memos bailing out banks and others of a massive surge in public that and that sits and now there is a risk of conferees as opposed to individuals are bangs going belly up qantas having solved in various skin the fault thing 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 that means to standardize to save more to reduce that over time and that implies that low economic rule that high unemployment rate and some degree of social and political instability and that penis so we are able to i would say. you know these slow economic growth difficult session the eurozone that is call of the fall 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 years and i would say that you know by next theater i would say there is at least a probability the greece exit the euro zone thinking about it surely even if they like not in june a new government is going to try to get a forum that it can all mix which is becoming so sustainable the day we lags it and i would say that it could be good for them as long as the exit is all of the early . means then there are massive depreciation on that actually called local could be there are still 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 it's not these old believe and the contagion of the rest of the eurozone is mall there so if they could see it that way and it's fine and said 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. 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 disorderly in the eurozone like at these all of the early default an exit by. contagion we have a run on the banks in the early in spain then they lose market and then they eventually have to restructure the senate and that's not sufficient in a few years down the line they also exit 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 long terms like a nation if you hold another depression interest now 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 europeans get their act together and while being number of years of rediscover a lot of. fiscal condition are right and surely you have more integration more of a fiscal deal you know more of a banking union that will proposition eventually probably you're doing and so 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 do not align themselves together 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 that is integration with imply economic and financial damage and even in germany i law. in

a world economy without a rising power like china or india. or existing superpower like us could be economic and i just thought the major it so view is 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 problem is because of lack of fiscal discipline or fiscal reckless that is that applies really the only only degrees c. has a reason to lie then. this is a fifteen percent of g.d.p. and the deficit and then that led to the fiscal cries is that actually in spain in the island was the private sector that 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 driven by excesses in the public sector of several of them where 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 then and in a credit 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 no i don't think there will be a fiscal cries in the us even if the deficit than that of a large arising probably goes u.s. can print money for us is that this is something the european central bank is unwilling to do because the u.s. dollar still is a part of a series. for in the land of china that i thought emerging market is financing the

large us. and current account deficits. that could should be complacent over time if the u.s. were not to deal with his own fiscal problem because a lot of the lyrics then local even as eventually you could have a fiscal train wreck or a sudden stop of copy and that financial model could happen the united states that are poor or whatever is the result of that action x. theater where there'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 toward the risk of something bad happening to us you know have been relayed to us that 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. happens with the us dollar tween us fiscal and current take on that say the reality is for now that is not. going to be the us dollar that's why people are still in the book on the second question in the last year of the year was close at one fifty dollars to one twenty five i would say you know the overall fiscal and financial problems that it's called aggregate that over breakout suggest that the euro should weaken and is likely to weaken the only thing that could maybe. that we can solve the eurozone is either the us 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 fight in the ground leads to a banking union you know it's going to doing that i'm told is a show restoring girl that. and other things that are stored hope that they eurozone is going to. stay together in which case you could start to rally again

all right among the main downside risks to the global economy you mention of course very slow economic recovery where do you see the new tigers emerge and what is the present role of brics nations this throng growth economies the world of being an emerging markets until recently the brics but that i was sold some of the rising power as you know of turkey or indonesia you know or mexico's 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 see iran sitting in brazil in part of this because europe and you are sort of slowing down if not constructing but in part of this because many of these condos are moved away from market oriented but a form of towards them all the low growth companies are better for two as a state but then he's too much government provided so they call on me too much for

all of the state owned banks and all the enterprises too much protection is too much resource nationalism and over time that's a negative because of a slowdown potential growth it's going to lead to lower the long run we can only grow at the top of 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 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 well you know on the g eight you know your president decided 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 with like a snob you know in the case of the ponies you know russia's potential growth to date based on their statements by that but the color of your central bank is three and a half percent. they mean the i'm going to resign they were going eighty nine percent

and now they're slowing down so you have a county were you have low potential girl that where they reside you know not as much market oriented those thoughts on a forum you have an aging hopeful nation there is a certain amount of lack of transparency that is such that i'm on co-op shown. in the seas in the party got system that is institutional weaknesses of course that also is throwing a general or a source is a good skill 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 to convert the flows of course i'd go with a regime which is not pugilists affair but then having a strong economist thought on policy pretty much means that even a wouldn't times are bad then shocks would call from the rest of the globe what i

call the me you're going to be able to back that up sold was chalk's rather than and putting into a superior financial crisis and that's the lesson thank you thank you very much mr a pleasure being reviewed.

