debts of spain and italy are enormous and that's what they're worried about even if there 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 and 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 in the spanish italian bonds and that would put an end to this threat of a severe crisis so do you think 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 portugal. in 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 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 they're out there and the alternative well it depends there's two ways of looking all serve 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 buy 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 worse this is just pouring gasoline on the the fire. fact that they're 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 is gone down since last december when it was really high 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 used 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 paring 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 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 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. 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 itself 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. any. more 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. 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 you're 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 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 europe is already in recession but the. that recession

leading to slow 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 especially of nuclear weapons on hair trigger alert. of the victims 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 actually 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 no food or weapons or build the new. that represents all the firepower of the second world war and this. is the equivalent firepower of the world's nuclear arsenal today. it all started here. for going global and it's.

logged in. to. choose your place to take your stuff and. to. make your statement. the more. you plug the story. line. would be so much brighter than if you only bounce from phones to pressure. friends don't talk t.v.

don't comb. copyright officials call the security council to pressure the syrian government while saying armed opposition is stepping up its attacks with and this is another massacre pulls a country closer to civil war was a un observer still unable to verify the details of the atrocity. residents in a small irish down go back to their old currency to save businesses from collapse as more people fear there was only netting down the drain and that's amid reports spain will need at least forty billion euros in bailout money to boost its crisis hit banks. euro twenty twelve full term and takes off label with scandals several european governments boycotts the championships they say they are concerned about poor human rights records and raises rumination at club level in a host poland and ukraine will not attend the games and protest. planned is here with us in the studio to bring us more on the tournaments and as we

know it's a long before feast a full book take solace up on our com where you can you are a no you a football fan. and we watching the game tonight because a lot of eyes will be on that one or that's rather to begin this evening in russia will start their campaign. against the czech republic a pretty tough one for them to say i've got the details in mind. they're welcome to the sport and these are the headlines on top of the world is the new number one after reaching the french open final for the first time. clocks in five hours time euro twenty twelve kicks off in poland with russia preparing for a tough test against the czech republic and catch me if you can the limping champion you saying bolt wins a dramatic race in norway to throw down the gauntlet ahead of the newly london

games. first maria sharapova has described regaining the war world number one spot i'm reaching the french open final it's very special she didn't champion petrak a veto in straight sets to set up a showdown with italy sad irony needing just as it were natural wrap up a six three six three victory this the third straight time she was beaten this season and the win means she rattled for the frame victoria azarenka as the world number one on monday well this will be murray's eighteenth week at the summit after twice holding the top ranking before in two thousand and five and two thousand and eight the twenty five year old also stays on course for the only grand slam title 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 i didn't quite know if i would ever be here again on this stage playing professionally not just at that but at

a level to get to number one in the world. and first roland garros final for me so a very special day. rapper is just a step away from becoming only the sixth woman to complete a career grand grand slam if you will face the unheralded sarai in the final then the italian pulling off another surprise in winning the last four as the world number twenty four i became eleven aces by sam to stun the u.s. open champion in three sets the big serving strain 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 to go in a grand slam for francesca schiavone trying to paris two years ago. may have for how i played because i think i make good games and there. is not we saw one much more i have to think about that. while the men's semi finals get

underway today defending champion rafael nadal takes on fellow spaniard david ferrer while world number one never act joke of each face is roger federer. and just a few hours time russia kicked off a year a twenty twelve campaign against the czech republic and after some scares earlier in the wake dick applecart does have a fully fit squad to choose from although warns tonight's game will be tough from poland is richard found perfect but it's almost over for captain as russia side begin the euro two thousand and twelve campaign here and roll sort of against the czech republic on friday for the team a good pairing for was free weeks now frank march's which culminated in a fantastic three no victory against italy abacab billie's results it would seem a lot of confidence is important not that important but again if you win three you know it was a little bit flat route but it gives

