you're watching r t the main stories we're covering for you outside syria center stage at the russia e.u. summit european leaders are likely to push russia to exert more pressure on damascus moscow urges dialogue to resolve the conflict. also syria's president assad did cries the blue massacre and blasts the perpetrators as monsters off pressure attempts to blame his regime of being labeled as part of a plan to engineer foreign military intervention. blasts the court verdict on egypt's ousted leader hosni mubarak on date nights this continuing protest both

candidates competing in the presidential election seek to exploit the sentencing. right next door to talk to american economist on the nobel laureate eric mascon to find out what he thinks is on the horizon for the troubled world economy. mask in kabul our 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'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 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have been solved by by virtue of having a centralized europe according to media reports three billion in cash was withdrawn from greek banks.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 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 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'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 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 its 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. 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 i i think a much more important problem in the united states is to get three a con and

a 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 agency is saying a 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 u.s.

debts from aaa to double why. that didn't do the crisis any favor that there were there were 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 can i 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 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 wedding when the problems. of the problems that this asymmetry generated actually. came to reality in

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 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 but it can happen how rough can we get really if that happened it could be very bad for for greece like well 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. things are 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 theater and. 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. i had a family i lived in a failing nice community wasn't rich it was an upscale it was just like you know archie bunker's society ok then they started showing up what happened was my company decided i could get cheap labor and they got rid of us. is there. was legally allowed 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 like figure here's one of the major trails in the united states. i watch and they run run down my property and something about this noisy. bar is

a little mean that cockroaches from coming over the wire is protecting the country i'm the kind of guy who doesn't mind good news pants dirty so i come out here you know we're all immigrants and well know that we all here from somewhere else. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realized everything you thought you knew you don't know i'm tom harpur welcome to the big picture. on. the news today violence is once again flared up the film these are the images the world has been seeing from the streets of canada.

china corporations are old today. syria center stage at the russia e.u. summit with european leaders are likely to push russia to exert more pressure on damascus moscow has dialogue to resolve the conflict. syria's president decries the houla 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. plus the court verdict on egypt's ousted leader hosni mubarak and his aides ignites fierce continuing protest as both candidates competing in the presidential election seek to exploit the sentencing. coming up next latest in the world of sports where you can.

thanks terry great to have you with us this is what's coming up on this edition of sports today. all alone maria sharapova becomes russia's so remaining clear in the french open up perspective on the coast. to sara errani. out of the rough tiger woods and the worst return run of his career with the stunning when the memorial. plays host to leave the stage of the world cup which was an important tournament for verses of the big twelve. best tennis where maria sharapova is the sole russian remaining at the french open after such a crush start in straight sets to italy star irani on sunday kuznetsova feeling to

even pick up a game in the first set of their last sixteen encounter the twenty six seafaring better in the second but eventually within six months time around the rules two thousand and eight champion coming in from the beach now faces germany. which is the biggest upset of the tournament to date the slovak knocking out world number one victoria azarenka easily securing the opener six to. eight she found the perfect. all right that brings us to the men's game where both of the big guns in action on sunday made it safely through to the last eight were number one on top seed novak djokovic though have a scare telling the. stiff opposition to set before but finally in the next three. i was very fortunate to. to come through

to this match i was fighting in. when i was two thirds now i believe i could win a match and i think. you know the only positive i can really pick up from 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 out five seven seven five six two six four against the twenty one belgian. football russian have arrived at their base camp in poland as the countdown to euro two thousand and twelve continues they face the czech republic on friday on the opening day dick advocaat two oversaw a three nil win against italy in a friendly last week stating beforehand that the squad already. the results are always important. to go to holland saying that. 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 it's a lose. meanwhile russia's first opponents are also now in poland the czech republic electing to take a seven hour train ride to their base and. michael bell x. men finish second in qualifying behind defending champion spain and how to beat montenegro in a playoff to put their place up the tournament the country has qualified for all five european championships since the break up of czechoslovakia with their best performance coming in one thousand nine hundred six when they lost to germany in the final. gulf war 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 nicklaus's p.g.a. tour a win mark seventy three in the process tiger also doing it on a course nicklaus in fact designed the american started by raising a four shot deficit making the second of his three straight birdies here on the

