market why not. why not what's really happening to the global economy with my stronger for a no holds barred look at the global financial headlines kaiser report on our. show you're watching r.t. the headlines for you now syria's president assad to do cries the massacre and blasts the perpetrators as monsters while fresh attempts to blame his regime are being labeled as part of a plan to engineer foreign military intervention. in syria center stage two at the russia e.u. summit the european leaders pushing russia to exert more pressure on the massacres on urges dialogue to solve the conflict. plus the court verdict on egypt's ousted leader hosni mubarak and his aides ignites fierce continuing protests as both

candidates competing the presidential election seek to exploit the sentencing. right next door to talk to american economist and nobel laureate eric mascon to find out what he thinks is on the horizon for the troubled world economy. mask in kabul are it in economics it's great to have you with us sara today it's a pleasure to start with greece and the latest news where that chrissy's public finance is practically paralyzed pensions and salaries won't be paid in june and then you have people and companies transferring their assets out of the country how much worse can actually the cash crunch get will they even be able to. get to the

seventeenth of june election we don't know the answer to that since since the election is in the near future i suspect that they they can and hobble through to the election but things could deteriorate and get even worse and in the meantime i see be the greek situation as a tragedy because so much of what has happened could have been prevented if europe were truly an integrated unity if the same steps had been taken on the fiscal side that is the public spending and tax side as were taken ten years ago on the monetary side so that there were there were it would be true. fiscal integration true centralization fiscal policy.

the. public debt problems that we see in greece but we also see spain and italy and number of other countries would have automatically have been solved by by virtue of having a centralized europe according to media reports three billion in cash was withdrawn from greek banks. since last election in may and that's nearly two percent of all the cash greek band x. banks hold how sustainable is that well it was clearly such transfers that can't can't go on indefinitely without there being. a banking collapse but that's that's again. a failure of. of europe look at what happened in the united states a few years ago during the financial crisis the federal government stepped in and bailed the banks out and partially nationalize them. europe could have taken

some other steps and greece and and did not do so spanish banks spays bankia has requested the biggest spill out in spanish banking history and have the spanish banks all soak up the already sure spain has had. some real problems too. and while they have whether or not nearly. as serious trouble. as greece it is. it's bad and the austerity program there has has only made things worse but just how much financial power. to national and the e.u. authorities have to support spain and countries that are in similar situation like italy for example if they wanted to. exercise more

power on the level of the of the union they could do it there are lots of things that could be done to either as the fiscal problem in spain and portugal one good idea which has been proposed and which i hope will be adopted at some point as the idea of of euro bonds to translates private debts and. or national debts and so the european objects some fund managers are openly right now dumping the here assets and it's no surprise that it's running really logan's dollar. but is dollar a safe bet at this point i mean america itself has a huge gap and it's government up six its g.d.p. the dollar has always been a safe haven at times of economic uncertainty and i think it will continue to be

a safe haven for for many years to come yes there is a. debt problem in the u.s. in the sense that the debt to g.d.p. ratio is higher than it normally is and that it's. if you extrapolate going for the current situation going forward. it looks as though the jet g.d.p. . debt to g.d.p. ratio will actually. continue to increase but in fact. the seriousness of this problem has been exaggerated so you don't look at it as a crisis i look at it as as a problem but as a fixable problem and not a problem that has to be solved immediately by any means like i think a much more important problem in the united states is to get the economy back

to normal form of the still running out of something like eight percent which is too high the first priority should be getting the economy back to normal and then to worry about. about solving the long term debt problem we talk about the ratings agencies i mean how much have they contribute to worsening the crisis because from what i understand and i may be wrong these are independent entities they have owners they trade stock markets why are they allowed to have so much power over the global economy i don't know that they do have so much power anymore i think that they did play a role several years ago this whole sequence of events started in the united states with what was called the subprime mortgage crisis and the rating agencies played a role and making the subprime mortgage problem worse by overstating

the the safety of investing in subprime mortgages by now. i think we've learned to take what these rating agency is saying hey with with less seriousness that was true. which isn't to say that they have no effect but i but i don't think that they have nearly the. power that they had a few years ago pretty thing to have contributed to worsening the crisis a little sure a little bit for example last summer. you'll remember that there was a somewhat artificial debt ceiling crisis in the u.s. and this led to a downgrading of the u.s. debts from aaa to double i. that

