i'd like to grow more who wouldn't the problem is that

that means you have to do labor market reform you have to do pension reform and you have to work longer for fewer benefits that's not very popular right now and in return if you do that you get to keep more of your money in the long run because the bond markets leave you alone that's the brutal reality on one side on the other side if the germans never mention growth who would you are sturdy forever for no gain and that's also a very good question the problem is these are not questions that hit twenty years down the road these are hitting now and this is what the greek election is about is getting rid of these half truths and getting to reality greeks of taken around one billion euros outs of that bank accounts over the past ten days following the elections could we see a similar situation happening in countries like spain like italy as people think well if greece is going to go to the drachma and they're going to have to lose a percentage of their wealth there and they get my money out of my domestic accounts and say put it in a and account in germany where you can and in fact if

you look at the bond yields which is the way to see if the bond yields are the temperature of the tells us how the patients doing if you look at the numbers in spain after the greek situation the bond yield has crept up despite all the austerity in the hallway is the new prime minister has done almost everything miracle would like and yet the bond number is now six point two five to six point three eight percent if it goes to about six point five you can't pay that for very long if it goes to seven game over so we're right on the edge of the precipice in spain they've got to recapitalize their banks as well they haven't even shown bank losses yet we all know that's a joke we know they've got massive bank losses and so the spanish situation is wobbling only because of the greek situation people are saying greece is out where's the next week and all up in the problems spain and italy is collectively they're too big to save and if that happens game over then look at somebody like the germans leaving and saying we're just not going to do this anymore and so the strains on the situation it's a house of cards that could very easily come down because we're dealing with human beings and as we've seen in europe human beings make mistakes. how close are we to

seeing the the eurozone collapse completely in europe tear itself apart and having to declare the euro is a failure by the end of the year well no i mean you know a lot of things that i do are very long term and that's why bad analysts survive frankly is because they can always say well things changed this is not and this is why this is making people nervous by december of this year will either be at a spot where greece is either in or been ring fenced and things in italy and spain are bearable the germans have given away a little bit on growth have said you have longer to do it a lot hasn't been an economic illiterate and hasn't cut the retirement age to fourteen or whatever number of picks but it's been serious about that there's no new spending but there's also no new draconian cuts i mean that that's the best case scenario and then europe trundles along but if it doesn't happen that way and that means everything has to go right which it hasn't up to now if it doesn't work that way by december greece is out in the recriminations begin i think you can see the death of europe as a geo political entity certainly is already very near the edge with what common

policies do they have they don't agree on growth they don't agree on foreign policy they don't agree on defense policy that's not a common policy so let's stop talking about europe i do a lot with the rising powers and they say why there's so many europeans in the room at every meeting when we have six countries in the room or they were united or not and they look at each other and look at their shoes in the brazilians the indians the chinese that rightly don't get it now skeptics often point out that the the european elites in a in its bid to to save the united european project is driven not so much by economic goal political considerations but by a kind of ideological quasi religious fervor yeah it is i've never heard a member of the european elite question any project that had to do with greater integration regardless of party they have an elite so out of touch with the reality of what their people are going through and what their people are about of all these people are skeptical increasingly skeptical in all these countries all over the

place there. opulence movements rising and they can honestly say this is an elite that has never run a lemonade stand none of these people ever worked in the private sector they have no clue how business is run and they're not trying to mandate prosperity in heaven forever some very odd and this is the problem it is an irrational analytical decision it's a religious view and the problem is the markets are on to them and they see that the emperor is indeed not wearing any clothing at all so how follow the european elite willing in and how much are they able to try and save the european union are they willing to do anything yes if you ask people in brussels today what would they do in a perfect world which is the world they think they live and of course will neutralize all the debts and we'll get rid of these silly german objections and of course we'll set up an integrated state run out of brussels where we regulate all the economies of the member states and of course we'll set common european taxes and regulations and of course if you say that to anyone outside of the immediate and suburbs of brussels they think you've lost your mind that's where the democratic

deficit gets sent are they willing to do these things they are they know they're not able to do them though as younker the head of luxembourg said we know what needs to be done but can we be reelected if we do it that is the actual question and the answer is no the problem is although they want to do these things they are not able to do these things because they don't understand the market so i was at a meeting with senior european leaders and they said what discipline can keep us to doing the snow started laughing and they looked to me i said the markets guys the marks of guy you talk about all this stuff for the first time in thirty years why because you have to you have no choice and that's what's going to happen either they will manage the process or the process will manage them john hulsman thank you very much my pleasure.

