having solid risk in the fall as already happening in greece and unfortunately when you have to watch private in public diet it takes a long time up to a decade or two to be leveraging the means to span elias to save more to reduce that over time and that implies the economic role of high unemployment rate and some degree of social and political instability and happiness so we are still 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 that is at least the probability that they greece exit the euro zone thinking about actually even if they like not in june

a new government has another tried to reform and that it can all mixers that are coming so sustainable that they will exit and i would say that it could be good good for them as long as the exit is orderly. and means that then there are massive differentiation on that axworthy called upright believe that is for a good old historic set of ballance of who's going to be damaged the banks damage the savings of people in the banks and that's why they need more funding to make sure that he's not these old really metal down and the contagion of the rest of the eurozone is mall there so it does not make a 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 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 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 all of the early default an exit by then contagion with iran on the banks he made early in spain then they lose market and then they eventually have to restructure the diets and been 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 turmoil and then you could end up like japan with a long terms like a nation if you hold another the pressure and serious and all of 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 one of the be number of years of of rediscover a side issue and all of bumpiness in fiscal condition about and surely you have more integration more of fiscal do no more of

a banking union that will probably zation eventually probably your doing and so instead of these integration you could have a process leads to greater 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 about some people say they have no choice and every time there's been a cries in europe that has been gradually over time more integration and there's no choice because that is 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 some view is the you know the europeans have to stick together to. of their own weight in global economic and even

political affairs many books including yours have been written as to the reasons behind 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 problem is because of a lack of fiscal discipline or fiske of recklessness that applies really the only only degrees c. has a reason to lie then cheat there then that that is a fifteen percent of g.d.p. and the deficit blow up and then that led to the fiscal crises and actually in that in spain in the island was the private sector that eventually 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 prevented by excesses in the public sector at several of them where they've been

ocular by excesses in the private sector because of poor regulations or because i'm of the bank of says that a creator they real estate then 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 and a half percent do you think that also apart 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 and that large arising in part because us can print money to finance is that this is something that you have some bankers unwilling to rule because of the u.s. dollars in the currency sold before in the manner of the rest of the emerging market is financing the largest. current account deficits now no consequence should be complacent over time. if the u.s.

were not to deal with his own fiscal problem if not of the lyrics then local given as eventually you could have a fiscal train wreck or a sudden stop of copy dollars and that financial tomorrow could happen the united states that are for whatever is the result of the election next theater whether it's going to be a president starting a plan that leads to a fiscal discipline of fiscal consolidation to be part of the what the u.s. has to do you know toward the risk of something bad happening anywhere else you know would happen later in the u.s. than other contraries but it could also have been us eventually but do you expect the u.s. role in the dollar as role 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 with the u.s. dollar the tween us fiscal and current take on that say by the realities for now

there is not that. kind of threw the us dollar that's why people are still in this limbo on the second question you had last year the euro was close at one fifteen our growth to one twenty five i would say you know they were all just falling financial problem that it's a bag of breakout that the euro should weaken and likely to lead to the only thing that could maybe stall that we could have sold the rules on either 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 that fund the ground plan that leads to a banking union this guy doing in that motel is a show restoring gold. and the other thing is that the restore hope that they eurozone is going to stay together in which case the util could start to rally again all 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 muds and what is the

present role of brics nations this throng growth economies the world of being an emerging markets until recently the breaks for that always sold some other rising power as you know of turkey or in the knees you know or mexico's not just the brics and what concerns 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 india you see the brazil in part of this because europe and us out of slowing down if not constructing but in part is because many of these companies are moved away from market oriented that of foreign wars and well below growth these are better for us a state that much government eventually calling me too much role of the states they don't banks thing all the enterprises so much protection is too much resource nationalism and over that's a negative because of a slowdown potential growth is going to lead to lower the long run you can only

grow so more of 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 in the g eight you know your president decide the not to attend 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 breaks the point is you know russia's potential growth today based on their statements by that with the going to be our central bank is three and a half percent. trying. to recently were growing eight nine percent now they're slowing down so you have a county where you have low potential gold where there is that you know not as much market oriented there. you have an aging of hope or nation there is

a certain amount of lack of transparency that is such that amount of co-op shown though some of. the seas in the party got system that is institutional weaknesses of course that also strength general or a source says good skilled labor force is allowed to con 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 flows of course i've got i've got a regime which is not pugilists affair but then having a strong economist on policy framework means that even a wooden 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 at the end that's the lesson thank you thank you very much mr a pleasure being refute that.

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party's top stories towns of thousands of opposition activists rally in central moscow with agendas ranging from the far left to nationalist extremist. violence intensifies across syria with un observers pointing out a spike in coordinated rebel attacks which government troops have to repel clashes leading to foreign powers increasingly hinting at intervention. and no room for refugees after promising to provide sanctuary israel begins arresting african migrants violence in their homeland and plans to deport over four thousand people. next paul's here with the latest sport. thank you very much and he said welcome to the world of sports here's what we've

got coming up for you. match day two russia can book their place in the last day to euro two thousand and twelve as they take on co-host poland in warsaw. the final countdown to the n.b.a. season comes down to the miami heat and the oklahoma city thunder in their best of seven final series later on changed a. major intrigue the second major on the golfing calendar tees off this weekend as the u.s. open takes place in san francisco. but first to euro two thousand and twelve russia can book their place in the last eight on tuesday if they are able to beat co-host poland in warsaw that game kicks off a little later on but first also in group a great taking on the czech republic the czechs looking to bounce back from a four one defeat to russia in the early match and they made a blistering start goal to try to get a check and people are for them to know after just five minutes the half time whistle has literally just gone. so russia could be celebrating booking their place

