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 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 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. 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 their alternative the alternative well it

depends there's two ways of looking all third one is if the european authorities co-operate and if 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 the european countries are not cooperating no there are there are insisting on these budget cuts i mean this is the worst this is just pouring gasoline on the fire the fact that they are 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 second 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 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 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 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 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 us decide it so they control both really of the mess from 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. and the asian financial crisis they all got out. 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 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 prices tensions in the air pollution 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 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 it 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 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. of a difference to use it as a threat all as an extra of it but 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.

wealthy british style. market. what's really happening to the global economy with. global financial headlines kaiser report on our.

top stories on our t.v. the u.n. just both the syrian regime and the rebels to lay down arms to prevent the country from sliding into a full scale civil war this comes as human observers are visiting the site of the latest massacre near the city of hama. a big day for european football is the euro trying to twelve tournament kicks off fair play has been dealt a blow with boycotts every human rights abuses and claims of racism most recently from the dutch national team. and the eurozone on my fed ex but critics scrape it off for a bailout as soon as the. house is trying to keep the single currency afloat one town is banking on the cost to turn a profit. that would mourn their stories in fifteen minutes from now i mean tom andrews next in the sport and an exciting start to the year is under you because your team potent haven't made you lead against great in the first match of the details on that plus the build up of course to russia's in

a sec. a lot are you watching the sport here in r.t. and these are the headlines your i twenty twelve kicks off as co-host poland take on greece and russia prepared to take on the czech republic. this is seven french open final as djokovic confederate fight to join in. and catch me if you can impede champion you saying baldwin dramatic race in no way to throw down the gauntlet ahead of the looming london gang. twenty european championships have got underway co-host poland have kicked off against grace in the first game of the tournament in warsaw and the poles have had the perfect start leading one nil at half time thanks to a call from grover skate poland are the lowest ranked team in the tone but they've dominated this going to the life of their fans in heavily outnumbered the greeks in

the municipal stadium in warsaw so one nil to poland at the moment and two as time russia and the czech republic will go head to head in that game in the group with the build up to that. it's. what it's almost over to take out the captain is russia side as they begin their euro two thousand and twelve campaign here in ross love against the czech republic on friday for the team a good pairing for almost three weeks now three friendly matches which culminated in a fantastic free no victory you really advocate billy'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 it will be a totally different game against a different opponent so. we can expect a 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 there is really a straight fight between either i can fear and mama 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 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 whatever 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 these also impressed 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. 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 much for a great team of two thousand and four which managed to get to first seven finals 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 of santa ame 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 while the czechs will have to make a late decision on the fitness of their strike in milan bad ass. and are expected

to play with playmaker in midfield who had been sidelined with injury and the arsenal man is wary of russia's attacking threat. of. the strongest of the russian team is in nearer to. three very good forwards they are all very experienced at this point in their career it will be a challenging match who have to get through the group and then we will see where optimistically unprepared for the game. of russia's world cup winning ice hockey team you can email in has a few tips for the countries footballers at the euros the pittsburgh penguins forward has been named the russian player of the year in the n.h.l. and said one of the secrets to his success is not to worry about the media malkin was the points leader in the regular season with fifty three goals and sixty four system is also named the most valuable player at the world championships last month he came footballer too and had this to say to take up because men.

all i can say is they should close the team there on the much pressure now so i hope they don't read the papers too much they should just relax and do their best to just play as a team get on the pitch and do your best from start to finish no matter what the score is you can always come back we should always do our best as fans and then i think the guys can win a medal perhaps even gold said latest from the french open where world number one novak djokovic you're not your federer fighting to join rafael nadal in the final this is a rematch yet that semifinal last year which the better a try and put djokovic has just gone two sets to love up there djokovic came to be the first person to hold all four grand slam titles at once since rod laver back in one nine hundred sixty nine well whoever wins will face defending champion rafael nadal next he thrashed l a spaniard there in straight sets in less than two hours and he's only lost once in seven years at roland garros he's also aiming for

