eight thirty am in moscow these iraqi headlights top u.n. officials call on the security council to pressure the syrian government while saying the armed opposition is stepping up attacks which must end this as another massacre pulls the country closer to civil war with you an observer is still unable to verify details of the atrocity. euro two thousand and twelve football tournament kicks off laden with scandal as several european governments boycott the championships they say they're concerned about poor human rights records and race discrimination at club level in a host poland and ukraine and will not attend the games of protest. residents in a small irish town go back to their old currency to save businesses from collapse

as more people fear the eurozone we heading down the drain disappeared reports spain will need at least forty billion euros and hell of money to boost its prices hit banks. as greece's economic problems also deep in the specter of default and exit from the euro zone rises next us economist and politician mark weiss brought tells r t what seems to be going wrong in europe. mark weisbrot thank you for joining us on r.t. i want to start with a g. twenty promise to boost the i.m.f. lending resources with over four hundred thirty billion dollars. yet the i.m.f. steering committee said that these new resources will not be used for a particular reason do you think this is their response to the concerns that this money will be used to bailout the eurozone i think it's clear the reason they're

asking for new resources for europe they would have enough if it was for the other countries it's only europe or the big money i mean the deaths of spain and italy are enormous and that's what they're worried about even if it were only portugal and ireland and greece. they wouldn't really be that worried it's really spain and italy that's what the money is for and any talk to the contrary is just talk the rest of europe is also contributing to this but they're there pledged one hundred fifty billion dollars their approach is fundamentally wrong i mean they don't have to do this they can do with the federal reserve did in the united states our federal reserve has created over two trillion dollars since two thousand and eight they have the ability they can do that too they have a central bank they can create euro zone and they can do what the fed did here they can lower the interest rates and even guarantee a certain interest rate on the spanish italian bonds and that would put an end to

this threat of a severe crisis so do you think your guard said that the highest risk is yet another crisis in europe do you think that's coming that's exactly right if there aren't any big risks to the global economy other than what the europeans are doing to themselves and that's really what it is it's a self-inflicted. the recession that they're in right now if the recession continues to deepen and more importantly if these governments do what they're being instructed to do by the european authorities that would be the european central bank the european commission and the i.m.f. if they actually tighten their budgets further cut spending further they're going to go deeper into recession and then we don't know what happens that's what christine lagarde is worried about in spain which is the big trouble spot right now because investors are selling their bonds and driving up the interest rate on the

ten year bonds to dangerous levels that's the real fear right now i mean that's what happened in portugal and ireland and greece right the interest rates get to a certain level they can't borrow sustainably on private markets anymore then they have to go to the european authorities for money and then then there's maybe debt restructuring bank losses all the things that happen with greece but on a much bigger scale that's what they're really worried about i don't think that's necessarily going to happen but the problem is that the authorities the european authorities are pushing in that and direction spain is supposed to cut make spending cuts of this year of about. budget tightening of about two point six percent of g.d.p. so that's big that will definitely they've got twenty five percent unemployment already forty five percent youth unemployment the economy is shrinking and here the authorities are doing the opposite of what almost any other governments in the world would do we didn't do that here ok we would never do that here you know our

political system wouldn't allow it but because the spanish don't have control over their over the european authorities they're being forced to do something that is really worsening their economy so what they're out there and the alternative well it depends there's two ways of looking alter of one is if the european authorities co-operate and in that case it's your. alternative is very easy the e.c. beat came actually just by the spanish bonds and push the interest rate down to a reasonable level so that it doesn't explode so their debt doesn't explode they can keep it there and they don't have to spend very much to do that either and they can create the money so there's no burden on the european taxpayer that's the easy solution no if they won't do that and they insist on making spain worse then spain really has to consider leaving the euro that's the only alternative for them you think the european countries are not cooperating no there are there are insisting