to much brighter if you move from phones to pressure.

starts on t.v. dot com. people of greece had to the polls for the second time in two months to decide the country's future with their choice impacting the entire euro zone and they are left with two options to side with the sterett or to revolt against it the move which could ultimately spell greece's exit from the euro. united nations peace plan for syria is new or is near collapse as observers say it's getting too risky for them to continue their mission amid escalating violence this is moscow denies u.s. claims that a russian military cargo ship is on its way to syria with weapons and troops. and in egypt activists say the revolutions and jabbered he added are boycotting the ongoing presidential poll after the military claimed all branches of power for itself has a lot of us facing off against mubarak's last prime minister with critics saying neither man's a champion of. change. now in the world of sports and it's

here with the latest in just about everything that could go wrong for russia's football team last night did it certainly did what did go wrong over there on the plane home marino all they had to do was draw with greece not even beat them just draw they couldn't do more and not a very disappointing night more coming up right now. great to have you with us this is sports today plenty heading suiting all this. early and russia's football team crush out of the european championships in the group stages after defeat to greece to themselves reach the quarter finals against all odds. typed up the top agreement dole and jim furyk share the lead heading into the final day of golf's u.s. open. mike nissen seven roger federer perch for

a seventh gerry webber open final appearance after donning russian mikhail youzhny in the last four. hour it's all the european championships dick advocaat charges needing just a draw against greece to progress into the quarter finals from group a last night but richard bump or three told us immediately after the game that will stretch too far. servants control the insurance and chip saltsman incentives that greets the great. one thing that they want to do nothing to the brain the numbers and driving it rush on the counter-attack i need plenty big game plan work around some who treat on the sort of home time no breach in the russian defense allowed going to a party run a mile a day and get shot in the back of. the greeks probably need russian hundley by reba didn't play well or even just weren't able to create anything in fact to be honest . major major problem the longer he went on the russian would push men forward

equipment greet different points of time for movement one time it became russian mon three one for whatever reason you really have to give credit for greeks the way they played they were able to hold on to the training and russia of the tournament to the czech republic they were able to beat poland also no row really really different. teams really full russian players on the part of so well but unfortunately. for them and. richard mentioned russia's fate was sealed by the czech republic who beat poland one nil to tame top spot in the group peter you're a check with the goal in that one and joining them in the quarterfinals of these just hurt is greece the start of the day bottom of the table while russia were top but a lot of difference nineteen minutes can make. meanwhile germany have said they'll have to be kerfoot against denmark on saturday despite needing only

a draw to finish top of group b. the germans holding their final training session in the evolve on saturday despite topping the table could still go out of the competition defeat by more than one goal against the danes on victory for portugal over the dutch would send them home early ally russia last night. many possible permutations in the after could be probably the easiest way to explain is that all ford. teens can still reach the quarterfinals though germany and portugal only need draws to see them. all right let's stay with football where tito villanova has been officially unveiled a new monitor the forty two year old signing a two year deal with a couple on giants villanova steps for assisting former boss the boss pep guardiola per steer the club to a staggering fourteen titles out of a possible nineteen over the past four years before guardiola called it a last month so the new ball says it all to do but says he's not intimidated by the