in the quarterfinals later a great way of course tomorrow russia day they can because men take on co-host poland in warsaw 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 to come back out what a full strength scored choose from those were no injuries you'll be looking for his team to continue to form a soul then beat the czech republic for one last time out if. we've only played one game so we'll have to wait and see what happens in the next two minutes it was important for us to said the tall and when the opening clinch but that's all that. 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 were irresistible form especially attacking triumvirate and. alexander cares a call of close as it is finally managed to find his form again after

a difficult start of year ass 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 penshoppe to mr for host of chances going to change my opinion had actually decent game he was just one bit unlucky not to find a back of a national number of number david chances would have gone in total as i can see that come back at staying with the same side and really a lot depends on it russia can play a pace and i think the poles are going to find it very difficult. holding there are 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 up and gave the nobility. of the 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 the life of making the

knockout stages dance because we could only manage a draw with greece in their opening game as well as the poles are actually very impressive in first twenty minutes is because the greeks 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 they'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 themselves and the fact the polish head coach is more than aware of. russia 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 a proper tactics for the match should hopefully help us continue that streak. russia shoulder face an incredibly hostile atmosphere here when the match does kick off with around fifty five thousand polish fans cheering on their team but it's important that the russians put back the back of the mind and really concentrating on getting a victory that will put them through to the knockout stages richard pombo played

r.t. warsaw. 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 tuesday night sees the first match in the best of seven series between the miami heat from the east and oklahoma city thunder from the west the bron james and the hate taken all the way to a seventh and deciding game in the semifinal win of 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 year's disappointing final series defeat to dallas well and truly behind them i don't think we need more motivation last year is behind this 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 were very motivated group because of the opportunity to have obviously how they

will feel but i know how our guys feel really are we will embrace this challenge. but we're not we're not here just to be here we're here to win a championship or go all season long just like twenty eight twenty nine other teams now the grass court tennis season gets underway this week with the queen's championship taking place in london britons are the americans looking for his third victory in four years the reigning champion begins the defense of his title against freshman nicole a man who on wednesday a persistent back injury caused a twenty five year old problems at the french open recently the scot was eventually beaten in the quarterfinals but says he is fighting fit ahead of the grass court season. well i mean a couple of weeks ago there was a pretty good the last few nights that the french open and. of the don't want to lose early there but managed to get a couple of days off which for three and a half four weeks which really needed for my back and felt much better

a couple of good prices on the grass and a cell phone. staying with tennis the annual legends exhibition here in moscow has been abruptly halted after a heavy thunderstorm managed to spoil the party russian legends you're going to kafelnikov moderate suffering are in your lane and dementieva teamed up to play european stars such as gore and even a civics martina hingis amongst your part army and it started off well with the men's doubles kafelnikov and suffering. but army beginning under the scorching sun before players even enjoyed a bit of tomfoolery on the court to the delight of the crowd but just after the russian g.o.i. ran out six two winners the skies opened and put an end to the whole. bit of a shame that one now the second golfing 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 all showing form

recently heading into the tournament fourteen time major winner tiger woods recently winning big in the morrill tournament for a big time while defending champion rory mcilroy was in contention until the final few holes and they seemed to classic 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 the narrow tree lined fairways punishing rough and smooth greens the fair was get tight if you drop the ball if you feed the board a little bit wider. of your butt in order to mayberry shifted you know if you hit defeat into the rough it can happen that you can get a home into it and if you're in the rough it's very difficult to stop the ball in those. small greens also it's tough with a challenge but you know this is what you know and when you come is going to be one of the most difficult weeks or you might just port now in two time defending 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 rotor is not yet suited for f one specs 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. salberg. 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 first time ever darryl sutter is a man doing the business in style in game six to win out for two overall a six one hurrying all of the new jersey devils on monday are raising nineteen

years of painful memories nine hundred ninety three the last time they reached the finals losing to montreal the kings outstanding goaltender jonathan quick afterwards lifting the common smile trophy as the playoffs most valuable player. for that is all from the world of sport for now although there is plenty more later here on r.t. whether it's next. it

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if you're following up on my. back and part of. it goes back to a time when people would wipe out in their forces in the wild west and pick up these future dates and putting them into the sheriff for prosecution don't. follow . their weapons. and you have to

hope that nothing bad. would. but we're chasing killers and you gotta keep that in mind it was a two million dollar bill for his arrest. but not super hero can be killed in the head i'm going to die. a little. never go back to an anything else. comfort is the least you have. money is the last you need to if you travelled this way. language is common. to. the. emotions are intense. experience priceless.

breaking news this hour polish football fans attack supporters of the team russia before euro two thousand and twelve match in warsaw these are the latest pictures promised the polish capital. in other news tens of thousands of opposition activists rally in central moscow with agendas ranging from the far left to nationalistic stream of. violence intensifies across syria with you and observers pointing out a bike include ordinated rebel attacks which government troops have to repel clashes leading to foreign powers increasingly can say intervention. and no room for refugees after promising to provide sanctuary israel begins arresting african migrants who fled violence in their homeland and plan to deport over four thousand people.

at nine pm in moscow you're watching r t m and he said now i will get to those mass protests here in the russian capital but first let's check in on some breaking news just in from warsaw this hour we're polish football fans have a attack supporters of the russian team. the police have reportedly used rubber bullets to disperse the crowds while mass arrests are being made russian fans were marching in the polish capital to mark russia day says hours before the two countries go head to head in the euro two thousand and twelve tournament later this tuesday evening our sports correspondent richard brown forte is endorser and we are trying to get him on the line for you as soon as possible so stay with us for this developing story polish mass attack team russia simply.