so the response of the cries is scott's theme of those bailing out banks and others over the massive surge in public that that sits and now there is a risk of conferees as opposed to india be the world's or bangs going badly up qantas having solvent risk and the faltering as already happened 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 means to supplant elias to save more to reduce that over time and that implies that lloyd's and all the good old high unemployment rate and some degree of social and political instability and 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 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 the greece exit the eurozone thing about and surely even if they like not in june a new government is going to try to go to for comics additions are coming so sustainable that they will lags it and i would say that it could be good for them as long as the exit is all of the only. means that then there are mosques in the shown that actually called local believe that or store growth to restore extent ballance of be damaged the banks damage the savings of people in their banks and that's why they need more funding to make sure that raising all these old believe and the contagion of the rest of the eurozone is mall there so if they can see it that way and it's fine and sunnies all of the early 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 the 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 with iran on the banks he made early in spain then they lose market and then they eventually have to restructure their dads any band that's not separation in a few years down the line they also i guess of the eurozone in which case the eurozone you know 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 and all these things happening at the same time maybe out of the low probability by the. ourselves there's

a chance that europeans get their act together and while being number of years of. fiscal condition about 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 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 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 dire. midge and even to germany i alone in

a world economy without a rising power like china or india. or existing superpower like us could be economic and they just let me just 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 problem is because of a lack of fiscal discipline or fiske of recklessness that applies to lethally only degrees c. has a reason to lie then cheat them that this is a fifteen percent of g.d.p. and the deficit blow up and then that led to the fiscal cries is that actually in spain then the island was the private sector that the venture 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 where the binocular by excesses in the private sector because of poor regulations provision of the bank of says that the creator they realize they don't and that in a crowded 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 in the larger rising because us can print money to finance is that this is something the european central bank is unwilling to do. because of the u.s.

dollars in the presidency so the four of them and china and the rest of emerging market is financing the larger as. current account deficits. they 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 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 order to avoid the risk of something bad happening he was you know would have been late to the white house that other conferees but it could also have been us eventually but you expect the u.s. role and the dollars rule 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 the u.s. is going to take on that say by the realities for now there is not that. kind of two thousand 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 fifty dollars close to one twenty five i would say you know the overall scullin financial problem that it's been over break out that the girl should weaken and these are likely to weaken the only thing that could maybe be. that we can solve the eurozone is either the u.s. economy come so weak 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 this guy doing in that motel is a show restoring girl that. and the other thing is that the restore hope that they

eurozone is going to stay together in which case the euro could go to a rally again or among the main downside risks to the global economy you mention of course a very slow economic recovery where do you see the new tigers and what is the present role of brics nations this throng growth to call as the world will be in emerging markets until recently the brics but that always sold some of the rising power as you know 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 city in russia you see it 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 condos are moved away from market oriented that a form of tourism all good old growth companies are better for two as

a state that he's too much government about so 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 of a slowdown potential growth it's going to lead to lower the long run we 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 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 with like a snob you know in the case of the brics the point is you know russia's potential growth today based on the statements by that with the comment of your center by.

three and a half percent of the time i mean the recently were growing eight nine percent and now they're slowing down. you have low potential good old where they reside you know not as much market oriented those three. you have aging population there is a certain amount of lack of transparency that is sort of the. core option. in the seas in the pentagon says that it is institutional weakness as of course that also playing a general or a source is good skilled labor force is a large contrary 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 that sunny's you know open up the trade to investment flows of course i'd go with a regime which is not fair but then having a strong economy as thought on policy framework means that even

a wooden 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 turning into a superior financial crisis and that's the lesson thank you thank you very much mr a pleasure being with you that. comfort is the. money is the last you need if you travel this way. language is common. you. emotions are intense. experience.

he used. to.

