bailing out banks and other is over their massive surge in public that and that sits and now there is a risk of conferees as opposed to indeed be the world's or bangs going belly up having solved under your skin the fault thing as already happening in greece and unfortunately when you have to watch private in public that it takes a long time up to a decade to do the leveraging good means. to save more to reduce that over time and that implies that really can all the good old high unemployment rate and some degree of social probably because of the instability of happiness so we are able to i would say. you know these slow economic growth difficult out through the recession in the eurozone that it's call of a fall by governments is going to stay with us for a number of years if you gave a percentage of the 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 that greece exit the euro zone thinking about it surely even if they like not in june a new government is going to try to go to for comics elections 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 all of the only. means that then there are mosques in the phone that actually called local believe that are still a good old historic 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 isn't all these old believe and the contagion of the rest of the eurozone is mall there so it does not make you see it that way and it's fine and so these are all of the really probably. 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 you. 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 for more than a decade in europe in the thirty's well there is certainly a risk that the situation could become these or that in the eurozone like at these all of the early default an exit by. contagion with iran on the banks they made early in spain then they lose market and then they eventually have to restructure the senate been that's not such a few years down the line they also ags 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 term study nation if you hold another the pressure of interest and all these things happening at the same time maybe out of the low probability but there's a risk we have to conserve our selves there's a chance that they get

a peons get their act together and while libyan number of years of. fiscal condition are and surely you have more integration more of fiscal dealing and more of a banking union that will proposition eventually probably you're doing it 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 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's been a gradual bit more integration there's no choice because these integration would imply economic and financial damage and even in germany i loan. in

a world economy without a rising power like china or india. or existing superpower like us could be economic and they just made it 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 behind the housing market collapse in the united states what about in europe 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 reckless that is that applies really the really only degrees c. has a reason to lie then cheated them that this is a fifteen percent of g.d.p. and the deficit and then that led to the fiscal cries is it actually in that spain in the island was the private sector that that eventually led to the problems of having to bail out the banks large that is that created 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 or of several of them were the binocular by excesses in the private sector because of poor regulations or because i'm of the bank of says that a creator of a real estate than a nazi and i cried bob 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 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 no i don't think there will be a fiscal cries in the us even if the deficit than the large arising in part because us can print money to finance is that this is something the european central bank is unwilling to do because the u.s. dollar still is a currency so. the four of them and trying the rest of emerging market is financing

the largest piece current account deficits. could should be complacent over time if the u.s. were not to deal with his own fiscal problem because we're going to deal with the extent local even as eventually you could have a fiscal train wreck or a sudden stop of copy and that financial tomorrow could happen the united states that are for whatever is the result of that action next theater whether it's going to be a president starting a plan that leads to a fiscal discipline a fiscal consolidation to be part of the what the u.s. has to do you know to avoid the risk of something bad happening you guys have been allayed to us that other contraries but could also have been us eventually 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. happens where the u.s. dollar tween us is going to take on that say by the realities for now that is not. the us dollar that's why people are still in this limbo on the second question in the last year of the euro was close at one fifty dollars to one twenty five i would say you know the overall scullin financial problem that it's probably a great event over breakout today that the euro should weaken and these are likely to weaken the only thing that could maybe stop that we can as the eurozone is 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 to find the ground leads to a banking union you know this guy doing on that i'm told is a show restoring girl that. and other things that are stored hope that they eurozone is going to up. state together in which case you could start to rally

again are among the main downside risks to the global economy you mention of course very slow economic recovery where do you see the new tigers mudge and what is the present role of brics nations this throng growth economy as the world will be in emerging markets until recently the brics but that i always saw some of the rising problem as you know of turkey or indonesia you know because not just the brics what concerns about the briggs and other emerging market is in all of them for the federal reserve there is now a slowdown of growth you see it in china city in russia you see it in india in brazil in part of this because europe and you are sort of slowing down if not constructing but in part is because many of these companies are move their way from market oriented but a form of towards them all below growth companies are better for two as a state but then he's too much government intervention they call on me too much for

all of the state owned banks saying all the enterprise is too much protection is too much resource nationalism and over time that's a negative because it's going to slow down potential growth it's going to lead to lower the long run you can only grow so more than about the brakes are actually going in the wrong that actually in the last 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 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 your president decide not to attend the g eight summit because he was busy creating his own cabinet that was a bit of a strange thing to do like a snob you know in the case of the brig's the point is you know russia's potential growth to date based on the statements by the deputy governor of your central bank is three and a half percent. until recently were growing eight nine percent and now they are

slowing down so you have a low potential girl that where there is a you know not as much market oriented there was three or four you have aging of. there is a certain amount of lack of transparency that is sort of the. core option. in the seas in the pretty gutsy is that it is institutional weaknesses of course that also is throwing a general or a source is 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 of and that success is. moving away from state got delays 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 stronger call a minister on policy pretty much means that even it wouldn't times are bad then shocks would call from the rest of the globe what i call

a me you're going to be able to back that up sword was chalk's rather than and cutting into a superior financial crisis and that's the lesson thank you thank you very much mr the pleasure of being reviewed. legal is. just so.

