country it's only europe or the big money 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. 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 what 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 you're 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 portugal and ireland and greece right the interest rates get to a certain level they can't borrow state oblio 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 your own alternative is very easy the e.c.b. 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. 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 worst this. just pouring gasoline on the

fire the fact that they're contributing to the i am not the fact that they are trying to be a lot of countries in the euro zone like we see they did in greece that doesn't show call for a sham 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 of 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 panic 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 meeting 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 to european but that's no. 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 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 the loans it's the u.s. deciding 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 has 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 policies of 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 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 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 should 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 tensions in the air pollution what do you think that's happening you know the oil prices 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 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 slow further slowdown of the world economy you know vacuum overall 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. 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 lot of nuclear weapons on hair trigger a lot. of the victims to use it as a threat. and you know if you keep spinning 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 wake up to 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. the official tea application on the phone called touch from the.

life on the go. video on demand. and streets in the palm of your. question on the. emission free critique a true free transfer charge of free. range three. three. three. zero three blood. stream media.

top u.n. officials call in the security council to pressure the syrian government saying the armed opposition is stepping up its attacks and this as another massacre pulls a country closer to civil war with a un observer 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 that's amid reports spain will need at least forty billion euros in bailout money to boost its crisis banks. several european governments championships they say they are concerned about human rights records and race discrimination at the club level and a host. i would not attend the games in protest. of the headlines.

thanks marina a long ball come of this is sport on r.c. and i'm on call seven let's get straight to our headlines. it's all the world maria sharapova secures her turn to the summit of the world rankings after reaching the french open plain old for the first time. gallons ound russia coach is facing softer officer choices ahead of the third in the opener against the czech republic this friday night. and catch me if you can a live picture same balls of wins a dramatic race in norway to throw down the gauntlet ahead of the looming london games. tennis first and that maria sharapova has returned to the number one spot in the world after reaching her maiden french open final in emphatic fashion the

second seed was always in control against federal commutes of all the czech republic as she claims and six three six three win in just over an hour sharapova lost to the beat of my in last year's wimbledon final but after drastically improved in her clay form the russian was able to beat the world number four in the third straight time this season she sealed the deal with her third ace of the match the big three means sharapova will will differ on victoria azarenka as the world number one on monday this will be maria's eighteenth week at the summits after its place holding the top ranking before in two thousand and five and two thousand and eight a twenty five year old also stays on course for the only grand slam side told that has to do to her soul for. 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 on this stage playing professionally and not just the bad but at

a level to get to number one in the world. and a first roland garros final for me so i'm very special day. so sharapova is just a step away from becoming only the six women to complete the career grand slam and she will face i hear all that sara errani in the final they'd sat in pulling all another surprise winner in the last four as the world number twenty four overcame eleven aces by sam stosur just stunned the us open champion in three sets the big serving us freddie and was guilty of forty eight unforced errors and lost seven five one six six three irani moving into her maiden major final and could become the second italian woman to win a grand slam round after a francesca schiavone troyer in carries three years ago. made happy for how i played because i think i make good games and there. is not be so all have one much more i have to think about that and that's it but also football

russia's head coach dick advocaat will have at least a couple of roster decisions to make later today ahead of the euro it's why it's well the opener against the czech republic now here is richard portly with all of the details. the wait is almost over for 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 the team of it preparing for almost three weeks now oh wait for the friendly matches which culminated in a fantastic free no victory against italy abacab billie's results and give the team a lot of confidence it is important to note that important but again if you win three you know it was a little bit flat do it but it gives a lot of confidence in the team and that's important but to morrow it will be a totally different game against a different opponent so. we can expect

a different team than 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 straight fight between either i can fear and mala favre laughed in fear he's had a few injury problems over the last couple of days but looks to be good and in good form as the approaches my favorite he's been fantastic form to z. 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 where you have a position which dick advocaat has to decide on is the right side of attack 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 and 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 all though 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 of you. and your work hard to do so for. and as you know we really enjoy. a decent cyber know manch for a great team of two thousand and four which managed to get to first semifinals of the 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 and 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 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. rosoff poland. so rochelle will be looking to repeat the success of four years ago

when the team got to the semifinals and now let's turn to richard portrayed once more before heading off for the finals he compiled this reports looking back at how goods hitting side fared 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 the semifinals when the eventual loss to spain when you have seen where they come from never want to sing good bad and that 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. treat the men as games it was a huge achievement. as heating said russia will far from convincing in qualifying

for the last year pin championships and need to croatia to do them a massive favor by beating england after hitting signed got a one nil victory in andorra four years on and the story can be little different on the hitting successor to counter can't russia despite any heat competence from ikea eventually clues to qualifying for the euros for the top of the group and heading 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 after that. they they must become one or second then they go maybe to where to the group of four holidays coming up so it would be it's very interesting but they will say the same we are in a good group so yeah that's it it will be close it will be very close when russia went into the euro two thousand a finals their players were virtually unknown side side to him country since then

the likes of andrea shannon 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 your two thousand and eight championships or any major change release the manager to come for katz and the dutchman will be tasked with trying to at least equal russia success the last tournament where they managed to get to the semifinals. however over those plays of four years with every also four years old on russia will have one of the oldest squads of its woman. last time i asked a treatise cyberspace brilliance on the canter of time however on the other counts the russians were able to control the tempo of the game with relief especially the brilliant underrated jew. anybody needs to be in midfield and not the cut sans

rusher is certainly not going to be euros to make up the numbers but does think we can. play the way we can play then we can be different 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 both of proving to be excellent coaches over the last couple of decades and africa can repeat getting success from four years ago he will also go down as one of russia's most beloved not simple it's pretty bumpy weekly tante. a tall order for russia to follow and a recently crowned ice hockey world champion. has wished his country men the best of luck at the year olds the printed take pittsburgh penguins forward was awarded the harlem of trophy for the russian player of the year in the n.h.l.

right here in moscow malkin was the points leader in the regular season with thirty three goals and sixty four assists was also named the most valuable player in the world. but it turns out he knows how to handle the boat as the hockey star showed off years to skills to support men before their over against the czechs. were 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. eating in norway well the world record holder is also known for his habit of showing off before the races and this time he entered saying the crowd by entering the biz that stadium in a custom built car however the olympic champion was less impressive out of the blocks for his one hundred meter run compadre powell led the way by the bolts final push so that's what a five year old just by six hundreds of

a second eclipse in nine point seven two nine a solid results but still a far cry from nine point four which is colts plan for the runs and games. that's all the sport i have for now but our you tube channel is available to you at any time just look for artsy sports news and thank you for watching. wealthy british style it's time to. market why not. find out what's really happening to the global economy in these kinds of reports on our.

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top u.n. officials call on the security council to pressure the syrian government while admitting that the armed opposition is stepping up its attacks as another massacre pulls the country closer to civil war. reports suggest they will need at least forty billion euros to boost its crisis had banks meanwhile as r t reports from islands and other crippled country some locals are going back to the past with their currency. the euro two thousand and twelve full term and kicks off laden was scandalous several european governments boycott the championships and human rights and race issues. and watching r t live from moscow was marina joshie they have the you out along with the world bodies envoy to syria want more international pressure on the mask

is to bring about compliance with the u.n. peace plan but kofi annan also urged increasingly aggressive rebel forces to lay down arms or. has the latest from new york. 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 q moon saying that. 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. arab league mr kofi annan also said to the media.