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 eurozone they're left with few options to side with a steady or tory fold against it the move which could ultimately spell greece's kinds of problem 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 made us go away violence from this as moscow denies u.s. claims that a russian military cargo ship is on its way to syria weapons and troops. an image of the activists say the revolution is 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 the critics say neither man is a champion of change. or sex with the. and. thirdly it

seemed the good bad and ugly of russian people over the past fortnight we certainly have it's been a topsy turvy two weeks but going from probably the best performance although the tournament for want to get czech republic maria to one of the worst last night they fail to break down greece they are not. the flight home or are not coming up in just the sack. thanks for your company this sunday here in central moscow this is sport today plenty had including all this. early and russia's football team crush out of the european championships in their group stages following defeat to greece who themselves reached the quarter finals against all odds. tight up the top primack goal on jim furyk sure of the lead heading into the final to us open.

a magnificent seven roger federer purge first seven to gerry webber open final appearance after donning russian makai usually in the last. rush hour writes all of the european championships adik of accounts charges needed just a draw against greece to progress into the quarter finals from group a last night but as richard von portrayed told us that immediately after the game the thumps was a stretch too far. for sure our service has been taught in championships offer an incentive to play against greece well the greeks have one thing that they want to do not which is the pending numbers and trying to get russia on the counterattack by media played their game plan work around certainly treat on the sort of half time there are a new stage in the russian defense a liar coming on it's a free run on my face and his shot from the back of a net to get the greeks but we need russia hundred played by rivet in play well even they just weren't able to create anything in attack to be honest i'm not one

major major problem the longer game went on russian made for shooting for the greek defensive players of some of the fun times that they gave russian no to spain swan so whenever you really want to just get credit for greeks the way they played they were able to hold on to the turning the hundred nine go rounds of the two of them and also the czech republic they were able to beat potent by a goal to nil really really depressing them seems really for the russian player tom had started so well but unfortunately it's under storm and. cause richard mentioned russia's fate was sealed by the czech republic to be pulled in one nil the came top spot in the group peter you're a chick with a goal in that one and joining them in the quarter finals are greece the two thousand and four champions started today bottom of the table while russia would pop but what difference ninety minutes can make. meanwhile there's a martha watering pair of group b. matches later on sunday they could see the netherlands and lemonade in the group

stages of the european championships for the first time since nineteen eighty k. partridge reports from hockey. holland versus portugal rotterdam october the sixteenth one thousand nine hundred ninety one a year i ninety two qualifier richard gets his priceless first and last international goal as the dutch winning one nil to go through to the finals this was the netherlands only win to date against portugal and on sunday bird fanatic side have to score at least two goals more than their bogey side to stand any chance of reaching the knockout phase of euro two thousand and twelve after finishing runners up at the world cup the dutch breezed into this summer's tournament as one of the favorites but a short one nil opening defeat to denmark being played two won by old foes germany means the annie have lost their first two games at the euros for the first time they now face a do or die last game in the group of death and hope germany do them

a favor by beating the danes. christan a role now though isn't portugal's only threat is everyone knows they have a lot of other good players their team is also well organized which is a huge advantage to the dutch one only one of the last ten meetings with portugal and failed to score in the last six while forty six shot so far in this tournament with a return of just one goal is a damning statistic with the necessary to go cushion in mind that might start with a clash on huntelaar who scored twelve goals in qualifying and rafa of understand as the dutch go for broke. the difference is that we're left with only one game and when it comes down to ninety minutes anything can happen meanwhile portugal are fully fit and historically blessed they're the only country in european championship history never to have crashed that in the group phase and all of those ten encounters with the dutch they won six even more worryingly for holland is the

fact they're on the verge of losing three straight matches for the first time since one nine hundred ninety and the country that inflicted that third defeat on them one will result in the european qualifier portugal but current coach palla bento is aware that historical success doesn't equate to future results. i wouldn't be here if i didn't think we can win them we will use an attacking strategy for the entire ninety minutes as there is hardly another way for us to win everything will come down to the quality of our game and the execution i think the result will be favorable and then we can concentrate on the next stage portugal's prospects of progressing from group they are much brighter after their late three two win over denmark they only need to better the danes results to reach the last eight though some defensive frailties could be exposed by the dutch this could be counted if captain christiane i run out oh finally reproduces some of his scintillating domestic for discipline scoring forty six legals for real madrid last

