paid in june and then you have people and companies transferring their assets out of the country how much worse can actually 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 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 with grown 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 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 a 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 and 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 and 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 as the idea of a 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 loud and stellar. but is dollar a safe bet at this point i mean america itself has

a huge gap and it's government at 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 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 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. 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 already facing 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 all weight. 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 where 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 but it can happen how rough can it get really if that happened 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 on 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 in one year's time from now this is a question of 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 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. 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 here what happened was my company decided i could get cheap labor and they got rid of us. these are long roots in the eaglets line 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 to the united states. why should they rent ran down my property and about this noise. this whole damn game that cockroaches from coming over the wire is protecting the country and the kind of guy who doesn't mind it is pants dirty so i come out here you know we're all immigrants as well that we all are here some sorry ass.

syrian rebels reject the u.n. peace plan and renew international calls to impose a no fly zone to force out president also has voiced his bro in some arab and western countries for armed action after the civilian smarter. despite expectations syria would also dominate the russia even summit in st petersburg it was russia's own affairs that were in the spotlight when commenting once again on the imprisonment of former oil tycoon mikhail cover for ski budgeter putin reiterated that there was no political interference in the case. and thousands of canadian students returned to the streets to protest against the rising cost of education two days after talks of go back authorities on the issue

broke down protesters also say they fear their country is kompany in the u.s. so that's landed young americans in the damn. car now for some sports action here in r t with paul. thank you and also welcome to the world of sports is what we've got coming up still a standing russia's sole representative in the french open maria sharapova books her place in the quarterfinals with a three set win over czech plowers a couple of hours. out of the rough tiger woods ends the worst three tournament run of his career with a stunning when the memorial. and the river run up moscow plays host to the latest stage of the canoe world cup which also acts as an important prep tournament for russia's london twenty twelve olympic hopefuls. but let's start on the clay

court of the french open where russia's only remaining representative maria sharapova has booked her place in the quarterfinals who though she was pushed all the way into her last sixteen tie unseated paul over becoming the first player to take a set off shore up over in the tournament although the siberian native rallied to win the decider also a surprise result with defending champion lead all being not child virus lara's for dover of kazakhstan a dominant display in the final set from the kazakh wimbledon champion patrick of it is up against american bravado that cenk a little later on also connecting of dystonia takes on our own children of the netherlands. well in the men's draw frenchman joe wilfred stronger completed his fourth round match with stanislav but nga the home favorite book in his place in the quarterfinals with a five set six four seven six three six three six six four victory his reward in the last eight clash with world number one novak djokovic. former u.s. open champion juan martin del potro was also through to the quarterfinals he

checked thomas but it seemed a battle of the big service he came through in four sets seven six one six six three seven five the origin time now means roger federer. meanwhile spotted progress today expensive compared to marcel granollers a comfortable straight sets win a six three six two six love next up in the last eight is either. cascade. or they're in action right now in gas k. giving the home fans something to cheer about taking the first six one of them are elites in the second world number two when defending champion rafael nadal is two sets up one monaco of argentina spaniard nicolas almagro young gunships out of it in straight sets. now the gulf where it's been a weekend to remember for tiger woods the former world number one winning the memorial tournament for the fifth time equalling jack nicklaus's record of seventy three p.g.a. tour wins 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 on the sixth. go with this birdie on the sixteenth is the thirty six year old hit a perfect effort for the rough on the path for a whole tiger eventually sing off. by two shots nicklaus himself is on hand to congratulate the winner words a fourteen time major winner now aiming to reach nicklaus his mark of eighteen who could potentially explosive in a food like time when the u.s. open to. america today i really did i miss a shot. of some good stuff i needed 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. 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 sixteen strikes or you know i got away with one there and it was a big swing. now cricket legend such intent has joined the growing list of athletes moving. in the world of sports to the world of politics the first cricketer to score one hundred international centuries sworn in as a member of india's upper house of parliament on monday the thirty nine year old is quite simply a living legend in his home country had been widely considered an a political cricketer and surprised many with his nomination from the ruling congress party last month the batsman wants to make sports related issues his area of expertise but he says he won't be hanging up his back anytime soon. but. i will let everyone know when i will stop wicket but at this moment my focus will be on cricket and as and when you know there is time in between i will look at other things and see how i can help and bring in whatever changes not only cricket but

all of the sports now there are no clear 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 tying their best of seven contests with miami following overtime rajon rondo notching fifteen points and fifteen assessed as he scored what proved to be the crucial final three points of the recession miami 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 affairs but. you know how to get mighty mazen is not a one man shows no two man show we have. put the banjo and we look for each other so. i don't feel like i had to force anything just try to run. which will. you know they deliver. meanwhile in the west going five between the under-funded takes place on monday that series is also perfectly poised to two after four games with both sides having won their home much as in the best of seven series oklahoma

won game four one hundred nine points to one hundred three to level the series which now moves to san antonio. now to. the water in 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 our time to go to explains. carrillo it's kero in canoe and canal is no stranger to hosting major events and it was one of the olympic venues in the nineteen eight 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 aska 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 the finished is it's exceptionally high and there are thing else around so two years from the world championship it's great to have him for a world cup match it's all of these things. but twenty twelve world cup program is one state shorter than usual due to the london olympics scheduled for the end of the some a cell 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 colored 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 or near everything among them for example one of the more to london looking forward to being with you know her strong syrian team a small but strong came team. 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 coaches as the country will compete in eleven of the twelve disciplines yury post alexander. have been leading competitors for russia in recent months win gold of the most world cup stage in the k two class but even they see room for improvement. for the regularly such as we were first place in twos per hour 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 i'm going to do that together with our team coaches medical. and the rest. of. india lim 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 but when the time comes the

sports bears will be doing the lake hoping to create their own little bit of history. see more school. now 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 italy minnick off facing american eddie sanchez the twenty nine year old is the vastly more experienced of the two competitors he's won thirteen of his nine hundred fights and has competed on the world's biggest stage at m.m.a. promotion such as u.f.c. and palatal his russian opponent however is the three time world sambo champion who strength is obvious with four of his seven professional wins by way of submission. which is 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 and i would like to wish every the best of luck but it's

a safe bet that will produce many surprises for him as we pour stuff would be the standing straight he says he's ready for anywhere so we'll see a lot of surprises. so i hope the surprise there is a steroids feel it's all see we'll see what happens i think that's a lot of talk what's a fire comes i'll. throw. well that is all from the world of sports now i'll have more for you in a little under two hours time join me then. busy bees.

good leverage sure. was to build the most sophisticated robot which on fortunately doesn't give a darn about anything mission to teach creation why it should care about you and. this is why you should care only.

the. syrian rebels reject the un peace plan and renew international calls to impose a no fly zone to force out president. thousands of canadian students return to the streets to protest against the rising cost of education here in their country is copying the u.s. system that's landed young americans deep in debt. and trouble in tripoli armed militia men take over libya libyan capital's international airport and ground all flights to manning the release of one of their leaders. one pm in moscow this is r t coming to you live from new sanaa it with our top

story the opposition's free syrian army says it's no longer committed to the u.n. backed peace plan. instead it wants foreign states to impose a no fly zone to help oust president also that that's as voices grow in some arab and western nations for armed action after the civilian slaughter in houla but it's more of the knows the reports recent incursions set dangerous precedence. ten days after the terrible massacre in the syrian city of houla the world is still watching to see how these 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 french president saying the same thing the americans of us.