there hasn't been anything good on t.v. . it is to get the maximum political impact. before the source material is soaps journalism on the real. world. we want to present. something else.

people of greece have to the polls for the second time in two months to decide the country's future and was their choice impacting the entire eurozone they are left with two options to side with the stereo oratory vote against it. the move which could ultimately spell greece's exit from the euro. the united nations' peace plan for syria is near collapse as observers say it's getting too risky for them to continue their mission and it's claimed violence this is moscow denies u.s. claims that are russian military cargo ship is on its way to syria with weapons and troops. and an egyptian activist say they're revolutions in jeopardy and are boycotting the ongoing presidential poll after the military claimed all branches of power for itself as long as it is facing off against mubarak's last prime minister with critics saying neither man's a champion. of time in sports now and enters got the latest from your twenty twelve

and beyond. welcome to the sports these all the headlines all right should you crash into the european championships after one will defeat to greece he reached the quarter finals against julio. while the czechs also made the quarter finals off to a one zero win over poland. and. number three roger federer beats russian rico youzhny to reach the final for the. first russia of the european championships they failed to qualify for the quarterfinals often using one nil against greece in war so that's cool line enough to send the russians home after the czech republic poland one nil in the other getting to secure top spot in group a watching the russian hope break was richard. russian service has been taught

in championships offer an incentive to display again screams of the greeks have one thing that they want to do not was offended numbers and trying to rush on the counter-attack any play a big game plan would concentrate on the sort of time in a new stage in the russian defense so ireland going it's a pretty run a mile if they haven't been shot from the back of an attempt to get the greeks but they need russia hundred by me but they didn't play well and even they just were unable to create anything in attack to be honest i'm not one major major problems the longer game went on russia my first win for the government greece defensive play was i'm certain of the fun times that i gave russian no to spain one so whatever i'm saying you really have to get credit for greeks the way they played they were able to hold on to the tourney and russia not go i was of atonement for the czech republic they were able to beat potent by golds and mailed well i really

really depressing things really for the russian players it's home and have suffered so well but unfortunately i was under storm and rain a. green because of a result can be done again away. she said there russia's fate if they could be saved by the czech republic to poland one nil to claim top spot in the year the chick with the gold in that game and joining them in the quarter finals are greece who against all the odds progressed to the next round they finished second they started the day bottom of the table while russia worked but it's them progress russia. many have said they'll have to be careful against denmark on sunday despite needing only a draw to finish top of group a the germans held their final final training session in live on saturday deciding not to hold it the arena livy in order to preserve the pitch there lukas podolski is set to earn his hundredth cap for his country and the germans want to make sure the occasion also marks their passage to the last eight

but despite topping the table they could still go out of the competition defeat by more than one goal against the danes and think three for portugal over the netherlands would send them home early up as good as or two months and i have a feeling the team recognise immediately that we haven't qualified yet if you look at the different possibilities you find out that it can happen quite quickly that we can still go out and have to be careful against denmark despite the fact that we played very dominant until now and we beat the teams that were the hardest opponents on paper holland board you can. get. what germany are one of the hot favorites at this year's european championships but they haven't enjoyed an entirely happy camp by munich start only cruz has told newspapers he's not satisfied with being a substitute and has only played a total of twelve minutes in the eighteen games against the portugal against portugal and the netherlands but general manager all of a bit off the night such comments have unsettled the squad. was in charge as the

most is the off to my thing the most important thing is that this is not transferred to the team it will always be like this in the tournament we've played two games now and there will be unhappy comments from playing is that come up on the one hand you ask yourself is it really necessary. i'm quite happy that i'm satisfied that they're not thinking i'm happy to be here and just spend time it's important that the manager trusts them and that you always make sure to them that they are the chosen ones. well to have a little look at a porsche to play the netherlands and the other game there on saturday there are many possible permutations see but the easiest thing to say at the moment is that all four teams can still reach the quarter finals and a draw for germany in portugal would be enough to send them through. else wastefully could be without their star striker mario balotelli for their last game against ireland on monday the manchester city forward injured his nature in training and is being assessed ahead of their must win match against the irish

