i mean the debts 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 hundred fifty billion dollars their approach is fundamentally wrong i mean they 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 could have the ability they can do that to 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 the spanish italian bonds and that would put an end to this threat of a severe crisis so do you think they euro zone look hard sad that the highest risk

is yet another crisis in europe do you think that's coming that's exactly right 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 recession that they're in right now if the recession continues the deeper 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 port. go in 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's their alternative the alternative well it depends there's two ways of looking at third one is if the european authorities co-operate and in that case it's their own alternative is very easy the e.c.b. can 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 that 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're contributing to the i am not the fact that they're

trying to be a lot of countries in the euro zone like we see 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 hard and that's because the european central bank started loaning of a lot of money it was over a trillion dollars they pumped into the private banking system and the private being system use some of that to 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 level 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 that bad mouth 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. 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 sixth 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 mess in the world bank which is two out of the three international institutions that have any power the third one is the 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 change saying. not only when it comes to voting rights but the policy is up these international organizations are talking about the i.m.f. and the world bank now 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 and 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 now 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 they 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 it's just these institutions are not changing rapidly they're changing very very slowly so you don't you don't see the brakes is 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 price tensions in the air please and what do you think that's happening you know the oil prices have been falling 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 europe is already in recession. but the possibility of that

recession leading to. a 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 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 especially a nuclear weapons on hair trigger alert. us of a difference to use it as a threat as an actual bit but 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 of the firepower of the second world war this. is the equivalent firepower of the world's nuclear arsenal today.

wealthy british scientists are it's time to. find out what's really happening to the global economy for a no holds barred look at the global financial headlines to cause

a report on. u.n. officials in 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 u.n. observers still unable to verify the details of the atrocity. presence in a small irish town go back to their old currency to save businesses from collapse more people fear the eurozone we heading down the drain this amid reports spain will need at least forty billion euros in belo money to boost its crisis banks. euro two thousand and twelve football tournament kicks off laden with scandal in several european governments the championships they say they're concerned about poor human rights records and race discrimination at club level in ukraine and games and protests. up next with sports stay with us.

thanks mats hello and welcome to this is an artsy and i'm on costs for them as gets our headlines first. solve the world's maria sharapova as secure as heard the summit of the world rankings after reaching the french open final for the first time. it's 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 by limbic champion hussein bolt wins a dramatic race in norway to throw down the gauntlet ahead of the looming lawns 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 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 the buy in last year's went with the wimbledon final but after drastically improved 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 a silver match the victory means sharapova will differ on victoria azarenka as the world number one on monday but this will be maria's eighteenth week at the summit after it's wise holding the top ranking before in two thousand and five and two thousand and eight twenty five year old also stays on for sport only grand slam sides hold that has eluded her so far. nice to know that. it happened again for me. i was in a position where a few years ago when i didn't quite know if i would ever be here again under stage

playing professionally and not just at that but out of level to get to number one in the world. and a first roland garros final for me so i'm very special day in and out so sharapova is just a step away from becoming only the six women to complete a career grand slam and she will face an irrelevant sara errani in the final it's out in what all another surprise when in the last four as the world number twenty four overcame eleven aces by sam stosur was a star of the u.s. open chad getting three sets the big serving us three and was guilty all forty eight of errors and lost seven five one six six three irani moving into her amazing major fight all and could become the second in the world with a grand slam relevant after francesca schiavone triumphs and tears three years ago . and says she's made happy for how i played because i think i make good games and there. and that is not beating saw have won much more i have to think about that

and that's it. but it also of football russia head coach dick advocaat will have at least a couple of for also decisions to make a later today ahead of the year old swans as well the opener against the czech republic now here's richard port leads with all of the details. but why it's almost over take out the captain is russia side as baby game day 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 marches which culminated in a fantastic free no victory and safely advocate billie's results to 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 and that's important but to morrow will be

a total different game against a different opponent so. we can expect in different team italy. well 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 street fight between eager i can fair mala farewell ask him if he's had a few injury problems over the last couple of days but looks to be good and in good form as small as march approaches my favorite he's been in fantastic form to z. needs 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 these also impressed after returns of a national side of a six year wilderness and he was in very good form in the early friendlies against

uruguay. 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. and your work hard to come so far as a player and as you know we really enjoy what we are doing but the czechs certainly a decent cyber know munch 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 weird 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 catch of a form of a friendly win against italy is no reason they can't get their euro two thousand and twelve campaign off of a perfect stars rich of onboard fleet r.t.

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 poor played once more has a look back at how the savings side got on in two thousand and eight and what's changed since then. russia went to austria and switzerland as no hopers but they returned as heroes. no one had given him a chance however the old spike is going to semifinals when he eventually lost to spain when you have seen where we come from. gauging good or bad and then we were so happy to be near me. and if you get the second round it says something which we could not predict unexpected. and also. many games.

as heating said russia were far from convincing in qualifying for the last year pin championships and need to croatia to give them a massive favor by beating england after hitting sorry for the one nil victory a. few years on on the story couldn't be more different from the hitting successor to come for can't rush it despite an early hit competent some like him eventually cruised to qualifying for the euros for the top of the group and hitting says he could do well in poland and ukraine. the chances. yeah de de if they go into that group. they are in a group and then after their. they become one or second then they go maybe two to a group of war holidays coming toward would be it's very interesting but they will say the same we are in a good group so yeah since it will be close it will be very close when russia went into the euro two thousand

a 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 for most of 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 his players of four years why isn't there also four years older and russia will have one of the oldest squads of the tournament last time a trait of hitting side was brilliant on the counter-attack however on the other cats the russians were able to control the tempo of the game with maureen's especially with a brilliant underrated you're the one sure rocco and you got the nice of in

midfield and of the cut sands rusher is certainly not going to be euros to make up the numbers but i think we can be very. interesting every can play the way we can play then we can beat everybody so as the red army marches on they'll 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 have proven 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 richard dunne paul klee dancey moscow. let's get to basketball and the n.b.a. now where it's all square in the east following miami's a ninety eight seventy nine when over boston in game six of their conference final series the heat split brawl 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 in the final series against i'll call the city thunder who beat seven in the western decider. and finally the fastest man on earth st paul's 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 entertain the crowd 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 bolt final push silva twenty five year old win just six hundred of the second week last nine point seven nine seconds a solid result but still a far cry from nine point four which is bold plan for the london games.

i will be back with a 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. it's technology innovation all these developments from around russia we've got this huge you're covered.

u.n. officials call on the security council to pressure of a syrian government while admitting the armed opposition is stepping up its attacks as another massacre pulls the country closer to civil war. reports suggest spain will need at least forty billion euros to boost its crisis hit banks well as r t reports from ireland another crippled country some locals are going back to their past with the currency. euro two thousand and twelve football tournament kicks off laden with scandal as several european governments boycott the championships i'm a human rights and the race issue. nine am in moscow i match reza good to have you with us here on r t our top story the u.n. secretary general along with the world bodies envoy to syria want more international

pressure on damascus to bring about compliance with the u.n. peace plan but kofi annan also worries the increasingly aggressive rebel forces to lay down their arms or has more. after hours of closed door consultation and members of the security council and the secretary-general ban ki moon have come out first mr obama ki-moon saying that kofi annan six point peace plan to stop the violence in syria remains at the center of the international community's efforts clearly nobody has calling this plan a failure and at this point nobody is indorsing any type of military intervention into syria the most important thing right now according to the secretary general is to keep syria from going from a tipping point to a breaking point joint special envoy for the u.n. an arab league mr kofi annan also.