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 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 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have been solved by by virtue of having a centralized europe according to media reports three billion in cash was withdrawn from great banks.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 backs banks hold how sustainable is that well it was clearly such transfers that cats 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 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 whether or not nearly. as serious trouble as 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 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 at dumping the here assets and it's no surprise that it's running really low again stellar. but is dollar a safe bet at this point i mean america itself has a huge tax and government debt 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 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 that that started 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 was some temporary turbulence as a result of that i don't think in the long run. if 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 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 we're 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 where when the problems. 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 we'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 people like in greece right. but but it can happen how rough can it 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. and so long term depression unemployment could grow to astronomical heights 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 theatre and 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. well. it's technology innovation all the developments from around russia we've done the future coverage. of the.

mission to teach.

only. the rising cost of education.

this is a well sport. thank you kevin well commit to the sports headlines here is what's coming up the one i don't really rush is a sole representative in the french open maria sharapova looks to become a place in the last eight of the competition against jet clock as a couple of. out over the rough tiger woods and the worst three tournament run of his career with a stunning win at the memorial. riverrun moscow plays host to the latest stage of the canoe world cup which also acts as an important prep tournament for russia's london two thousand and twelve olympic hopefuls. but let's start on the clay courts of the french open where russia's only remaining representative maria sharapova has

just dropped tough set of the tournament the second seed is taking on unseeded clough as a part of the czech republic things went to form in the first set but her opponent has just won a second set tied right to take it into a decider although sharapova is up a break in the third set the defending champion li nar is up against jaroslava shift over of kazakhstan also into a deciding set in that one a real turn up for the book is leading for love in the final set so the defending champions league an all could be on her way out of the competition before the quarter final stage later in champion petrovich about face american bravado. can at the ever stone is up against our own children of the netherlands. well in the men's draw french enjoy wilford song completed his fourth round match with stanislav one hundred favorite book in his place in the last night with a five set six four seven six three six three six six four win his reward in the

last eight a clash with world number one moved out joke of it. well former u.s. open champion upon martin del potro was also. through to the quarterfinals he be checked almost but it in a battle of the big service he came through in four sets seven six one six six three seven five yards in time now meets roger federer. meanwhile spawning progress to the expense of compared to marcel granollers a comfortable straight sets win six three six two six love the next up in the last eight is either andy murray ryszard gasket. while they go head to head a little later on elsewhere spaniard nicolas almagro beats out of it in straight sets a world number two understanding champion rafael nadal plays one of monaco. now to go off way it's been a weekend to remember for tiger woods the former world number one winning the memorial tournament for the fifth time including jack nicklaus his record of

seventy three p.g.a. tour wins 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 strength on the six pointed star go with this birdie on the sixteenth as the thirty six year old hit a perfect effort from the rough on the par three hole target eventually seeing off lawrie sabatini on down to wrestle narrowed by two shots nicklaus himself on hand to congratulate the winner would say fourteen time major winner now leaning to reach nicholas his mark of a team that could potentially edge closer in a fortnight's time when the u.s. open to. america 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 lost four of 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 you guys better get a couple mistakes but it's so easy to do you know sixteen spikes all. and i got away with one there and it was a big story. now such intent has joined the growing list of athletes moving from the world of sport to the world of politics the first cricketer to score one hundred international century sworn in as a member of india's opera house of parliament on monday the thirty nine year old is quite simply a moving legend in his home country and delta had been widely considered it a political creation and surprised many with his nomination from the ruling congress party last month the batsman says he won't leave the crease yet by and wants to make sports related issues his area of expertise the two thousand and eleven world cup we're not just playing one hundred eighty eight tests since debuting on the global scene back in one thousand nine hundred ninety. now there are no cliff favorites 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 contest with miami following overtime rajon rondo notching fifteen points and fifteen assists as he scored what proved to be the crucial final three points of the extra session in miami that i now enjoy home court advantage with game five taking place on tuesday in south beach. i don't want to be too aggressive because a lot of area for office if. you know you might see mazen is not a one man show it's not a two man show we have. put a ban ho and we look for each other so. i don't feel like i have to force anything just try to run a car. which will. deliver. meanwhile in the west going five between the thunder takes place on monday that series is also perfectly poised to two off the four games with both sides having one hundred matches in the best of seven series oklahoma one game four one hundred nine one

hundred three to level the series which now moves to san antonio. now to the water and moscow this weekend played host to the final stage of the canoe sprint world cup but there was even more stake than global bragging rights as all time grigori and six planes. corrales kero in canoe and canal is no stranger to hosting major events and there is one of the olympic then use of the nineteen eighty summer games in moscow it was here that f.a. strong the soviet union in german democratic republic reign security in 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 screen 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 his sectional had there were thing else around so two years from the world championship it's great to have her welcome lanterns here 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 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 end in team leader adam vancouver there 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 honored to represent my hundred and one woman for the 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 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 repulsor day 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. that even they see room for improvement is working regularly such as we're here we're first place and duesberg first here in moscow and it's obviously very good but there are still some negatives to be eliminated from or four minutes think among them we're going to do with our team the great coaches medical staff on the grid. in the olympic year the results of the world cup events iraq fernanda 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 be duly lake hoping to create their own little bit of history.

art see more school. and finally that brings us to martial arts where the fight night showdown returns to the russian capital for the seventh time on thursday the top of the bell will see one of russia's best heavyweight prospects for three minutes off facing american ninety sanchez the twenty nine year old is the vast the more experienced of the two competitors he's won thirteen of his nineteen fights in his competed on the world's biggest stage m.m.a. . u.f.c. i'm palatal his russian opponent however is the three time world somebody the strength is all b.s. with four of his seven professional wins by way of submission. here is my message to eddie do not relax stay focused i have a lot to offer in the ring i'm looking forward to despite this and i would like to wish every the best of luck but it's a safe bet i will produce many surprises for him as we. would be the standing

stretching he says he's ready for anywhere so we'll see surprises. so i hope to surprise. so we'll see we'll see what happens i think that's a lot of talk what's a fire comes i'll. try to throw. well that is all from the world of sport i'll have more in a little under two hours time to join me then. soon which brightened if you need me soon from feinstein freshened some. news for instance on t.v. dot com. wealthy british style stock.

market why not. find out what's really happening to the global economy with much stronger for a no holds barred look at the global financial headlines in two kinds a report. syrian

rebels reject the u.n. peace plan and renew international calls to impose a no fly zone to force out a president a sad also. if someone suggests i go to prison we don't have good company but him a potent response to opposition leaflets given out during the russian review summit in st petersburg but again stresses there were no political motives behind the jailing of former all tycoon mikhail khodorkovsky. and sounds of canadian students return to the streets to protest against the rising cost of education fearing the country's copying the us system has landed young americans deep in debt. hello seven pm monday evening here in moscow this is r t it's kevin zero in here

with you this hour and first the rebel free syrian army says it's no longer committed to the un backed peace plan it's developing news this hour instead it wants foreign states to impose a no fly zone to help president assad that's his voice is grow in some arab and western nations for armed action after the civilian slaughter and hold but it's rare for national reports no recent incursions said dangerous. didn't. 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.