a record seventh french open title. meanwhile russian pair maria kirilenko and that he betrayed her have lost in the women's doubles final beaten by its leader a bit of in cheek and sarra ronnie two sets to one and the rani also faces russian maria sharapova in the women's final tomorrow sharapova and is that is the new number one after beating petrak of ativan in her semi it was the day the russian described his very special wrapped up a six three six three victory and served an ace on match point after just over an hour and that sees out victoria as a rank as the world number one and keeps the russian on course for the only grand slam title there's a nucleus a 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 and this stage playing professionally and not just that but at

a level to get to number one in the world. and a first roland garros final for me so a very special day no doubt. close to becoming only the six woman to complete a career grand slam her next opponent so ronnie is putting off upset after that twenty one c. becoming usa quick champion sam stosur and her semi. very happy for how i played because i think i make good games and there. is not read saw have won much more i have to think about that. to the n.b.a. now where the eastern conference finals will go down to the wire miami levelling the series with boston at three a pace for a ninety eight seventy nine victory last night bron james scoring forty five points for the hate and that victory for the winner takes all getting seven back in miami with the win it going on to me in the n.b.a. finals. will continue to be aggressive i will try to continue to play at

a high level of hope. for the resource and use numbers of what it is maybe with god and play. my game play is always ok. i don't really care would just be you know. games we lose or draw i'm going. with the mindset of always like i've had this whole season and you know we see workers to athletics now in the fastest man on earth you same boat has once again proved he will be the one to catch at next month's london olympics jamaican stole the show at the latest diamond league meeting in norway before during and after his race in fact he answered that this stadium in a flashy custom built car. very nice to you but looked off the pace a bit at the start of the hundred meters. because fellow jamaican sufferer surged ahead here the first fifty eight. to be real back in by the repeat champion at nine

point seven nine seconds. then plowed into a flower girl at the finish line. for sure you know she was ok she looked like she might have enjoyed it even as far as slow start he blamed it on the starting blocks claiming they were too small for his size thirteen feet while the dominique switches to new york on saturday were both other main rival johanne blake will compete in even though he is just twenty two the world champion from jamaica wants to be remembered as one of the greatest athletes who have ever lived. philocles he wanted to be a legend you know i would love to be remembered like. you want to be. i want to remember as one of the group it's likely to ever. to grow and. that's what i'm working for. it is coming true will come

true i will stop to keep porpoise which i am. now also competing in american history test i need richards ross she set for world leading times over the two hundred and four hundred metres this year and is happy with her former head of the lympics. mousy less pressure now but i've finally gotten back to where i hope to be at this point in the season. i'm not really going in concerned about being the favorite or not i've gone in to major championships as the favorite and i've gone in not being a favorite so not really paying attention to that i just excited to finally be getting my race back on track my coach and i still have a few things we want to work on to improve my race and so i'm excited about it and i'm just looking forward to the trials and hopefully making the team there which is our number one goal and then going to london and having accessible race there so that sport just remind you potently greece at the moment in warsaw in the first game of the european championships and russia are preparing for their game against the czech republic which starts in

a couple of asked. you

know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you don't know i'm trying hard to come as a big picture. the

u.n. urges both the syrian regime and the rebels to lay down arms to prevent a civil war as observe his head to inspect the massacre near the city of hama. a big day for european football as the euro two thousand and twelve kicks off but the play is being dealt a blow with boyd conservation human rights abuses and planes of racism. and eurozone ally phages experts predict spain could ask for a buy in are to soon as this evening passes desperately to scramble to save the euro one irish town looks to its last currency for salvation on top stories this hour. around the clock around the world international news and comment live from moscow the un and its envoy to syria and looking for ways to put additional pressure on

damascus to prevent the country from sliding into a full. scale civil war also words the rebel forces to lay down their arms clashes between troops and rebel fighters as well as rallies against the ongoing violence have taken place across the country will position claim assad's troops have shelled the rebel controlled area in the city of homs this is teams of human observers of visiting the site of the latest massacre near the city of hama to try to establish who's to blame for the deaths of up to one hundred people but it is more of a notion the reports now from syria we're been hearing two different takes from the opposition and from the syrian government the opposition's claim is that the syrian army shelled to peaceful farming village in central syria and after that alleged through assad militants came in they tied people out they shot they stopped and burned in an orgy of violence the syrian government has been very close in that they've got a call.