as. 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 the 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 of fiscal policy. the. public debt problems that we see in greece but we also see spain italy number of other countries would have

automatically have been solved by by virtue of having a centralized europe according to me reports three billion in cash was withdrawn from greek banks. since last election in may and that's nearly two percent of all cash greek band acts banks hold how sustainable is that well clearly such transfers that counts 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 there partially nationalize them. europe could have taken similar steps and greece and and did not do so spanish banks

bankia has requested the biggest spill out in spanish banking history and have the spanish banks will soak up the already sure spain has. some real problems too. and while they have whether or not nearly. as serious trouble as as greece. 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 in 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 ease the fiscal problem in spain and portugal one good idea which has been proposed which i hope will be adopted at some point is the idea of euro bonds to translates private debts and. ordered national debts and so. 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 in america itself has a huge tax and government debt six hits 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 it's 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 unemployment the still running out of something like eight percent just

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're talking 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 in 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 agencies say 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 but you think they 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 u.s. debts. for a pull a two 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. it did. serious damage but it was a but it was not. it was certainly not a positive step to ask you something if let's say two three men four years ago someone would have sat that you were already 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 was something of a surprise to many economists but the problem with europe we're not at all miss

that there were many economists 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 in 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 where when the problems. 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 cat currency. how does that happen they'll have to adopt have to either go back

to the drachma or adopt the dollar or adopt some other currency 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 it 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 where 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 that greece will leave the you know 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.

loverly. bludgers. least. it's a place. to . play up beyond. pvp. if you

fifi. to. see. such.

syria's president did cries the who led massacre and blasts the perpetrators as monsters attempts to blame his regime being labeled as part of a plan to engineer foreign military intervention. in syria center stage two at the russia east 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 this continuing protest 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 has what we've got coming up for you then there was a 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 up by it's only sour on me. for what steam ahead russia and the czech republic footballers depart for poland and 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 over went down in straight sets to italy solder 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 are arming also knocked out two thousand and eight champion ana ivanovic now faces germany's angela. this after the german beat unseeded croatian petra martic in straight sets six three seven five the comfortable school line in favor of the tenth seed curve is looking to reach the last quarter of a grand slam in the second time in her career. meanwhile dominique a civil 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 to six two and won the second set on a tie break through to france to the quarterfinals at the expense of the world number one. was trying to. before i was at least making something happen happening myself today i couldn't do it i don't know

i was just it was just not for me i tried everything is just not going so you know the words are. called bridges for a mistake i grew making anything my softly she was six five up and i said like hey c'mon you know we have to play our game again and just make it in end and for a tie breaker very very proud of myself the day i was still going for my shots and 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 joke of it survived a bust of scary going to tell you know 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 score. meanwhile world number three roger federer is also through to the quarters a 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 as old as important. the cultural hall is saying the. most important thing is that you can see do you make improvements. that it was important for us to see if we did. but i would give the same answer if we lost the game because italy. meanwhile rush'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 x.-men finished 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 a 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 that we talk for them so when i think you. know to disparage. you know even the french may. go to doctors well i think on paper they're all but it seems other things on the pitch that attitude as well so i'm opening line to all of them opening in when to call them be those you know i think. thinking i'm

a struggle. now to the world of high octane engines where jorge lorenzo has won the katherine near 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 compatriot lorenzo another rider on the physio completing the podium a further five seconds back so lorenzo on top with one hundred fifteen points stoner carney second with ninety five points. has eighty five in third. people if you don't one of his mistakes you want going into their leadership 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

and a san antonio to two the three time league's scoring champion notching 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 with thirty baker poured in a career high twenty six to make up for the point guards off nights the series now heads back to san antonio for game five on monday night. twenty seven assists you know just move the ball or make a row plays a. thank you and at the first record was kind opened up for me in the fourth that i was able to make some shots but you know russell said grace for a change made great passes it was a shot too much of the finish now finally staying on the hardwood and russia have their eyes set on a place in the upcoming a london impacts the last chance of booking that will occur next month at a qualification tournament in venezuela on koreans has more. russia's national

basketball team needed to become first second at the last year's european championships to get a straight ticket to the olympics at andre kirilenko and his teammates finish the tournament just to play slower than a quiet clinching 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 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 right so. 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 a lot will have a school of seventeen players at his disposal however to place in her upper will

join discord later is the dual were given time off after a long club season while russia's experience guard sergei because it will miss the tournament after picking up any injury sergei he 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 drive there and save each is another down. after he was taken to hospital with a spine injury earlier this week but despite these problems the team speirs a high and everybody feels passionate to fulfill the task and book a place for london games it's great you know 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 just excited to go to them so 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. after only ariens r.t. moscow. well that is all the sport for now all that is plenty more later here on aussie. hold it. hold it close. to clear cut. the speed.

limits good. luck. and a. little fun i'm a little. wealthy british. time to. market why not. find out what's really happening to the global economy

with mike's cancer for a no holds barred look at the global financial headlines tune into kinds a report on our cheap.

syria's president decries the who led massacre and blasts the perpetrators this monster. being labeled as part of a plan to engineer military intervention. in syria sent to stage two of the e.u. summit european leaders pushing russia to exert more pressure on damascus. to solve the conflict. egypt's ousted leader hosni mubarak and his aides ignites fierce continuing protest both candidates competing in the presidential election seek to exploit the sentencing. twelve news and much more twenty four hours

a day this is out. syrian leader bashar al assad has flatly rejected any state involvement in the houla slaughter calling it a monstrous massacre the president went on to blame not the opposition but foreign backed fighters in syria he says are spreading chaos ortiz griffin says foreign intervention may be the ultimate intention. ten days after the terrible massacre in the syrian city of houla the world is still watching to see how this tipping point will shape the crisis while there is still at least some hope of a peaceful solution many analysts believe those hopes are fading fast the american british and french push for military intervention in syria is absolutely enormous we've seen hague of course william hague the british foreign secretary calling for intervention we've seen the new french president saying the same thing the americans obviously taking the lead this back to them.