up to a decade to do the leveraging means the plan elias save more to reduce that over time and that implies for the moment the old high unemployment rate and some degree of social and political instability and happiness so we are able to i would say. you know this slow economic growth if not outright the recession in the eurozone that it's call of the faults by governments is going to stay with us for a number of years if you gave a percentage of a chance of greece exiting the euro zone how much would that be and would it be good for greece to come out of the years and i would say that you know by next theater i would say there is at least a probability did they greece exit the euro zone thinking about actually even if they elect not in june a new government is going to try to get a forum that it can all make situations becoming so sustainable that they will exit

and i would say that it could be good good for them as long as the exit is all of the only. means of that there are massive the shown that actually called right believe that a store growth to restore external ballance of who could be damaged the banks damage the savings of people in the banks and that's why they need more funding to make sure that these old only metal down and the contagion of the rest of the eurozone is mol there so it does not make us see it that way and it's fine on sundays all of the early probably it's a it's a manageable look on the bags do you think in the worst case scenario when greece for example exits the years and we see it defaulting on its debt other countries in the peripheral europe also doing the same following its example do you think we might be going back to the so-called economic dark ages that we've seen for more than a decade in europe in the thirty's well there is certainly a risk that the situation could become this or that in the eurozone like at these old of the. a default an exit by get released then contagion with iran on the banks

he made early in spain then they lose market and then they eventually have to restructure the diet's any band that's not sufficient in a few years down the line they also i guess of the eurozone in which case the eurozone you know all breaks up and you could have a significant european and a global you know financial model and then you could end up like japan with a long term study nation if you hold another the pressure and serious all these things happening at the same time maybe out of the low probability but there's a risk we have to conserve ourselves there's a chance that they europeans get their act together and while the being number of years of of rediscover a slasher and all of bumpiness in fiscal condition about and surely you have more integration more of a fiscal union and more of a banking union that would throw his asian eventually probably you're doing your own soul instead of these integration you could have a process leads to great that integration and eventually more stability for europe

in the global economy do you think that's actually possible because europeans basically do not see much of a perspective of a political union because you know greeks and say swedes they do not align themselves together they do they think of themselves as separate nations some people are skeptical some people say they have no choice and every time there's been a cries in europe there has been a gradual bit more integration and there's no choice because these integration with imply economic and financial damage and even in germany i alone in a world economy without a rising power like china or india. or existing superpower like us could be economic and i just thought that midget so you know the europeans have to stick together to have their own weight in global economic and even political affairs many books including yours have been written as to the reasons to. idea the housing

market collapse in the united states what about in europe what would you put the most blame on and how much is brussels to blame for what's happening right now so you know sometimes people tend to say the eurozone problems because of lack of fiscal discipline or fiske of recklessness that applies really the really only degrees c. has a reason to lie then cheat there then that that is a fifteen percent of g.d.p. and their deficits blow up and then that led to the fiscal crises but actually in that in spain in the island was the private sector that the venture led to the problems of having to bail out the banks large that is the greater the fiscal problem was all the fiscal problem the first place. so you know you cannot generalize there are different types of crisis within the eurozone not all of them were necessarily driven by excesses in the public sector at several of them where the binocular by excesses in the private sector because of poor regulations provision of the bank of says that a creator of a real estate than an opposite and i cried bubble what about the main economic

power in the united states you said that economic growth would slow down next year to one one on the hof percent do you think that also part from slowing economic growth the united states runs the risk of seeing pretty much the same what's going on in the euro zone right now for not no i don't think there will be a fiscal cries in the us even if the deficit in that large arising in probably goes u.s. can print money to finance is that this is something the europeans have long as unwilling to rule because of the u.s. dollars to seize hold before in the manner of the rest of the emerging market is financing the largest his current account deficits no country could should be complacent over time if the u.s. were not to do his own fiscal problem if he's not going to do extend local might even as eventually you could have a fiscal train wreck course. of copied and that financial tomorrow could have been

