seeing from the streets of canada. giant corporations are on the day. come back let's take a look at the headlines now syria's president decries the who massacre and blasts the perpetrators as monsters of pressure terms to blame his regime are being labeled as part of a plan to engineer foreign military intervention. in syria center stage two of the russia e.u. summit european leaders pushing russia to exert more pressure on damascus moscow urges donald to solve the conflict. thus the court verdict on egypt's ousted leader hosni mubarak and his aides ignites fierce continuing protests as

both candidates competing in the presidential election seek to exploit the sentencing. well next antti talks 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 sir today it's a pleasure so let's start with greece and the latest news we know that chris his 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 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 they were they were they 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 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have been solved by by virtue of having a centralized europe according to media reports three billion in cash was withdrawn from greek banks.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 backs 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 it's. 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 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 is 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 cap 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 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 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 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 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. 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 the u.s.

debts from aaa to double why. that didn't do the crisis any favor that there were there with there were some temporary turbulence as a result of that i don't think in the long run. it did. serious damage but it would 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 this 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 nine was 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 it 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 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 we get really if that happened 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 high so 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 chris will be one years time from now this is a question which we don't know the answer to because 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 you know. 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. pleasure is that so much of the experience of the madrid seems to me a lot of people at area just to which is the west when it comes to soft power is the west specifically the u.s. losing its ability to influence others through week sample. there hasn't been anything good on t.v. . it is to get the maximum political impact. before source material is what helps keep journalism although we. we want to present. some. you know.

the official auntie application. from the. law is on the go. video on demand on tees my

old girls and already feeds in the palm of your. question. syria's president cries the houla massacre and blasts the perpetrators as monsters attempts to blame his regime of being labeled as part of a plan to engineer a foreign military intervention. in syria sent to stage two of the russia e.u. summit the european leaders have likely to push russia to exert more pressure on damascus. to solve the conflict. of course verdict on egypt's ousted leader hosni mubarak and his aides ignites this continued protest as both candidates competing in the presidential election seek to exploit the sentencing. date in force and it seems the glory days may just have returned tiger woods i'll tell you what kerry it's been

a while since i've had anything really positive this stay in a golfing way up by tiger woods but today very much we have more coming up in just a sec. if you can beat this is sports they have plenty head over the next ten minutes including all this. all alone maria sharapova becomes russia's sole remaining player in the french open up. to sara errani. out of the rough tiger woods ends the worst three tournament run of his career with a stunning win up in the morning. plays host to the latest stage of the canoe world cup which also acts as an important tournaments for russia's a limping twenty twelve olympic hopeful. start with tennis room reassure up of is

the sole russian remaining at the french open months after such a crush died in straight sets to at least sorry running on sunday because it's over feeling to even pick up a game in the first set of their last sixteen encounter the twenty sixth seed furring better in the second but eventually went on six seven five around the start right on a champion in front of each face is germany's angela kirby. produce the biggest upset all of the tournament to take the slovak knocking our top seed victoria azarenka. securing the opener six two to the second set on a tie break dance into the quarterfinals of the expense of the real number one. brings us to the men's game where both of the big guns in action on sunday made it safely through to the quarterfinals in paris were number one on top seed novak djokovic though how to scare italian be proving stiff opposition taking you think he said djokovic finally came good in the next. i was really fortunate

to. to come through to this match i was fighting in when i was two so it's now i believe i could win a match and i think. you know the whole new pulls it through you can really pick up from from today's match. the only other man to make the quarter finals as yet didn't have the easiest of d. is either roger federer needing to overcome a first set deficit to ice qualifying often the swiss third seed eventually winning out five seven seven five six two six four against. belgium. to football russia have arrived at their base camp in poland as the kind down to euro two thousand and twelve continues to face the czech republic on friday on the opening day manager dick advocaat who oversaw a three nil win over italy in a friendly last week stating the squad are ready. well the results are always important. to go to holland saying the. most important thing is that you

can see the improvement. was important for us to see if we do it but i would give the same answer if we lost the game because italy. meanwhile russia's first opponents are also now in poland the czech republic electing to take a seven hour train ride to their base in for. michael mann finished second in qualifying behind defending champions spain on how to beat montenegro in the play off to put their place up the tournament the qualified for all five european championships since the break up of czechoslovakia with their best performance coming in one thousand nine hundred six when the loss to germany. let's talk golf where it's been a weekend to remember for tiger woods the former world number one winning the memorial tournament for the fifth time tying jack nicholson's p.g.a. tour wins mark with seventy three in the process tiger also doing it on the course