season known as his ten attempts so far in this tournament and found the net the dutch media savaged the national side after the two one defeat to germany and no country has ever reached the knockout phase after european championships after losing the first two matches but as an england proved against sweden well besides can be beaten maybe the dutch can make that a double a partridge r.t. . meanwhile germany have said they'll have to beat curfew against denmark on saturday the spike needing only a draw to finish top of that group be the german soul in their final training session in the fall of saturday while they topped the table currently 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 russia last night. many possible permutations in group b. the easiest way to explain it though is that all four teens can still reach the

quarterfinals though germany portugal only need draws to see them. let's leave behind a move to the greens where we look set for a nail biting in the second major of the golfing season graeme mcdowell jim furyk sharing the lead following day three of the us open. the a limpid course in some francisco is regarded as one of the toughest test the sport has to offer and for one of the overnight leaders it certainly lived up to that mantle tiger woods carving a full six to life five shots off the pace however the only players to make par with a leader in fear rick who won the u.s. open nine years ago looking good after birdie here in the seventeenth while another former champion northern irishman mcdowell he captured some of those twenty ten for him to share the lead with direct on one under par shot of the day though came courtesy of this man playing in his first ever major pietersen hole in walnut in the thirteenth something tells me you'll be remembering that one. well and

after tennis now roger federer has reached his first final on grass this season the swiss rushing rushes mikail youzhny in straight sets at the jerry webber open to set up a showdown with the local tommy house federer making this one look simple taking the first set six games to one before winning out six four in the second for the march federer has not been youzhny in all thirteen of their meetings he'll enter as fear for it in the decider. but there he'll face a partisan crowd after a local man tommy haas claim the spot in the final the german winning a semi against philip in straight sets seven five seven six. so one hemisphere rugby nations once again demonstrated their superiority over their northern country parts and suffered a world champions new zealand getting the ball rolling in christ church the first march there since the twenty eleven earthquake the all blacks demolished arland in

the first of their three tests last weekend's but the visitors were certainly up for it this time around taking a ten zero lead at one stage in the first half thanks mainly to conor murray's try new zealand though didn't lie down and got right back into through the boot of don carter the kiwis but then take the lead for the first time right after the. break are in smith the man pulling over forty three minutes in it was touch and go from then on in with the scores tied at nineteen all in the front time but huge amount of the match carter to break irish hearts his drop kick ensuring the weight must spool on for our interest or the first ever win over the all blacks twenty two ninety the files. south africa meanwhile sealed the deal in their test series with england so will a mild hurt soaping the scoring after a mix up in the english from the springboks dominating the first half going in at the break twenty five ten up this tri from bismarck duplessis their second of three in the opening forty minutes in and hit right back in the second period though toby

flood in particular to the fore but the home side would hold on for a thirty six twenty seven when the springboks the spinning and again in game two off their three much test. an even more thrilling finale in melbourne as a street beat wales george north starting things off for the visitors with a try just three minutes in rob horne however help rally the wallabies with the home team going in the break thirteen seven of the six nations champions that would lead twenty three twenty two minutes ago but were penalised for collapsing the scrum to lard michael horace to step up unconfirmed a penalty for a twenty five twenty three final stop. for fell the fuck in just under two hours time with more next year and twenty four hour.

world. series technology innovation all the latest developments from around russia we've got those huge earth covered. from. more news today. fleda if these are the images close world has been seeing from the streets of canada. the day.

people of greece had to the polls for the second time in two months to decide the country's future with the or choice impacting the entire euro zone. united nations peace plan for syria is near collapse says observers say it's getting too risky for them to continue their mission and the escalating violence. in egypt activists say the revolutions in jeopardy and are boycotting the ongoing presidential poll after the military claimed all branches of power for itself. one pm in the russian capital you're watching r t a marina joshie greeks 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 stick with 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 of new democracy these represent the status quo they have run and been in power before alongside the coalition with pasok party now they represent austerity their popularity is really waned recently there has been a public backlash because of course is there she is going hand in hand with the sheer rise in unemployment is also seen since two thousand and eight a stalling a retraction of the conway by about twenty percent a new democracy their main stay argument at the moment is that they need to stay within the euro zone that swallowing austerity is a necessary poison that has been another option presented ever since.