on these budget cuts i mean this is the worse this is just pouring gasoline on the fire the fact that they are contributing to the i.m.f. the fact that they're trying to be a lot of countries in the euro zone like we see they did in greece that doesn't show corp and the fact that they're trying to help spain right now well that kind of help i really wouldn't wish on my worst enemy because they're sure they're putting together this fund but they're attaching conditions to all the lending and it's the conditions that are driving europe further into recession and increasing the risk that you get a full blown financial crisis like you had you know after lehman brothers collapsed no you know that risk has gone down since last december when it was really high and that's because the european central bank started loaning a lot of money it was over a trillion dollars they pumped into the private banking system and the private being system used some of that the buy the european bonds but that's not enough

they have to really make sure that those interest rates on spanish and italian bonds because those are the ones that are too big to fail you know their debt is five times the size of the other countries ok though they have to guarantee that that interest rate doesn't keep rising because that's what sets off the padding once spain's interest rates reach a certain. will they're not going to be able to borrow on private markets and what's upsetting the whole financial situation right now is that some investors think they're already close to the level or at the level know what about the breaks power. those rising powers versus the voting rights act that i'm out and that whole debate that took place in the spring meetings these institutions have been controlled by the united states since. you know nine hundred forty six really and it hasn't changed much at all and you know some people think the europeans

control the i.m.f. because they get to a point a european but that's not true the u.s. decides what you know they have a veto over what european heads the i.m.f. and they still have the dominant voice in the i.m.f. and europe is the junior partner now that's changed a little bit in recent years because now sixty more than sixty percent of the i.m.f. loans are in europe and so the u.s. treasury department will defer to europe for matters that are focused on europe but in the rest of the world in all the developing world where the u.s. still where the i.m.f. still makes loans it's the u.s. decided so they control both really of the i.m.f. and the world bank which is two out of the three international institutions that have any power the third one is the security council and there they have the veto as well so this is this is the world after world war two and the global governance is not changed that's one of the reasons they created the g

twenty but it's still the g. seven making all the solutions because and mainly the g one you know here in washington because that's who has power in these institutions of international governance that actually have power you don't see that changing. not only when it comes to voting rights but the policies of these international. organizations are talking about the i.m.f. and the world bank there is change it's slow change it's definitely slow the bigger changes are taking place outside of them so in other words the i.m.f. doesn't have a fraction of the power that it had even in two thousand and seven ok in other words the developing countries or two thousand and three i would say ok by two thousand seven it already lost most of its power in developing countries that was one of the biggest changes in the whole international financial system and the media didn't really pay a lot of attention to it but you know the united states exercised influence through

the i.m.f. but no you see the middle income countries don't borrow from the i.m.f. anymore you know russia the asian middle income countries the ones that got burned by the i.m.f. in the asian financial crisis they all got out of it got away from the i.m.f. fast they couldn't ever going back same is true for almost all of latin america in so that's was changing the world is changing very rapidly just these institutions are not changing rapidly they're changing very very slowly so you don't you don't see the brakes. or becoming a fully fledged negotiating bloc from what we so you know coming out of spring meetings well they are. but they're not negotiating very hard because first of all of a i mean from their own interest they shouldn't really contribute to funds going to europe these countries are a lot poorer than europe they all have a fraction of the income that europe has so for them to bail out europe makes no

sense at all i mean your of can bail itself this is the richest economic region in the world practically and they have a central bank and they can take care of this themselves the united states took care of itself why can't the europeans and we can talk about the economy without talking about the oil prices the tensions in the air pollution what do you think that's happening you know the oil pressure. have been following in the last couple of months and i think that's because primarily reduce tensions you see the united states finally. looking towards negotiations with iran and instead of just being the war drums you know and it was the war drums that really drove up the price of oil probably more than anything i mean it's not the whole story some of the weakening in oil prices is due to some investors. worries about the global economy and the crisis in europe so as the crisis in

europe gets worse and the possibility of another well europe is already in recession but the possibility of that recession leading to. further slowdown of the world economy you know that could lower oil prices as well but my guess is that most of what you've seen most recently has been the increase prospects for a possible. peaceful resolution of the conflict between the united states and iran it was really the united states drive towards war which is where we were going and still are really in my opinion i mean they're still headed in that direction but not at the same speed that they were just a few months ago. with

the end of the boer war and the going away of the soviet union many people thought that nuclear weapons disappeared. the risk is not zero that something might be going off by mistake specially of sounds of the nuclear weapons on hair trigger alert. us of a difference to use it as a threat all as an actual weapon you know if you keep spending a trillion dollars a year on weapons of venture you're going to blow everybody up you you know people are dying from these weapons but until we actually see it people don't make up nuclear weapons or a bill. that represents all the firepower of the second world war and this second sound is the equivalent firepower of the world's nuclear arsenal today.