didn't do the crisis any favor that there were there were there were some temporary turbulence as a result of that i don't think in the long run. if it did. serious damage but it was a but it was not. it was certainly not a positive step can i ask you something if let's say two three men four years ago someone would have sat that you were really facing at crisis of the scale probably people would laugh in your face like no of course not do you think do you think scholars missed something or is it just that the world economy the model of the world economy is running low and it's out of battery and just unable to deliver growth now i actually i don't think this crisis was missed i mean. the

financial crisis of way. was something of a surprise to many economists but the problem with europe were not at all miss that there were many economists very many prominent economists who pointed out at the founding of the monetary union the beginning of the last decade that there was a serious asymmetry between the way monetary policy and fiscal policy were being handled that monetary policy was centralized at the european central bank that fiscal policy was not centralized that in the long run this asymmetry was not sustainable so. it was not a big surprise wedding when the problems. of the problems that this asymmetry generated actually. came to reality a couple of years ago leaving the euro doesn't really come with

a guidebook but you're really good at game theory how does that actually happen how does a country leave a carrot currency. how does it happen they'll have to adopt they'll have to either go back to the drachma or adopt the dollar or adopt some other words these things have happened before countries have changed currency and it's usually a somewhat bumpy process it's very rarely a smooth transition and it's not expected to be smooth in this case especially with volatile people like in greece right but. but it can happen how rough can we get really if that happens it could be very bad for for greece but like civil war revolution well. again you're asking me to make political predictions it could get very much worse economically. i mean.

greece could go on. into a long term depression unemployment could grow to astronomical heights it's already very high but it could it could certainly get higher. the. things are by no means currently as bad as they as they could get more do you think greece will be in one year's time from now this is a question which we don't know the answer to because it it depends so much. on politics i think at this point given what has happened it's more likely than not the greece will leave the theater and that i don't i can't say that with enormous confidence but. the signs seem to be pointing in that direction right my skin thank you very much for this interview my pleasure.

absolutely. fantastic. fiance.

pete. if he feels. the. same.

syria's president did cries the who let massacre and blast the perpetrators as monsters attempts to blame his regime are being labeled as part of a plan to engineer foreign military intervention. in syria center stage two at the russia e.u. summit with european leaders pushing russia to exert more pressure on damascus moscow urges dialogue to resolve the conflict. the last report egypt's ousted leader hosni mubarak and his aides ignites various continuing protests as growth candidates competing in the presidential election seek to exploit the sentencing. for top down for a sports update. hello

welcome along with to the world of sports here is what we've got coming up for you then there was one maria sharapova is russia's only remaining player in the french open after struggling on a course nets over was beaten in the last sixteen by it's a nice. steam ahead russia and the czech republic footballers depart for poland head of the opening euro two thousand and twelve clash on friday . and hardwood hopes russia's basketball team seeking a spot at this summer's olympic games a podium finish a qualifying tournament in venezuela next month will see them achieve their aim. but first let's start with tennis where maria sharapova is the sole russian left in the french open singles they sell to spread his nets over went down in straight

sets to italy sour on the twenty sixth seed failed to even pick up a game in the first set of their last sixteen encounter she fared better in the second but eventually went down six love seven five ronnie also knocked out two thousand and eight champion. now faces germany's angela. this after the german beat unseeded croatian petra martin in straight sets six three seven five the comfortable scoreline in favor of the tenth seed curve is looking to reach the last grand slam the second time. meanwhile dominique a simple cova has produced the main upset of the tournament so far the fifteenth seed slovak knocking out the top seed victoria azarenka civil code easy six to one the second set on a tie break through to france to the quarterfinals at the expense of the world number one. was trying. you know that before i was at

least making something happen happening myself today i couldn't do it i don't know i was just there was just not for me i tried everything is just not going through you know the what i. call bridges former mistake i grew making anything myself to she was six five up and i said like hey come on you know we have to play our game again and just make it in and and for a tie breaker very very proud of myself the day i was still going for my shots in i just made it because she she would never give me the mention and i just you know i just made it. meanwhile in the men's draw world number one no djokovic survived a massive scary going to tell you no andrea seppi he had to come from two sets down to put his place in the last eight four six six seven six three seven five six three the final school. meanwhile world number three roger federer is also through to the quarters here to drop the first set but eventually the belgian david goffin