meanwhile italy's coach scoffed at conspiracy theories surrounding the last games ingrates say even if italy win on monday they would still be knocked out if spain correia played at a high scoring trough that result but think those two sides both would progress to the last eight bases or plan delhi had this to say to the conspiracy theorists. that i really have a hard time listening to these debates with you i really do you know that's not the way i see things you're but talking about the champions of both world cup and euro it team which over the westin use energy in the whole world to their game with their contagious enthusiasm everybody wants to copy this team in and should be the thinking of the words in service to this kid we have a problem here really do if we think we want to cheat. to prove his point spain of also stress that only aim is to be defender out all after suggestions there could be an agreement between the sides and said his team wanted to finish on top of

groups a. lot of was there to do is a result is a possible result just like one meal or any other what is clear is that we're going with an attitude to win the game as always italy will have to we're a game. i like to go out to remember there will be no agreement that is stupid and each team will go to the field weening the game i'm not defending from others. meanwhile ireland have described their exit from the euros as heartbreaking they're preparing to meet italy and it determined to avoid a three straight or three straight defeats at the tournament but it mitt there you are a dream has been well and truly shattered. it's a privilege a dream to go but even if there were. people who write about it. it. is more to. do well you know we haven't.

played against a rival. our best at the moment is. elsewhere fifa president sepp blatter says he has no doubts brazil will host a successful world cup in twenty six states the football chief is currently in your acquiring gave their three manager of their national team the bad as an order of merit medal for his achievements in football but blatter also said that despite the construction and infrastructure problems grizzle has faced it will be ready to host football's biggest thought. it was either going to brazil would organize an exception world cup it is a country that at the moment drench number six as an economic power it cannot fails we are aware of some problems but we are in this together and as i've said we will continue working hand by hand this isn't far because in football hands should not be used but the military tant is complete trust in the brazilian or been a zation to play in the world cup it was elsewhere to table and either has been

officially unveiled as the new barcelona coach after signing a two year deal with the cattle and side the forty two year old steps up after assisting former pastor boss pep guardiola pestered the club to a staggering fourteen title. possible nineteen over the past four years before cardio accorded a day at the end of the season last month as a tall order to follow but he is not intimidated by the task. but. i'm not worried about any possible comparisons between quite all in myself i will just try to do my job well and i will give it just as much time as i did when i was an assistant coach because i gave my all you can before so i'm not worried about any comparisons. away from football and roger federer has reached his first final on grass this season he thrashed russia's mikhail youzhny in straight sets at the jerry webber open to set up a showdown with tommy haas federer made this one look simple taking the first set

six games to one and then having a little trouble in the second winning that six four for the match federer has not beaten usually in all thirteen of them meeting. probably they face more resilience from the local favorite tommy haas the german winning his semi against philipp kohlschreiber in straight sets seven five seven six. motor sport honda. has grabbed his first pole position hill start at the front of the great for sunday's british grand prix the spaniard fastest in qualifying in a rain swept silverstone track he was just over three seconds faster than american ben spies defending champion casey stay with the case championship later you're going to rennes i will start from for trouble for nicky hayden he crashed out on the start and seven dollars to carry teammate valentino rossi also i tumbled in similar circumstances but recovered ten spot.

when they went to make two more will do so nor do they make on the scene where a little bit difficult because rain coming. the i can. just wait for two more race see what we do whether we have just because they're actually. tried to make. i try to stay again he had more and a reminder of our top story russia have been knocked out of the european championships after losing one nil to greece that is the sport for now the weather is coming up next.

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people of greece have the polls for the second time in two months to decide the country's future with their choice impacting the entire eurozone. united nations peace plan for syria is near collapse as observers say it's getting too risky for them to continue their mission and escalating violence. in egypt activists say the revolutions in jeopardy and there are boycotting the ongoing presidential poll after the military blames all branches of power for itself. what you are to live from moscow now many am in the russian capital greats are facing a tough choice this sunday which could ultimately spell out their future in the euro zone a parties are running for seats in parliament but in reality people are

left with a simple choice whether to stay quit suffocating a stereo or ditch the euro zone's bailout deal and go it alone are his jacob graves has the latest from athens. we're talking about two potential leaders here all the rights we have that's of new democracy these represent the status quo they have been in power before long saw the coalition with pasok party now they represent austerity something they have implemented those backed by the e.u. i.m.f. and euro zone troika up their popularity is really waned recently there has been a public backlash because of course there's a staircase gone hand in hand with the sheer rise in unemployment it's also seen since two thousand and eight stuhlinger attraction of the call me by about twenty percent. mainstay argument of the moment is that they need to stay within the euro zone but swallowing austerity is a necessary poison for the husband another option.