sixth. tiger with this birdie on the sixteenth to the thirty six year old hit a perfect effort from the rough on the par three hole tiger eventually seeing off. by two shots nicklaus himself on hand to congratulate the winner fourteen time major champion woods now aims to reach jack's mark of eighteen he could potentially edged closer to that in a fortnight's time when the u.s. open to. comment i had a good today i really did i didn't really miss a shot today and that was some good stuff i needed it and you know the birdies you know three last four which which was nice the time i was i think three or four back at the time and needed a push and. i finished it off and you know guys better commit a couple mistakes but it's so easy to do you know sixteen spying saw and i got away with one there and it was a big swing. while tongue chai j.d.

is celebrating a golfing milestone of his own after winning the wales open by a shot. the forty two year old overcoming a double bogey on the ninth to claim his first european tour title side of asia inclement weather conditions doing little to slow down the overnight leader he carded three straight birdies to start that back nine to fight leaving thomas bjorn gonzalo fernandez no. richard stern all to settle for second place it's g.-d's first european tour wins. from one high octane engine to many your game lorenza winning the company a grand prix in spain to extend his overall lead off the top of the moto g.p. standings to a hefty twenty points reigning world champion casey stoner was on the finish fourth in his honda dummy it was second five seconds behind his compartment lorenzo while another yamaha rider under the sea also completed the podium so the top of the hundred fifty points after five of the eighteen races pleaded stoner on patrols to

lie second on. the 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 with both the western and eastern conference finals series all square after four games the boston celtics on sunday time their best of seven battle with miami in the east following overtime. fifteen points and fifteen assists he scored what proved to be the final three points all the extra session lebron james meanwhile scored twenty nine but. a crucial stage in the sea miami though can now enjoy home court advantage with game five taking place on tuesday inside because. i don't want to be too aggressive because i'm going to have four off as a fouls but. you know how to get mighty amazing you know is not a woman show it's not a two man show we have. put the ball in whoa and we look for each other so. i

don't feel like i had to force anything just try to run the car called the sets which were. you know they deliver. let's finish up this program on the war for moscow this weekend played host to the final stage of the canoe sprint world cup but there is even more at stake than global bragging rights archon gregorian explains. back corrales garo in an canoe in canal is no stranger to hosting major events and it was one of the olympic venues and the nineteen eighties some a games in moscow it was here that athletes from the soviet union and german democratic republic reigned supreme clinching for gold sippy. thirty two years on has undergone a major innovation and was used to host the third and final stage of the c.s. canoe sprint world cup it's being 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 that finished it's exceptionally high and they were thing else around so two years from the world championship it's great to have her world cup matches here it's 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 the head of the domestic championships which will ultimately determine all the olympic games participants can add in team leader adam dunn 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 on are going to represent my country and will want more to london looking forward to being with you know her strong here in team a small of

a strong kenyan team and in my third olympics representing canada so my side 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 coach just as the country will compete in eleven of the twelve disciplines yury post trigger and alexandra de chant or have been lead in competitors for russia in recent months when goals are the most a world cup stage in the case. to class but even they see room for improvement with working regularly such as we are here we were first place in duesberg now we are first here in moscow and it's obviously a very good choice but there are still some negatives to be eliminated from our performance like among them we're going to do that together with our team the great coaches medical staff and the rest of the boards ahead of me in their limp ikey of 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 be a dhoni lake hoping to create their own little bit of history. artsy moscow. and that's all your sport for now i'll be back in just under two hours time with more. we'll. go an six assists it's six six and

six weeks thanks. six six six six six .

more news today violence is once again flared up. these are the images the world.