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 said and 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 italy and 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have been solved by by virtue of having a centralized europe according to me reports three billion in cash was withdrawn from great banks. since last election in may and that's nearly two percent of all the cash greek band tax 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

some other steps and greece and and did not do so spanish banks bankia has requested that because spain allowed in spanish banking history and have the spanish banks 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'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 ease the fiscal problems 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 a euro bonds to translates private debts and. or of 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 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 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 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 from aaa to double i. that

didn't do the crisis any favor that there were there with there was some temporary turbulence as a result of that i don't think in the long run. if 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 maybe four years ago someone would have sat that you were already facing a 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 do the girls now is 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 would not at all miss that there were many economists many prominent economists who pointed out at the founding of the monetary union beginning at 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 when when the problems. the problems that this asymmetry generated actually. came to reality is 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 they'll 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 it can happen how rough can it get relief that happen it could be very bad for for greece it's 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. and so 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 aren't by no means currently as bad as they as they could get more do you think chris 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 on politics i think at this point given what has happened it's more likely than not that greece will leave the. 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 multitracks me personally mentoring it seems to me a lot of people at area just go with just 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 honest we. we want to present. something.

the official altie application. from the. law is on the. video on demand. and on. the palm of your. question.

syria's president cries the. last. part of a. foreign military intervention. in syria sent to stage two of the russia. the european leaders to push russia more pressure on damascus. the conflict. ignites continued protests as both candidates competing in the presidential election seek to exploit the. unions air 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 the say in a golfing way out by tiger woods but today very much we have more than one coming

up in just a sec. this is sports today 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. me . out of the rough tiger woods ends the worst three tournament run of his career with a stunning win up the memorial. plays host to the latest stage of the canoe world cup which is an important tournament for russia's a limping twenty twelve olympic hopefuls. let's start with tennis room reassure up of is the sole russian remaining at the french open months after such a crush dug in straight sets to at least sorry running on sunday because the it's

all a feeling to even pick up a game in the first set of their last sixteen encounter the twenty six better in the second but eventually went on six seven five around the. clock on a champion on the in front of each faces germany under the curve. produced the biggest upset all of the tournament at the slovak knocking our top seed victoria azarenka. securing the opener to the second set on a break dancing to the quarterfinals of the expense of the number one. brings to the men's game where both of the big guns in action on sunday minutes see a free through to the quarter finals in paris were number one on top seed novak djokovic though how to scare italian. the proving stiff opposition taking you into the set before talk of which finally came good in the next. i was very fortunate to do so to come through through this match i was fighting in when i was two

says now i believe i could win a match and i think. you know the only positive i can really pick up from from today's match the only other man to make the quarterfinals as yet didn't have the easiest of days either roger federer needing to overcome a first set deficit to ice qualifier david goffin the swiss third seed eventually winning i five seven seven five six two six four against the. belgian. to football russia have arrived at their base camp in poland as the kind down to euro two thousand and twelve continues they face the czech republic on friday on the opening day manager dick advocaat who oversaw three nil win over italy in a friendly last week stating the squad are ready. well the results are always important the. whole old saying that. the most important thing is that you can see do you make improvement. that it was important for us to see if we

did. but i would give the same answer if we lost a 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. 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. and let's talk golf for 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 a course nicklaus designed the american starting raising a four shot deficit making the second of a string st bernard zero six vintage tiger with this birdie on the sixteenth to

coming up as the thirty six children a perfect effort from the rough on the par three hole. tiger eventually seeing all three seventy under british rule mero by two shots because himself on hand after that's to congratulate the winner fourteen time major champion woods now in st john's market eighteen with the u.s. open starting at. home and i had a good today i really did i miss a shot today and that was some good stuff i needed it and you know the birdie you know three last four which which was nice the time i was three or four back at the time and needed a push and. i finished it off and you know the guys better going to couple mistakes but it's so easy to do you know six teams playing sort of and i got away with one there and it was a big swing. now from one high octane engine to many who are yeller and so winning

the castlevania grand prix in spain to extend his overall lead at the top of the motor g.p. standings to a hefty twenty points reaming world champion casey stoner was on pole. but finished fourth in his honda dose of the second five seconds behind his popular end so another yamaha rider on various the v.c. also completed the podium a further five seconds. hope of a hundred fifteen points after five of eighteen races completed. second. one of his mistakes and one going into their leadership push on the maximum. there are no clear favorites anymore in the n.b.a. playoffs of both the western conference finals series all square after four games the boston celtics on sunday time their best of seven buffel with miami in the east after overtime rejoin rhonda notching fifteen points fifteen assists as he scored

what proved to be the final three points of the extra session le bron james meanwhile scored twenty nine for to follow diet for the first time since joining the heat twenty ten. in joy home court next with game five and choose the side 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. acting career last kero in canoeing 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 old 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 is being very impressed by the quality of the facilities to finished this is exceptional hand there is thing else around so two years from the world championship. credit however welcome mat is all 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 dunn cooler than 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 hundred and one of the four to

london looking forward to being with you know her strong union team a small but strong kenyan team and in my third olympics representing canada marks out of the russian olympic squad will be named at the end of june after the domestic championships and it will be a tough choice for the team's coaches as the country will compete in eleven of the twelve disciplines yuri post today and alexandra de chant i have been lead in competitors for russia in recent months when goals are the most broke up stage in the case. to class that even they see room for improvement was working regularly successfully here we were first place in duesberg now we are first here in moscow and it's obviously a very good news but there are still some negatives to be eliminated from or four minutes to come on and we're going to get there with our team coaches medical staff and the rest of the boards that are. in there 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 rowing 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 mosco and that is where we have to leave the sport for now whether it's next year and twenty four hour party. they had a family they lived in a nice community wasn't which was an upscale it was just like you know archie bunker society. then they started showing up what happened was my company decided i could get cheap labor and they got rid of. most illegal a flood legally. every morning we have to go to work and you know we have to pay

our bills and we have to do. it 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 trails into the united states. and they run down my property and something about this noise. from the wire is protecting the country and the kind of guy who doesn't mind in this plant sturdy so i come out here you know we're all immigrants as well that we all do something.

for. wealthy british style. market. really happening to the global economy.

global financial headlines. for. leaders likely to put. more pressure on the. log is the best way to resolve the conflict more details just ahead. syria's president. and his regime being part of a plan to engineer military intervention. egypt's ousted leader. ignites a protest as both candidates competing in the presidential election. and russian markets.

live from moscow twenty four hours a day this is. calls for outside military intervention in syria. only on the assad regime for the violence have been vigorously opposed by russia which has been pushing for a dialogue instead of this position six. spec to be put to the test russia e.u. summit in st petersburg for more on this let's go live now to. the meeting is one under way now what do we expect to come out of it. well of course as we know that europe and the west in general particularly the united states seem to be adamant about seeing the president also said leave his post and leave syria to.