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 will 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 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have been solved by by virtue of having a centralized europe according to media reports three billion in cash was withdrawn from great banks.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 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 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 greece it's. it's bad and the austerity program there. 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. 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 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. european debts some fund managers are openly right now dumping the hero 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 gap and it's 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 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 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 bitty thing 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. debts from purple a to the 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 can i ask you something if let's say two three mean when 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 a 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 where when the problems. the problems that this asymmetry generated actually. came to reality

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 happened 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 we get really if that happens 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 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. the. things are by no means currently as bad as they as they could get more 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 that greece will leave the union that i don't i can't say that with enormous confidence but. the signs seem to be pointing in that direction like

my skin thank you very much for this interview my pleasure. culture is that so much in a moment taxpayers' money meant ization it means a lot of people out here you just go and try to just the west when it comes to soft power because the west specifically the us losing its ability to influence others through weak sample. there hasn't been anything good on t.v. . it is to get the maximum political impact of all six before the source material is worth helps keep journalism honest we want. us we want to

present. something else. on. leaks. the little movies. just sleep. on. the for. the most some.

of. the. party's top stories syrian rebels for jack the u.n. can supply them renew international calls. imposed a no fly zone for sound president also puts the voices grow in some arab and western countries for armed action after the civilian stronger including. thousands of canadian students returned to the streets to protest against the rising cost of education two days after talks with pullback authorities on the issue broke down protesters also say they fear their country is copied the u.s. system is splendid young americans deep in debt and. trouble in tripoli armed militia men take over libyan capital so international airport storming in with heavy machine guns an armored vehicle classes are now reported to be taking place as the group demands the release of one of its leaders. up next is the latest sport

here on r t with paul. thank you very much lisa hello welcome to the world of sport is what we call coming up still standing russia's so representative in the french open maria sharapova place in the quarterfinals with a three step win over czech klara as a couple of. out of the rough tiger woods ends 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 new world cup which will say well this is an important prep tournament for russia's london twenty twelve olympic hopefuls. but let's start on the clay courts of the french open where the only remaining russian in the competition maria sharapova has booked her place in the quarterfinals although she was pushed all the

way in her last sixteen tie unseeded czech klara soccer part of her becoming the first player to take a set off shore up over in the tournament the thirty year old won the second on a tiebreaker over the siberian native rallied to win six four six seven six two and set up a quarterfinal with kaia kanepi aren't shah rukh's. should have serena williams on world number one victoria azarenka there was a further surprise on monday defending champion leno knocked out by unseated jaroslava shredded. three hundred seventy three six six two six love. meanwhile woman champion patrick of it ever beat american. in straight sets to reach the quarters. of a stone he is currently taking on a ranch of the use of the netherlands for the right to face your africa has just gone to a third and this side exact. meanwhile in the men's drop joe will fit stronger i won his last sixteen tie against on a slab brought into the home favorable to his place in the quarterfinals with

a five set six four seven six three six three six six four were. his reward in the last eight was a clash with world number one most joke of it which. former u.s. open champion juan martin del potro is also through to the quarterfinals he paycheck thomas but it back of the big service he came through in four sets seven six one six six three seven five the argentine now meet roger federer. meanwhile spaniard david for progress to the expensive compared to marcel granollers a comfortable straight sets win in the end six three six two six love next up in the last eight is andy murray. is the fourth seed knocked out home favorite ryszard cascade despite losing the first set of world number two and defending champion rafael nadal was enormous for as he dispatch one monaco six to six larger six love elsewhere spaniard nicolas almagro bianco tips out of it in

straight sets. now to gold 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 history straight birdies here on the british tiger with this birdie on the sixteenth as the thirty six year old hit a perfect effort in the rough on the path of the whole tiger venture missing off. the marrow by two shots nicklaus himself on hand to congratulate the winner a fourteen time major winner now aiming to reach nicklaus his mark eighteen it could potentially edge closer for its time when the u.s. open things up. america today i really did i miss

a shot and that was some good stuff i needed in you know the birdie you know three of us from. 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 strong saw and i got away with one there and it was a big swing. now cricket legend sachin tendulkar 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 living legend in his home country and had been widely considered a political quick it's a surprise many with his nomination from the ruling congress party last month the batsman wants to make sports related issues his area of expertise well though he says he won't be hanging up his butt any time soon but i will let everyone know when i will stop it 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 the western and eastern conference finals series all square after four games the boston celtics on sunday tying their best of seven contest with miami following overtime rajon rondo notching fifteen points and fifteen a sixth as he scored what proved to be the crucial final three points of the extra session miami the now enjoy home court advantage with game five taking place on tuesday in south bay. i don't want to be too aggressive because a lot of area for office the fellows but. you know how to get my you know is not a one man show is no two man show we have. put the band ho and we look for each other so. i don't feel like i have to force anything just try to run the car. which

will. you know they deliver. meanwhile in the west game five between the spurs in the thunder takes place on monday that series is also perfectly poised to tell you after four games with both sides having won their home matches 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 a sprint to the world cup but there was even more at stake than global bragging rights as arch and gregorian chants explains. fact corrales kero in canoeing canal is no stranger to hosting major events and was one of the olympic venues in the nineteen eighty two 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 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 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 world cup matches as 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 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 participants can add in team leader adam dunn clippard 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 not representing my country campbell one of the more to london looking forward to being with you know her strong opinion team a small but strong kenyan team can be 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 alexander. 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. for you 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 but there are still some negatives to be eliminated from our performance and we're going to do that to give our with our team coaches medical

staff and the rest of the couple words of a in their limb pickier the results of the world cup event 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 but when the time comes the sport's best will be a donia lake hoping to create their own little bit of history that's on reorients artsy moscow. and finally that brings us to martial arts where the fight night showdown returns to the russian capital for the seventh time on thursday top of the bell will see one of russia's best heavyweight prospects a minute 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 nineteen fights and has competed on the world's biggest stage at m.m.a. promotion such as u.f.c. unpalatable his russian opponent however is the three time world sambo champion whose strength is obvious 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 and looking forward to this fight and i would like to wish every the best of luck but it's a safe bet it will produce many surprises for him as we pour stuff would be the standing the straight you he says he's ready for anywhere so we'll see love surprises but he is so hope to surprise he's a star of this field so all see we'll see what happens and 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 for now although there's plenty more later here on r.t. whether it's next.

syrian rebels rejecting u.n. peace plan only new international calls to impose a no fly zone to force out president. thousands of canadian students returned to the streets to protest against the biasing cost of education during their country is complicating the u.s. system to a splendid young americans deep in debt. trouble in tripoli armed militia men take over the libyan capital international airport and ground all flights demanding the release of one of their leaders. it's eleven pm in moscow this is r t coming to you live from you so now

a with our top story. the opposition's free syrian army says it's no longer committed to the un backed peace plan instead it wants foreign states to employ as a no fly zone to help oust president that that's as voices grow in some arab and western nations for armed accent after the civilian slaughter in houla but israel for no snow 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 this tipping point will shape the crisis while there is stupid 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.