here the reindeer is interesting for the herders. and when it suffers. people do their best to help. but the distances are. and the moves are. predictable. will the remedy be in touch. with the. science technology innovation all the latest developments from around russia we've got the future covered.

student protests against jewish and i guess in canada entering day one hundred it's demonstrations in defiance of a new emergency law turned violent leading to dozens of injuries and hundreds of arrests. need arose largest summit wraps up in chicago with block leaders reaffirming their plan to end the war in afghanistan by two thousand and fourteen but keeping a presence in the country beyond that. german enthusiasm for a europe wide austerity under fire from british opposition politicians who warn it might spell disaster for the global economy. sports next with andrew farmer stay with us.

hello there thanks for joining me i will start with a quick look at the headlines for the top rostov on boulder a favorites to keep their russian prime elite status as the relegation reached a climax. close to feeling the heat rush to begin their preparations in moscow for the euros as coach as the car looks to trail his squad. when you are in the dow be djokovic to when you are you know you can stand a warning to his rivals ahead of roland garros. now it's the day in the russian premier league where the last two teams to be relegated will be decided in the final leg of the playoffs rostov local bus certainly playing their premier league status they take a plane nearly into their final game machine needs in division one boulder though a less than to survive they travel to second city needs you know with a narrow two one advantage from the first leg. the car is getting his first full look at the squad ahead of the euros they are her training camp in moscow although

the dutchman already has selection problems before he names his final twenty three which you found poor feet as this report. it was the hottest day of the year in russia so far is the temperature rising to almost thirty degrees. the current is feeling the heat more than most as he has a number of selection dilemma is ahead of him first he has to finish school don't twenty three play. well he also has a number of questions concerning his teammates defense russia suffered a hammer blow on sunday after the news but experienced defender of silly but it will be ruled out of the euro two thousand and twelve championships after he's failed to recover from a far injury and had courage to come accounts will be praying that his side doesn't pick up any more injuries especially defense and that's really the sides problem position it is huge he was a sure stance of a national team who are not blessed. of a number of great central defenders who were there to slap my theory of says it's

up to the team to try and make up a bit if your skis loss suggesting the camp is in good spirits at the moment it's only the start and there's a long way to go with you but if you manage to perform well then this will certainly help to leave his mood and we will certainly be supporting him all the way percy these absence opens the door for a number of new players. before the injury like the madonna and roman shot all of the fake bowing to one place but now both are almost certain to be on the plane to poland possession is not just oil and i didn't deserve to be cooled up earlier but now due to vassilis injury i have a great chance of making the euros i feel really sorry for vasily as no one wants to pick up an injury at this time. there were only twenty four players on the training pitch today as pay pose for their team photo however that number is soon going to write a twenty five good marriages mile of resisting pressure from his club sporting lisbon to stage a film an advertisement and arriving to join up with the russian national team squad. for the latest news on merits of.

his i've seen no problems by him. i'm not sure about his club will he decision to come so good i mean you must be quite pleased about the plan i want to show that it was quite rational you showed a lot of duels with over us as well as all of us who are under a week to go until at the cat has to name its final squad of a year owes the pressure on the players to perform and impress production is certainly on a scale of to secure themselves a spot on the plane to poland which of unfortunately totty moscow. plus have a quick look at where russia will be playing their pay match against the czechs on june the eighth it is the municipal stadium based in the western polish city of ross fluff and can hold just under forty five thousand fans the design was inspired by chinese. danton of itself is a thriving commercial center built on twelve islands which are all connected by

a web of one hundred twelve bridges so there you are now if you're wondering what the score might be in russia's first game look no further than this elephant seat or base that poland correctly predicted chelsea would beat by munich in the champions league final he apparently did by picking up an apple which represent the blues and is now the official animal tips for the euros alosi to will have some way to go to match the predictive skills of paul the octopus heated eight when is the twenty ten world cup. where would see to have predicted montpellier success in winning the french title for the first time thousands of their fans turned out to celebrate their unexpected triumph yesterday the party took place in the city's main square with players and staff called up on stage to massive cheers from the crowd their success a huge achievement for mom perri who picked big spending paddy sangi man to be champion title and they did it with nine homegrown players club president louis nicole one even dieties hair and sported

