too much leverage of the private sector households buying this financial institution and corporates now as a result of the response of the cries of these scuds 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 indeed be the world's or bangs going belly up having solved in various skin 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 the we can 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 if not outright that a session of 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 the euro zone i would say you know by next theater i would say that is at least a probability the greece exit the eurozone thing about and surely even if they like not in two and a new government is going to try to get a forum that it can all mixtures are coming so sustainable that they will exit and i would say that it could be good for them as well as the exit is orderly. and means that then they have a massive depreciation on that actually called local believe that a store growth to restore excel ballance of the b. damage the banks damage the savings of people in the banks and that's why did they need more funding to make sure that raising all these old believe and the contagion of the rest of the eurozone is mol there so if they could see it that way and it's fine. sunny's 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 these or that 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 the and that's not separation in a few years down the line they also i guess in 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 we were long terms like

a nation if you hold another depression. 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 also a chance that the europeans get their act together and while being number of years of rediscover a sideshow of. fiscal condition around surely you have more integration more of a fiscal union and 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 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 they. crys in europe has been

garaged more integration there's no choice because it 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 they just a midget so you know the europeans have to stick together to have their own weight in global economic and even political affairs many books including yours have been written as to the reasons 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 fiske of recklessness that applies really the only only to greece yet it's a reason to lie then that there is a fifteen percent of g.d.p. and the deficit and then that led to the fiscal crisis 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 physic rate or 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 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 in the house but sent 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 that. see that i thought

a large arising probably goes u.s. can print money to finance is that this is something the european central bank is unwilling to do because the u.s. dollar still has a lot of say sold for in them and try and on that i thought 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 this is not going to do extend local even as eventually you could have a fiscal train wreck or a sudden stop of copy and that. 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 of 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 in the past that either 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 u.s. dollar tween us it is going to take on that say by the realities for now that is not. going to the us dollar that's why people are still in the book on the second question in the last year of the euro was close at one fifteen now it's close to one twenty five i would say you know the overall scullin financial problem that it's called aggregate and all the breakout suggests that the euro should weaken and these are likely to weaken the only thing that could maybe stop that we cannot solve the eurozone is either the us 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. together the find the ground leads to

a banking union this guy doing in that motel is a show restoring girl that. and the other thing is that a store 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 and what is the present role of brics nations strong growth economies the world of being an emerging markets until recently the brics by that i was sold some of the rising power as you know of turkey or in the asia you know because not just the brics what concern is 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 sea in russia you see it in india you see the 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 about referred to as a state that he's too much government about should they call on me too much for all of the state owned banks and all the enterprise is too much protection is too much resource not sure what it is 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 we can all be grown up more than about the brakes actually going in the wrong that actually in the next few years that's a risk that we have to consider what about russia 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 decided 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 or 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 would be going to be our central bank is three and a half percent. recently were growing eight nine percent and now they are slowing down so you have a con thirty wherever you have a low potential girl that where there is a you know not as much market oriented there was three. aging of hope. there is a certain amount of lack of transparency that is saddam on co-op shown. in the party got his institutional weaknesses of course that also is things you know or a source that is a good skill labor force is allowed to three could they play an important role in the global economy by the thing that they import old and that's. on moving away from state to their ways and so the lesson is you know open up the trade to investment flows of what i do with the regime which is not to illicit affair but

then having a stronger call him and his thought 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 the 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 reviewed that. technology innovation called development. we've got the future. ulla mission and free education free clothes for judges free.

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of greece head 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 two options to stop side with austerity or to revolt against a move which could ultimately spell greece's exit from the hero. united nations peace plan for syria is near collapse as observers say it's getting too risky for them to continue their mission and that escalating violence as moscow denies us claims that a russian military cargo ship is on its way to syria with weapons and troops. and 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 and islamised is facing off against mubarak's last prime minister with

critics saying neither man's a champion of change. is next with u.n. and the euro two thousand and twelve dream is over just like that for russia's footballers car and we've had the good the bob and me a bit over the last two weeks for russian football last night very much a bad one we're going to have more in just a sec. thanks for joining us this is sports really pull into your head over the next ten minutes seeing fluting all this. early in russia's football team crush out of the european championships in the group stages fall of the defeat to greece who themselves reached the quarter final against all odds. tied up the top goal and jim furyk sure of the lead heading into the final day of goal to u.s.

open. and seven. roger federer prepares for his seventh jerry webber open final appearance softer donning russian mikhail youzhny in the last war. russia are to of the european championships dick advocaat charges needing just a draw against greece to progress into the quarterfinals from group a last night but as richard found put feet to loosen mediately after the game that was a stretch too far. there are seven stars and twelve injured solved for an incentive to play against greece for the great. one thing that they want to do nothing to the printed numbers and try and get russia on the counter-attack by need played their game plan work around some who treat on the sort of home time breach in the rush and abandon so aren't going to a party run on might be a good shot find a market and get the greeks to lead russian hundley riva didn't play well or even just weren't able to create a thing in a practical. manger major problem the longer you went on the russian before she

