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 of 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have been solved by by virtue of having a centralized europe according to media reports three billion in cash was withdrawn from greek banks.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 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 all soak up the already sure spain has. some real problems too. and. while they have while they're not nearly. as serious trouble. 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 at 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 and 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 of national debts and so the european objects some fund managers are openly right now i think they hear assets and it's no surprise that it's running really logans 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. a debt problem in the u.s. in the sense that the debt to g.d.p. ratio is higher than it normally is 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 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 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 that 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 the u.s. debt. for a pull way to double why. that didn't do the crisis any favor or 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 can i ask you something if let's say two three men four years ago someone would have sat that you were really 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 deliver girls 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 were 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 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 relief that happen it could be very bad for for greece 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 well. into a long term depression unemployment could grow to astronomical 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 the greece will leave the theatre here 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.

i had a family i lived in a nice community wasn't rich it was an upscale it was just like you know our society ok then they started showing up here what happened was my company decided i could get cheap labor and they got rid of. all negroes illegally and 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 law so i figure this here's one of the major trails in the united states. i watch and they run down my property and about this noise. was illegal. orders from coming over the wire is protecting the country the kind of guy who doesn't mindedness pay and

sturdy so i come out here you know we're all immigrants that we all share some thoughts. 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 realize everything you thought. i'm tom harpur welcome to the big picture. more news today violence is once again flared up. these are the images has been seeing from the streets of canada. china corporations are 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 done a log to resolve the conflict. syria's president 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. plus 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. coming up next latest in the world of sports with.

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 sole remaining clear in the french open after said. sara errani. out of the rough tiger woods ends the worst run of his career with the stunning when the memorial. place hosted leave the stage of the world cup which was an important tournament for one hundred twelve hopeful. 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 without incident by around me you also know a 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 two. eight five she found the perfect. are 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. stiff opposition to set before but finally in the next three. i was very fortunate. to come through to this match i was fighting in. when i was two so it's now i believe that includes how you could win a match and think. you know the only pulls it through you can really become from

from to this much 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 qualifier dava golf and the swiss third seed eventually winning out five seven seven five six two six four games the twenty one belgian. to footballer russia 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. well. we were. saying that. the most important thing is that you can see the. important for us to see if we did. but i would give the same answer if we lost the

game because it's a lose. russia's first opponents are also now in poland the czech republic electing to take a seven hour train ride to their base and of. 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 fun. 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 the 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 vintage 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. by

two shots nicklaus himself on hand to congratulate the winner fourteen time major champion woods now aims to reach jack's mark with eighteen could potentially edge closer to that in a fortnight's time u.s. open. and i had a good today i really did i miss a shot today and some good stuff i needed it and you know the birdie you know three last four which was nice the time i was three or four back at the time and needed a push and. i finished. often you know you guys better going to couple mistakes but it's so easy to do you know sixteen supplying saw and i got away with one there and it was a big swing. while talking 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 bok nine thought leaving thomas bjorn gonzalo fernandez. richard stern all to settle for second place it's g.-d's first european tour winston. from one high octane engine to many your game lorenzo winning the grand prix in spain to extend his overall lead off the top of the moto g.p. standings to a hefty twenty points reaming world champion casey stoner was on full but finished fourth in his honda dani pedrosa was second five seconds behind his compacted lorenzo while another yamaha rider under the sea also completed the podium. top one hundred fifty points after five of the eighteen races pleaded stoner on patrols to lie second on. the battlefield to one of his mistakes and won going into

their leadership push on the maximum going to. want. 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 bottom at miami in the east following over time. 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. and now enjoy home court advantage with game five taking place on tuesday. so i think it's. i don't want to be too aggressive because i would like a very for office if i was but. you know how to get mighty amazing you know is not a one man show it's not a two may show we have five guys in the court put the bond ho and we look for each other so. i don't feel like i have to force anything i just try to run

a car called assess which will you know carry in part you know they deliver. let's finish up this program on the water moscow this weekend played host to the final stage of the canoe sprint world cup but there was even more at stake lobel bragging rights are koreans explains. akhet corrales kero n n 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 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 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

to. see sectional path and they were thing else around so two years from the world championship it's great to have him for world cup matches as 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 some a 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 participants can add in team leader adam dunn cool weather is guaranteed in the olympic sport already but he found the motivation to seek all of their position in the kayak one thousand meters final i'm very excited and on are not representing my country and will want more to london looking forward to being with you know her strong opinion team a small but strong came team. in my third olympics representing canada somehow excited 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 alexandra de chan could have been leading competitors for russia in recent months when goals of the most world cup stage in the case. to class but even they see room for improvement with working regularly such as we're here we were first police in duesberg now we are first here in moscow and it's obviously a very good 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 and 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 and it's only europeans artsy moscow. and after all your sport for now i'll be back in just under two hours time with more. the ego in. the air limits to six it's just such an exit

. six or.

more news today violence is once again flared up. these are the images the world has been seeing from the streets of canada. showing up for a shelter all day. syria

center stage russia e.u. summit with european leaders likely to push russia to exert more pressure on damascus. dialogue to resolve the conflict. syria's president cries the massacre and loss the perpetrators of monsters. to blame his regime being enabled us. to engineer foreign military intervention. thousands of students protest against a dramatic hike in tuition fees which will double the cost to third level education saying the government should stop its southern neighbor. third biggest company asked b.p. plans and that said major. business in about twenty minutes.

costing live from the heart of the russian capital this is. calls for outside military intervention in syria and laying blame only on the assad regime for the violence have been vigorously opposed by russia which has been pushing for dialogue instead this position is expected to be put to the test at the russian summit in st petersburg more on this. summit is coming to a close now so what outcome can we expect from all this do you think. well i well it does not seem like we can expect any major breakthroughs on the council of syria because russia and european leaders are still have a lot of things to tinker out in all matters concerning this particular international matter of course syria has been increasing recently as.