the united states that are for whatever is the result of the action next year or whether as a real president starting a plan that leads to a fiscal discipline of disco called sort of a show to be part of the what the u.s. has to do you know to avoid the risk of something bad happening he was you know would have been later in the white house than other contraries but it could also have been us eventually but you expect the u.s. role in the dollars roll as a reserve currency to to continue as it is right now to maintain its positions and what is your take on the euro dollar rate because last year we asked you the same question and you said that you would not bet your money on the euro and you are right about now there is a generalized happiness way where the u.s. dollar the tween us fiscal and current take on that say by the realities for now that is not. going to the us dollar that's why people are still in this limbo on the second question in the last year of the year was close at one fifteen our

growth to one point five i would say you know they're a little old school in financial problems it's a bag. that the girl should weaken and likely to return the only thing that could lead. that we can solve the euro zone is the u.s. economy come so weak that then the dollar weakens and the fed in pretty small me and then weakens the dollar or that finally the european get their act together the find the ground leads to a banking union you know this guy doing in that motel is a shell restoring world. and the other thing is that the restore hope that they eurozone is going to stay together in which case the euro could start to rally game right among of the main downside risks to the global economy you mention of course a very slow economic recovery where do you see the new tigers emerge and what is the present role of brics nations their strong growth economies the world of being . in emerging markets until recently the breeks thought that i was sol some other

rising power as you know of turkey or in the nice job you know or mexico's not just the bricks and what concern is about the briggs and other emerging market is in all of them for the federal reserve and there's now a slowdown of growth you see it in china city in russia you see it in the in brazil in part of this because europe and the us sort of slowing down if not constructing by the product is because many of these condos are moving away from market oriented but of course more is a mile below the world these are better for us a state that so much government eventually calling me too much role of the state on banks thing on the enterprise is so much protection is too much resource nationalism and over that's a negative because a slowdown potential growth is going to lead to lower the long run we can only grow so more of the bad the brakes are actually going in the wrong that actually in the next few years that's a risk that we have to consider what about russia's specific role because recently

you said the russia correct me if i'm wrong that russia should not be considered as one of the brics nations and will never be included into the g eight if it continues with its with its basically protectionist policy what you know on the g. eight you know you're present in this side the not the time the g eight summit because he said he was busy creating his own cabinet that was a bit of a strange thing to do or like a snob you know in the case of the brics the ponies you know russia's potential growth to date based on their statements by that with the comment of your central bank is three and a half percent. trying they mean the recently were growing eight nine percent now they're slowing down so you have a contrary where you have a low potential girl that where there is that you know not as much market oriented there was three reform you have aging of. there is a certain amount of lack of transparency that is that amount of a. corruption there are some of. the seeds in the party got system that is

institutional weaknesses of course that also is thank you know a source says good skilled labor force is allowed to three could they play an important role in the global economy by the thing that the important role and that success is conditional on moving away from state got their ways and so the lesson is you know open up the trade to investment to convert the flows of course i do with a regime which is not pugilists a failure but then having a strong economist on policy framework means that even it wouldn't times are bad then shocks would call from the rest of the global economy you're going to be able to back that up sold was chalk's rather than and getting into a severe financial crisis something that's the lesson thank you thank you very much mr a pleasure being reviewed that.

to be soon which brightened a few pounds from pounds to pressure. starts on team dot com.

headlines this from r.t. crowds of opposition activists rally in central moscow with agendas ranging from the far left to national extremist. violence intensifies across syria with you and observers point to get a spike in coordinated rebel attacks with government troops have to repel clashes leading to foreign powers increasingly him to get intervention. and no room for refugees after promising to provide sanctuary israel begins arresting african migrants who fled violence in their homeland and actually plans to deport over four thousand people in the news in full in fifteen minutes now though sport. hello welcome along the to the sports headlines here is what's coming up match day two russia can have their place in the last eight euro two thousand and twelve

later on tuesday as they take on the co-host poland did warsaw. the final countdown at the n.b.a. season it comes down to the miami heat and the oklahoma city thunder to begin their best of seven series later on tuesday. and a major injury the second major on the gulf in calif it takes off this weekend as the u.s. open takes place in san francisco. but for stiff results or go their way russia could be celebrating booking their place in the quarter finals of euro two thousand and twelve later because men take on co-host poland in warsaw and tuesday evening which is in the polish capital. it's going to be a huge night for russia on tuesday as they take on poland where a victory will be good enough to send them for you to the knockout stages but once again dick advocaat will have a full strength score churches from zero zero no injuries you'll be looking for his team to continue perform at solving the czech republic for one last time out. we've