from middletown ask. wonder why i'm not worried about any possible comparisons between myself i will just try to do my job well and it will give you just as much time as i did when i was an assistant coach because i give my all you can before so i'm not worried about it and you. go to the greens we go where we look set for a nail biting end up the second major of the gulf thing season grimm mcdowell one jim furyk sharing the lead following day three at the u.s. open the olympic club course in san francisco is regarded as one of the toughest test the sport has to offer and for one of the overnight leaders it's certainly lived up to the mantle tiger woods carting a full six bogeys to life five shots off the lead who are the only players to make par with the leaders just smile. who won the u.s. open nine years ago looking good after a birdie on the seventeenth while another former champion northern irish mcdowell

captured some of those twenty ten for him to share the lead with fury on one under par shot of the day though came courtesy of this man playing in the first ever major john peterson a hole in rome on the thirteenth something tells me he'll be remembering that one. great stuff that brings us to tennis for roger federer has reached his first final long grass this season the swiss rushing right. mchale usually in straight sets at the gerry weber open to set up a showdown with local tommy else federer making this one looks simple taking the first set six games to one before winning out six four in the second for the match federer youzhny in all thirteen of their meetings he'll enter as a favorite in the decider after that. but he will face a partisan crowd there after a local man tommy haas claimed his spot in the final a german winning

a semi against a cool screamer in straight sets seven five seven games this. honda rider. has knocked his first pool decision of the moto g.p. season the spaniard set to start up the front of the grid for sunday's british grand prix but fastest in qualifying on a reinstall silverstone track just over three seconds quicker than american ben spies while defending champion casey stoner was third pay system jumping ship leader forget lorenzo will start from fourth there was trouble for nicky hayden he crushed audible start in seventh but has to carry teammate fall until rossi also tumbled in similar circumstances but recovered to claim ten spot. in the weekend when they went to make two more i will do so nor do they need condition where they need to be difficult because rain coming. at the

end i can get good really. just wait for two more race see what we do whether we have just pushed them actually move so i do to make a good decision i try to stay again he had more of an action packed weekend on much much more including the latest from the rugby internationals in the southern hemisphere that's in two hours time but now it is the world weather that marina's here in a few minutes time with all things so. if you're followed up on live you'll go to the. sort of a throwback and part of. it goes back to a time when people with black out of the forces in the wild west pick up the future

dates important to the sheriff from prosecution know what company may well feel guilty. when they go out there it's tough when. you have to hope that nothing bad. will. but we're chasing killers and you gotta keep that in mind others that to me a dollar bill please the rest. but not superhero they can be killed to you know they shoot me in the head i'm going to die. and. once you've had a minute i'll never go back to hunt anything else. will do the. science technology innovation all the latest developments from around russia we've got the future are covered. comfort. you how much. money. do you need

if you travel this way. language is common. you. are intense. and experience. all.

of social change. ask. people. much they care about the. true they don't care about the women of afghanistan. wealthy british sign. of the global economy.

is. much brighter if you move on from phones to question.

these forums don't talk t.v. don't come. people of greece had to the polls for the second time in two months to decide the country's future was their choice impacting the entire eurozone. 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 us collating violence. in egypt activists say the revolutions in jeopardy and are boycotting the ongoing presidential poll after the military claimed all branches of our for itself. eleven am in the russian capital you're watching r t on marina joshie welcome to the program greeks are facing a tough choice the sunday which could ultimately spell out their future in the eurozone eight parties are running for seats in parliament but in reality people

are left with a simple choice whether to stick with suffocating a stereo or ditch the euro zone's bailout deal and go it alone artist jacob reeves 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 run and been in power before long saw the coalition with pasok party now they represent austerity that popularity has really waned recently there has been a public backlash because force is a stare she has gone hand in hand with the sheer rise in unemployment has also seen since two thousand and eight stuhlinger attraction of the call me by about twenty per cent the new democracy the mainstay argument of the moment is that they need to stay within the euro zone because swallowing austerity is a necessary poison but there has been another option presented ever since but just before you read the show.