went forward equipment greek different. from one time it became russian three one for whatever reason you really have to get credit for greeks the way they played they were able to hold on for retraining and russian and go on to the tournament of the trick republic they were able to beat poland larger also no oh really really interesting. teams really full russian players on the farm and so while but unfortunately. for them and. richard mentioned russia's fate was sealed by the czech republic could be poland one nil that came top spot in the group peter you're a chick with the goal and the one so the czechs and greece progress the two thousand and four champions go through after finishing second this spike starting the day bottom of the table russia we're told but what a difference ninety minutes can make. a while there's a month watering per group b. much as later on sunday the netherlands in particular in the spotlight they are run

year old soul and to be eliminated in the group stages of the european championships for the first time since one thousand nine hundred eighty k. partridge has more. holland his political table to sixty nine hundred ninety one a year i ninety two qualifier. gets his priceless first and last international goal is the dutchman one male to go through to the finals this was the netherlands win to date against paul. juggle and on sunday but fanatic side have to score at least two goals more than that 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 breeze into this summer's torment as one of the favorites but a short one nil opening defeat to denmark being placed to warned by old foes germany. 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 have won 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 a necessary to go cushion in mind that might start with clash on huntelaar who scored twelve goals in qualifying and ruffled under van't as the dutch go for broke . out of the show 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 out in the group phase and all 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 a country that inflicted that surge 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 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 order i think the result will be favorable and then we can concentrate on the next stage of the political 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 christianne ira now though finally reproduces some of his scintillating domestic for despite 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 a glint proved against sweden bogey sides can be beaten maybe the dutch can make that a double a partridge r.t. . germany have said they'll have to be curfew against denmark on sunday this by needing only a draw to finish top of group b. the germans holding their final training sessions of all of yesterday while they atop the table currently they could still go out of the competition defeat by more than a goal against the danes and victory for portugal over the dutch would send them home early hour russia last night. many possible permutations in group b. easiest way to explain it really is that all four teams can still reach the quarterfinals to germany and portugal only need draws to see them through. let's play football

behind a move to the greens where we look set for a nail biting end at the second major of the golfing season agreement jim furyk following day three of the us open the olympic 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 certainly lived up to that mantle tiger woods starting a full six bogeys fly five shots off the lead who are the only players who actually make par with the leaders american fear rick who won the u.s. open nine years ago looking good here at the birdie on the seventeenth while another former champion northern irishman joel. recaptured some of his twenty eight ten for him to share the lead with on one under par show of the day though came courtesy of a man playing in his first ever major jump pietersen a hole in one on the thirteenth something tells me he would be remembering about one for a while the. great after tennis where roger federer has reached his first final season the swiss thrashing russia's mikail youzhny in straight sets at the jerry

webber open to set up a showdown with the local tommy haas federer making this one looks simple taking the first set six games to one before winning a six four in the second for the match federer has not beaten usually in all thirteen of their meetings he'll enter his favorites in the decider. but there he will face a partisan crowd after a local man told me how his spot in the final german winning his semi against of course we were in straight sets of five sets. so one hemisphere rugby nations have demonstrated their superiority over their northern parts for a second straight week world champions new zealand getting the ball rolling in christ church the first match there since the twenty eleven earthquake the all blacks demolished ireland in the first of their three tests last weekend but the visitors were certainly up for it this time round taking in ten zero lead of one stage in the first half thanks to conor murray's try to use even though it didn't lie down and got right back into it through the boot of dunn carter the kiwis would

then take the lead for the first time shortly after the break are in smith the man going over forty three minutes and although you can't see too much there it was touch and go from then on in with the scores tied at nineteen nineteen a minute from time but then mom of the match car. he showed up once again to break irish hearts his drop kick ensuring the weight loss to one for lent to register their first ever win over the all blacks twenty two nineteen the final. south africa meanwhile sealed the deal in their test series with. berths opening the scoring after a mix up in the english the springboks dominating the first tough going in at the break twenty five ten up this triumph from bismarck du plessis the second of three in the opening forty minutes right back in the second period though toby flood in particular to the fore this is an crossing of the home side will hold on for thirty six twenty seven when the springboks the spinning and again in game two of their

three match test. and even more thrilling finale in melbourne this is truly wales george north starting things off the visitors with a try just three minutes in rob poor no ever helped rally the wallabies with the home team going in at the break thirteen seven up the six nations champions that would lead twenty three twenty two with a minute to go punished for collapsing the scrum michael horace to step up on conferred a penalty for a twenty five twenty three finals. all the sport's paul scott is here with more in just under two hours time but the weather.

secret laboratory to mukherjee was able to build the most sophisticated robots which doesn't sound anything tim's mission to teach creation why it should care about humans. this is why you should care only.

technology innovation all the developments around russia we've got this huge earth

covered. 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. the united nations peace plan for syria is near collapse as observers say it's getting too risky for them to continue their mission ahmed asked elating 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. hello and thank you for joining r.t. with the weekly the sunday with me karen taraji well greeks are facing

a tough choice this sunday which could ultimately spell out their future in the eurozone a parties are running for seats in parliament but in reality people are left with the simple choice whether to stick with suffocating austerity or ditch the euro zone's bailout deal and go it alone party's jacob greaves 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 alongside the coalition with pasok party now they represent austerity their popularity is really waned recently there has been a public backlash because course is the stare she has gone hand in hand with the sheer rise in unemployment it's also seen since two thousand and eight a stalling a retraction of the conwy by about twenty percent new democracy there mainstay argument at the moment is that they need to stay within the euro zone.