league is least sleeps. period it. wealthy british style sun it's sometimes surprise. there. markets find

a candle find what's really happening to the global economy for a no holds barred look at the global financial headlines to name two kinds of reports on our. top u.n. officials on the security council to pressure the syrian government while saying the armed opposition is stepping up attacks which must end this as another massacre pulls the country close of a civil war with u.n. observers still unable to verify the details of the atrocity. residents in a small irish town go back to their old currency to save businesses from collapse as more people fear the euro's only heading down the drain this amid reports spain will need at least forty billion euros in belo money to boost its crisis hit banks . euro two thousand and twelve football tournament kicks off laden with scandal as several european governments poit the championships they say they're concerned about poor human rights records and race discrimination at club level in a host poland and ukraine and will not attend games and protests. belongs up next

with sport stay with us. thanks mats hello and welcome to this is sport on r.t. and i'm sure my cost for them as gets our headlines first. top of the world maria sharapova securest herds earns the summit of the world rankings after reaching the french open final for the first time. your oats once it's well count down the russia coach should take a call it is facing softer all search royce's ahead of the tournaments opener against the czech republic this friday night. and catch me if you can olympic champion hussein baldwins a dramatic race in norway to throw down the gauntlet ahead of the looming loves and games. but the tennis first and maria sharapova has returned to the number one spot

in the world after reaching her amazing french open final in emphatic fashion the second seed was always in control against that truck beats of all the czech republic as she claimed an easy six three six three when in just over an hour sharapova loss of to beat them in last year's when was the wimbledon final but after drastically improved in her clay form the russian was able to beat the world number four for a third straight time this season she sealed the deal with her third day so the match the victory means sharapova will differ on the story as the world number one on monday but this will be maria's eighteenth week at the summit after twice holding the top ranking before in two thousand and five and two thousand and eight to twenty five year old also stays on course for being only grand slam sides hold that has eluded her so far so. nice to know that. it happened again for me. i was in

a position where a few years ago and i didn't quite know if i would ever be here again under stage playing professionally and not just at that but now i don't level to get to number one in the world. and a first roland garros final for me so i'm very special day no doubt. so sharapova is just a step away from becoming only the sixth woman to complete a career grand slam and she will face and hear all that sara errani in the final this out and put it all another surprise in the last four as the world number twenty four overcame eleven aces by sam stosur was the style of the u.s. open champion in the set the big serving us pretty and was guilty all forty eight of course there are some lost seven five one six six three irani moving into her amazing major fight all and could become the second. with a grand slam relevance in the house or francesca schiavone triumphs in paris three years ago saying i don't see this man happy for how i played because i think i make

good games and there. and that is not we saw have won much more i have to think about that and that's it and some of it also football russia head coach dick advocaat will have at least a couple of are also decisions to make a later today ahead of the year old swans it's well the opener against the czech republic now here's richard von porte fleet's with all of the details. the way it's almost over take out the captain is russia side as bay began their euro two thousand and twelve campaign here in ross love against the czech republic on friday poverty madrid preparing for almost three weeks now oh great free friendly matches which culminated in a fantastic free no victory against italy abacab billie's results and give the team a lot of confidence is important. but again if you win three you know it was a little bit fled to it but it gives

a lot of confidence in the team and that's important but. to morrow will be a totally different game against a different opponent so. different team. for the team effectively picks itself with nine of us starting spots pretty much already decided however two places up for grabs first of all in goal but it's really a straight fight between either i can fair. mala favre last can play if he's had a few injury problems over the last couple of days but looks to be good and in good form the approach is my favorite he's been in fantastic form physique needs and the thirty four year old certainly wouldn't do any harm if he was put in between the posts for a game against the czech republic whatever position which dick advocaat has to decide on is the right side of a time where really it's a straight fight between. a man of his mile of go if he's recovered from a broken bone in his forwards and looked very impressive against me entirely ans