a lot of confidence in the team and that's important but to morrow will be a total different game against a different opponent so. different team. of a team of fake sickly 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 moller farewell african 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 approach is 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 the italians last week while a smile of he's also impressed after return to the 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 what we are doing. a decent cyber know manch a great team of two thousand and four which managed to get finals of the 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 and have style names such as thomas ries he'd 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 is no reason they can't get their euro two thousand and twelve campaign off of a perfect stars reach of onboard fleet r.c. of poland. well the czechs will have to make a late decision on the fitness of their striker. but are expected to start with playmaker thomas in midfield who had been sidelined with injury and the arsenal man is wary of russia's attacking threat. the strongest part of the russian team their attacker they have three vera strength forwards their own marriage to be ruined at least point of their career of course and it will be a challenge will have to get through the group and then we will see up to me to go and prepare it for a big game before the czechs and russia kick off co-host poland will get the tournament underway against greece poland failed to get out of their group at the last european championships and we relying heavily on strike a rabbit. his goals help you don't win when the german league and cup double last season and ponytail to break down the greats. of their defense and their entire

team is very defensive they have a great defense in fact the greeks are perfect in defense we could see that during the european championship in the orchard gold in two thousand and four so i'm sure for us it will have to be a great game. but he's not wrong because grace have one of the tightest defenses in international football and use that to great effect to win the tournament back in two thousand and four they're not afraid to use the same tactics tactics again and say they hope to give their fans back something to smile a back when to use of tools with them and we're here to do something very concrete that's to give one hundred percent to enjoy the patient and to give joy to the people back in brief this is what we're thinking this is what we're interested in. and the n.b.a. eastern conference finals will go down to the wire in miami leveling the series with boston at three a pace after a ninety eight seventy nine victory last night le bron james scoring forty five

points for the hate and that victory for the winner takes all game seven back in miami with the winner going on to me in the n.b.a. finals. to you to be aggressive to continue to play at a high level of hope. for the results of these numbers or whatever. i don't really care what the stats not be you know. games will lose or draw. with the mindset of always like i've had this whole season and you know we see what happens and finally the fastest man on the same boat has once again proved he will be the man to catch at next month's london olympics is that jamaican stole the show at the latest diamond meeting in no way the world record holder is also known for his habit of showing off before races in this time entertain the crowd by entering the business stadium in a custom however the olympic champion was less than impressive out at the blokes

for his hundred metre run compact a soft power led the way early on but bolts falling will push for the twenty five year old just. six hundred of a second he quote nine point seven nine seconds or so early results are still a far cry from nine point four which is both for the london games and by the way that flower girl was a cafe. and she showed that really add that is always poor thing. if the moment implicitly it's technology innovation all the islam elements from around russia we've dumped those huge earth covered.

the e. the litmus tests least. some up to obsess. me it is easy to. see. the to. see.

to build a. mission to teach me.

top u.n. officials call on the security council to pressure the syrian government while admitting down 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 here banks meanwhile izzard's the reports from ireland and other crippled countries some locals are going back to the past where their currency. euro twenty twelve football tournament kicks off laden was scandalous several european governments boycott the championships in midfield rights and race issues. this is actually live from moscow in the russian capital i'm marina joshie now we have the un along with the world body's envoy to syria one more international

pressure on a masochist to bring about compliance with the u.n. peace plan to kofi annan also urged increasingly aggressive rebel forces to lay down arms now this comes in the wake of another massacre in syria our correspondent even austin has the latest from damascus they have been able to speak to their chief for the past all face of the u.n. supervision mission here in syria today here in damascus and he has said that the monitors will try to do their best and will continue their efforts to reach the site of a massacre in the central province of hama they've been reports before that they were not allowed to get in because they were stopped at the syrian army checkpoints it actually doesn't control dick what we're hearing from official sources here in damascus we are hearing that the army and security forces us to carrying out a so-called clearance operation in the area after terrorist operation launched in the central syria and its lot absolutely not.