a man to mark the occasion. now let's move to tennis rafael nadal has beaten world number one about djokovic for the second straight time to capture a record six italian open crime rain had delayed this final by twenty four hours but it didn't affect the spaniard who won it seven five six three while the serbian made forty one unforced errors that included a double fault on the last point handed out his forty ninth career title along with a record twenty first masters crown the victory also gives the spaniard enough points to overtake roger federer to second spot in the world rankings. things very well. when i had the chance to work. for. my movements and it was really. about. the dream of. course is unlikely but there it was.

in other news the denver broncos have had their first real taste of new signing peyton manning the superstar quarterback show no hint of a long term injury which had kept him out for a whole season manning joined the broncos as a free agent after being released by the indianapolis colts after not throwing the ball in twenty eleven but a nervy injury that sidelined him for so long seems to being killed in the four time m.v.p. took part in a fast paced workout with his new teammates. this is one step you know there's kind of different phases you know training camp going to be your next phase putting all children producers a regular season so take it one step at a time. for this day to get here before watching a film or going to watch the film. to this and learn from it and see some good things you always see some things you can improve on we'll go from there and the n.b.a. playoffs oklahoma city thunder have beaten the l.a. lakers to reach the western conference finals their hundred six ninety win on

monday night giving them a four one series win and sets up a clash with the top seed san antonio on sunday and the other guy in the boston celtics beat philadelphia hundred one to try to beat that best of seven series three. top scoring for the celtics with twenty seven points. i just think it was just me taking advantage of my opportunity you know they've been doubling paul and we've got a few good players on the team they've got to focus on sort of me open tonight and i was able to discuss. and be a star commander anthony is looking forward to his third and then pick gains the new york knicks forward i will be a key player for the usa he won gold in beijing four years ago the americans have meddled in sixteen of their seventeen olympic appearances but the expectations are very high when they won bronze in two thousand and four the team came into heavy criticism to anthony knows. goal can be that only go. on is and

it's a blessing this is my third one believe it or not i was i was with team usa you know we was at the bottom you know we want to bronze medal and you know everybody doubted and so we can do it in american basketball players kind of play together is too much you go too much pride and then we came back in a way every day and ourself and put basketball put america back where needed to be from a basketball standpoint in now we just you know we just going over there trying to win that gold medal again well after the olympics the paralympic sport take place in london with record attendance is predicted and there's plenty of interest in russia with the british embassy working hard for most of the games in the country with more is one cost or half. with the opening ceremony of the london paralympic games only one hundred days away the british embassy in the russian capital staged a commemorative event in the ronald mcdonald sports center for kids with disabilities is just one of many such events organized by the u.k.'s diplomatic

mission in russia we've been working very closely with a parliamentary committee we see them all but i disagree a pleasure i believe on the pacific project with schools in st petersburg where i open the event recently and we have this event here today and we just want to make sure that we take the opportunity of being the host for the paralympics to work closely with you all federation head the paralympic movement in russia has come a long way from the days when people with disabilities were practically shunned by society in soget symes now they're viewed as top athletes in their own right with some among the favorites to clinch podium places in london while the russians are largely unrivaled in the winter games other nations are unsolved in the summer paralympic sports city you know some pretty unsettling the competition and some sports is very strong because there are three times more participants there and unfortunately for various reasons russia is not true presented in every event china

will be one of the favorites in london because of the strong government program and of course the hosts who will turn out in huge numbers but what will do our best to these young men and women could be russia's medal hopes for the future but artsy young to compete at this year's summer games sporting glory could still lie ahead for them as interest at the paralympic box office continues to grow. the upcoming sporting extravaganza promising to be one of the best tended to have according to british media were over one million tickets have already been sold have something to live up to come the russian winter her big see saw in a couple years a month off regards golf. and that brings us to the end of the sport for now i would call the weather coming up next here on alt.

well. science technology innovation all the latest developments from around russia we've got the future covered.

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