only played one game so we'll have to wait and see what happens in the next two matches it was important for us to set the tone and when the opening clinch but that's all in the plan we're now focused on security all nine points by the end of the group stages for russia will be looking to build on their excellent performance against the czech republic where at times they really weren't irresistible form especially attacking triumvirate and under their sharman islands are boys an example of. chavez finally managed to find his form again after a difficult start of the year and are small really was out of form but he was incredibly impressive against the czechs and is really key to russia's hopes at this tournament but he can be in top. form and trying terrorize opposition defenses has been some talk of perhaps alexander occasional dropping to the subsidies bench after mr whole host of chance is going to change my opinion he had actually decent game he was just a bit unlucky not to point the back of an arsenal number of david chances would have gone in so to balance i can see him to come back out staying with the same

side already a lot depends on it russia can play a pace but i think the poles are going to find it very difficult. although under a very strong team who have home advantage however we're confident that we can make things difficult for them so we know that if one of our players isn't playing well someone else has to step over there and gave the nobility. of poland her training behind me it's really a must win game or at least get a draw on tuesday against the russians are going to keep her hopes alive of making the knockout stages fans because they could only manage a draw with greece and their opening game as well as the poles are actually very impressive in first twenty minutes is because briggs a whole host of problems but unfortunately just one able to keep balance rhythm and fluid football going for the rest of the match and really now we're under a lot of pressure against house group favorites to try and at least get a result for russia they're going to have plenty of attacking tench of them selves trying to polish head coach was more than aware of. russia are clearly the

favorites in the group and we have a very solid experienced team with plenty of firepower that we haven't lost to them since ninety nine to six and coming up with proper tactics for the match should hopefully help us continue that streak too much russia short of face an incredibly hostile atmosphere here when the match does kick off with around fifty five thousand polish fans cheering on their team so it's important that the russians put back the back of a mind and really concentrating on getting a victory that will put them through to the knockout stages. r.t. wausau world before that russia match the other two teams in group a go head to head to the czech republic of course looking to bounce back from the four one defeat to one. two thousand and four champions greece also looking for their first win after drawing one one with poland in the tournament opening fixture. now over to the n.b.a. hardwood where the season is reaching its climax is the two remaining teams prepared to go head to head in the playoff finals choose day night sees the first match in the best of seven series between the miami heat oklahoma city thunder bron

james and they were taken all the way to a seven time deciding game in the semifinal win over the boston celtics while oklahoma wrapped up their series against the san antonio spurs four two the series starts in oklahoma with the hate looking to put last was disappointing final series defeat to dallas behind them. i don't think we need more motivation last year is behind us this is a different journey we went through the pain we went through the valuation we went through the recommitment at the beginning of the year. we survived all these rounds we have a very motivated group because of the opportunity. obviously how they will feel but i know how our guys really are. we were embraced this challenge. but we're not we're not here just to be here we're here to win a championship that was been our go all season long just like twenty twenty nine other teams. well the grass court tennis season gets underway this week with the

queen's championship taking place in london brittany marie's looking for his third victory in four years as the reigning champion begins the defense of his title against frenchman nicholas meyer who wednesday a persistent back injury caused the twenty five year old problems at the french open recently the scot was eventually beaten in the quarterfinals but says he's fighting fit ahead of the grass court season. when a couple of weeks ago there was a pretty good the last two match that played at the french open and. of this they don't want to lose early there but managed to get a couple of days off which were. three or four weeks which really needed for my back and felt much better a couple of good prices on the grass and the cell phone. and staying with tennis the annual legends exhibition in moscow has been abruptly halted after a heavy thunderstorm managed to spoil the party russian