nicklaus designed the american starting raising a four shot deficit making the second of this three straight forty zero six vintage tiger with this birdie on the sixty two coming up as the thirty six still had a perfect effort from the rough on the par three hole. tiger eventually seeing all three seventy underdress room arrow by two shots because himself on hand after that's to congratulate the winner fourteen time major champion would reach jack's mark of eighteen with the u.s. open starting at. home and i had a good today i really did i didn't miss a shot today and that was some good stuff i needed it and you know the birdie no three last four which which was nice the time i was there three or four back at the time and needed a push and. i finished it off and you know the guys better get a couple mistakes but it's so easy to do you know sixteen spying sword and i got

away with one there and it was a big swing. now from one high octane engine to many who are yellow reins are winning the castlevania grand prix in spain to extend his overall lead at the top of the moto g.p. standings to a hefty twenty points reigning world champion casey stoner was on pole. but finished fourth in his honda dummy but also the second five seconds behind the popular end so another yamaha rider under the sea also completed the podium a further five seconds so that's top of hundred fifteen points after five of eighteen races completed while stoner on patrol said life second. one of his mistakes and one going into their leadership bush on the maximum. there are no clear favorites anymore in the n.b.a. playoffs and both the western conference finals series all square after four games

the boston celtics on sunday time their best of seven battle with miami in the east after overtime rejoin rhonda notching fifteen points on fifteen assists as he scored what proved to be the final three points of the extra session le bron james meanwhile scored twenty nine but filed out for the first time since joining the heat twenty ten miami though in joy home court next with game five and choose the site which. all right let's finish on the water the russian capital played host to the final stage of the sprint world cup over the weekend but there was even more at stake and global bragging rights as our she explains. back corrales kero in an canoe in canal is no stranger to hosting major events and it was one of the olympic venues in the nineteen eighty summer games in moscow it was here that athletes from the soviet union and german democratic republic reigned supreme

clinching for gold c.p.s. . thirty two years on has undergone a major innovation and was used to host the third and final stage of this year's canoe sprint world cup it's been seen as a dress rehearsal for the world championships to be held here in two thousand and fourteen i think everyone has been very impressed by the quality of the facilities the finished is it's exceptionally high and there were thing else around so two years from now watch i mention. it's great to have her welcome lanterns here is one of these things. the twenty twelve world cup program is one state shorter than usual due to the london olympics scheduled for the end of the summer so for many athletes this tournament was the last chance to find their best form ahead of the domestic championships which will ultimately determine all the olympic games but this offense can add in team leader adam van cool withered and is guaranteed in the olympic sport already but he found the motivation to see all of their position in

the kayak one thousand meters final i'm very excited and honored to represent my country again i'm a lot more to london looking forward to being with you know her strong european team a small but strong kenyan team and in my third olympics representing canada so much out of the russian olympic sport will be named at the end of june after the domestic championships and it will be a tough choice for the team's coach just as the country will compete in eleven of the twelve disciplines yury poster guy and alexandra de chan could have been lead in competitors for russia in recent months when goals are the most the world cup stage in the case. to class but even they see room for improvement because we're here we're going to listen to us and we're here we were first place and duesberg now we are first here in moscow and there's obviously a ferry but there are still some negatives to be eliminated from or four minutes to come on then we're going to do that if you get there with our team the great

coaches medical staff and the rest of the couple it's the better for me in their limb pickier the results of the world cup events are often under the shadow of the world's biggest competition it applies to a huge variety of sports in a row in is no exception that's when the time comes the sports best will bear dhoni lake hoping to create their own little bit of history. artsy moscow. and that is where we have to leave the sport for now whether it's next year in twenty four hour party. i had a family i lived in this elite nice community was it which was an upscale it was just like you know archie bunker society ok then they started showing up here what happened was my company decided i could get cheap labor and they got rid of.

most illegal a flood legally we have to get up every morning we have to go to work and you know we have to pay our bills and we have to do it and that's just the american dream and if you want the american dream you have to go by the last i figure it's here's one of the major trails in the united states and. i watch and they run run down my property and something about this noise. all those people mean that cockroaches from coming over the wire is protecting the country and the kind of guy who doesn't mind goodness pay and sturdy so i come out here you know we're all immigrants as well that we all do some somewhere else.

glad to get. wealthy british style some time to write with every single. market.