last week was one of he's also impressed after returns of a national side after a six year wilderness and he was in very good form in the early friendlies against uruguay and. all in over the camp is in very good mood and dick advocaat says there won't be new nerves when the team play the czech republic you know i think if you. do this if you are money people you all worked hard to come so far as a player and as you know we are really enjoying what we are doing all the checks certainly a decent ciber no mind for a great team of two thousand and four which managed to get to first semifinals of a euro two thousand and four championships in portugal where they possess players of a caliber of young and medved but nevertheless for a very workman like side who have style aims such as thomas received ski. and they have the potential certainly to cause rusher a few problems but again if the russians play to anything like their ability and

they can reap capture of a form of a friendly win against italy it is no reason they can't get their euro two thousand and twelve campaign off to the perfect stars rich of a bully darcy of poland. so russia will be looking to repeat the success all four years ago when the team got to the semifinals and let's turn to richard about poor played once more has a look back at how the sittings side got on in two thousand and eight and what's changed since then. russia went to austria and switzerland as no hopers but he returned as heroes no one had given him a chance however the old spike is the semifinals when the eventual loss to spain when you have seen where we came from watching it's a good bad and that we were so happy to be near me. and if you get the second round it's this something which we could not predict unexpected. the finals.

three men his games. as heating st russia were far from convincing in qualifying for the last year pin championships and need to corrosion to do a massive favor by beating england after hitting signed with the new victory. two years on and the story couldn't be more different on the hitting successor to counter can't rush it despite an early hit competence of lacking eventually cruised to qualifying for the euros for the top of the group and hitting says he could do well in poland and ukraine with. the chances. yet day they if they go into that group. they are in a group and then after that. they they most become one or second then they go maybe two to the group of warhol and this coming toward would be very interesting but they will say the same we are in

a good group so yeah it's it it will be close it will be very close when russia went into the euro two thousand the finals players were virtually unknown zone inside the home country since then the likes of under the shah in roman publishing co have become household names around the world and russia are certainly a team to be respected russia's preparations for euro two thousand and twelve are remarkably similar so those of the last european championships four years ago all the training in the same stadium of a squad has pretty much remained the same from those euro two thousand and eight championships or the only major change really is the manager to come for cats and the dutchman will be tasked with trying to at least russia success the last tournament where they managed to get to the semifinals. however over those players of four years winds there are also four years older and russia will have one of the oldest squads of a tournament. last time and betrayed defeating side was brilliant on the counter a time however on the other counts the russians were able to control the tempo of

the game with maurice especially with a brilliant and under rated your romans your old coach and you got the nice of in midfield and of the current stance rusher is certainly not going to be euros to make up the numbers but i think we can be very. interesting outside of rican play the way we can play then we can beat everybody so as the red army marches on the once again be a distinctly orange feel for the dutchman at the helm for the second straight line alls they might have contrasting styles and demeanors but both of proving to be excellent coaches over the last couple of decades and of africa can repeat getting success from four years ago he will also go down as one of russia's most beloved dutch imports which of them paul klee tonty moscow. let's get some basketball and the n.b.a. now where it's all square in the east following miami's a ninety eight seventeen i went all over boston in game six of their conference

final series they love bron james top scored with forty five points and fifteen rebounds as miami took the lead from the get go and stayed in control throughout the match the deciding game seven takes place in florida with the winner progressing is in the final series against alcohol the city thunder who beat sentence on his first in the western decider. and finally the fastest man on earth the same bolt has once again proved he will be the one to catch at next month's london olympics as the jamaican stole the show at the latest diamond league meeting in norway well the world record holder is also known for his habits of showing off before races and this time he entertained the grab by. entering the business stadium in a custom built car however the olympic champion was less impressive out of the blocks for his one hundred meter run compadres powell led the way but bolts final push silva twenty five year old when just by six hundreds of

a second the club's nine point seven nine seconds a solid result but still a far cry from nine point four which is both planned for the london games. i will be back with another update said very soon but our you tube channel is available to you at any time just look for r t sport news and thanks for watching. well into the. series technology innovation called in these developments from around russia we've got the future covered.