a tennis legends you have going to get from the coffee market soften and you elena dementieva teamed up to play european stars such as granny research martina hingis a man threw a bar on me and it started off well with men's doubles kafelnikov and saffron purses even a survey about army beginning under the scorching sun the four players even enjoyed a bit of tomfoolery on the court to the delight of the crowd just after the russian jew i ran out six two when is the skies open to put an end to the whole show. real shea now the second goal from major on the calendar takes place this weekend the u.s. open getting underway at the olympic club in san francisco on thursday is an intriguing prospect in store with the world's top players having also informed heading into the tournament fourteen time major winner tiger woods recently winning the memorial tournament for a fifth time while defending champion rory mcilroy he was in contention until the final few holes at the st jude class. last weekend i level it could be the fact

that the course isn't used on the p.g.a. tour meaning none of the world's finest will be too familiar with their narrow tree lined fairways punishing rough and small undulating greens. the fairways get tight if you drop the ball if you feed the board a little bit wider. of your butt in order to mayberry shifted fairways you know if you get into the rough it can happen that you can get home into it and if you're in the rough it's very difficult to stop the ball in those small greens so it's tough it's a challenge but you know this is what you know when you come in is going to be one of the most difficult weeks. to motorsport now in two time defending a formula one champion sebastian vettel is getting a major head start on the competition for next year's american grand prix the german stopping by a new jersey to test out the new circuit which will be added to the calendar in two thousand and thirteen the twenty four year old finished in fourth place at the canadian grand prix on sunday and decided to stick around on the continent

afterwards the german forced to use a much tamer road car rather than his red bull racer with the road surface not quite suited for f one specs just yet vettel did manage to race in two thousand and seven which was the last time the event was held he was named a substitute driver for b.m.w. . and finished seventh. monaco is very special for us has a lot of history etc but i think this race is going to be very very great and very soon will be one of the races that you know every driver wants to win no doubt. and finally there's no more california dreaming for the los angeles kings the ice hockey side crowned n.h.l. champions for the very first time daryl such as men doing the business in style in game six to win out for two overall a six one hammering of the new jersey devils on monday raising nineteen years of painful memories ninety ninety three the last last time they had reached the finals

losing to montreal mccain's outstanding goaltender jonathan quick afterwards lifted the common smile trophy as the playoffs most valuable player. for that is all the sport for now but i'll be back with plenty more in a little under two hours time here on r.t. weather is next. if you're followed up on my death snow. the names are sort of a throwback and archaic part of our long. and it goes back to a time when people would lie down in their forces in the wild west and pick up

these fugitives and putting them into the sheriff for prosecution they don't have much company may both feel guilty. and when they go out there is come weapons. and you have to hope that nothing bad. will and. we're chasing killers and you gotta keep that in mind of the two million dollar bill for his arrest. we're not superheroes we can be killed to you know they shoot me in the head i'm going to die. and. once you put it on you and i never go back to hunt anything else.

more news today violence has once again flared up. these are the images. from the streets of canada. giant corporations rule the day.

crowds of opposition activists and rally to central moscow today with agendas ranging from the far left to nationalistic street miss. ballance intensifies across syria with you and observers pointing at a spike in coordinated rebel attacks which government troops out for a pell clashes leading to foreign powers increasingly hinting at intervention. a no room for refugees after promising to provide sanctuary israel begins arresting african migrants who fled violence in their homeland and plans to deport over four thousand people. follow it seven pm here in moscow you're watching r t with me kevin now in this hour a mass opposition rallies taking place here in moscow tens of thousands of people gathered for a demonstration in the center of the city paper all of has been following the

protests and brings us up today talked about who took part. what we have seen is groups from the far left to the far right it everywhere in between coming out to voice their. own happiness with the current government in russia one of the largest groups that would here were a group of nationalists i'd say when i was on the march coming from which is kind of square here to the streets in central moscow i did see several people wearing well what can only be described these variants of nazi uniforms including one woman wearing a take on the s.s. uniform fully equipped with a compound don't wearing a russian nationalists symbol of the protest the demonstration on the march of both being very peaceful from all sides seeing as you say that there was worries about the the number of nationalists in the message that they were putting across but it doesn't seem like that's flared up any problems of course in the last demonstration

we.