in for. now to football and russia depart for their base camp in poland on sunday as the countdown to euro two thousand and twelve begins they face the czech republic on friday in the opening game and manager dick advocaat says the squad are heading into the tournament in good shape after their three nil friendly win over italy. well the results are always important. to go to holland. the most important thing is that you can see the improvement. that it was important for us to see if we do it. but i would give the same answer if we lost the game because it's a lose. meanwhile russia's opponents in the first game of also embarked on their journey to poland the czech republic electing to take a seven hour train ride to their base in wrocław. finish second in qualifying behind defending champion spain and had to be montenegro in

a playoff to book their place in the tournament they've qualified for all five european championships and gaining independence from slovakia their best performance came in one thousand nine hundred ninety six when they lost to germany in the final. meanwhile former england striker robbie fowler admits roy hodgson's men may struggle to make an impact in the upcoming tournament fowler who played twenty six times for his country between one nine hundred ninety six and two thousand and two was at a promotional event in singapore the thirty seven year old admits it will be tough for new manager roy hodgson to take england to the latter stages of the competition this despite the three lions having won their first two matches under the new boss including saturday's one nil victory over belgium. i think if you talk to them so i think you're going to be. the spanish. you know when the french may. go to doctors well i think on paper they're all but teams i think on the pitch

about the teams as well so i'm open england to them opening them when to call them . thinking i'm a struggle. now to the world of high octane engines where jorge lorenzo has won the catalunya grand prix in spain to extend his overall lead at the top of the moto g.p. standings to twenty points reigning world champion casey stoner was on pole but finished fourth in his honda dani pedrosa finished second losing five seconds to his compadre at lorenzo another rider on the physio completed the podium a further five seconds back so lorenzo on top with one hundred fifteen points stoner currently second with ninety five points. has eighty five in third. people if you don't one of his mistakes and we're going to do they really receive and push the maximum. now in the n.b.a. hardwood kevin durant's has once again state his claim for m.v.p.

award winners this year the twenty three year old scored half of his thirty six points in the fourth quarter as oklahoma tied their western conference final series against san antonio two to the three time league scoring champion knocking sixteen points in a row in the final quarter after watching the thunder but a fifteen point lead windell down to four his main sidekick russell westbrook was limited to just seven points baker poured in a career high twenty six to make up for the point guards of night the series now heads back to san antonio for game five on monday night. twenty seven asus you know just move. the first three corners can opener for me and for that i would make sure you know russell. says it should do my job. now finally staying on the hardwood and team russia have their eyes set on

a place in the upcoming a london olympics their last chance of booking their birth will occur next month for the qualification tournament in venezuela koreans has more. russia's national basketball team needed to become first or second at the last year's european championship to get a straight ticket to the olympics but andrei kirilenko and his team mates finished the tournament just to play slower than a quiet clinch in bromance against macedonia this means russia now has to take part in the qualifying event which starts on july the second even israel is the first three teams will secure their place in london and head coach david blood is confident his men can achieve their aim i think we have a good team and i think we've proven that over the years. you know three teams out of twelve make it so i'm not a mathematician but that's twenty five percent chance writes of hopefully will hopefully will make those chances a little bit better than that while preparing for the qualification event russia

will play friendly games against macedonia greece lithuania and great britain will have a squad of seventeen players at his disposal however to play securely in her upper will join discord later as the dual were given time off after a long club season while russia's experience guard sergei because we'll miss the tournament after picking up any injury sergei played a big role in all of the major competitions in the last seven years so his losses is a problem force but we have other talented players and other guys that have stepped in. to fill the position and hopefully they can they can do the job and driver and save each is another day out after he was taken to hospital with a spine injury earlier this week but despite these problems the team spears a high and everybody feels passionate to fulfil the task and book a place for london games is great no people happy to be here you know something of

a training camp so we're excited will still for us i guess you could say i just decided to go to them so the. russia's first opponents in qualification will be south korea followed by the dominican republic while the final games are scheduled for july eighth and with the women's team already qualified for the olympics the men will certainly try to do their best to make them. that's only aryans party moscow. well that is all the sport for now on this plenty more later here on ati. hold it hold it. hold it hold. her mother.

good speech. she. gave. her her. wish. to vomit so good to see. her. just see them on the minimum. run a little mouse funimation a little. fifth wealthy british scientist sign some time to.

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

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