so that prizes discuss the memos 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 india be the world's or bangs going badly up qantas having solved under your skin the fault thing as already happening in greece and unfortunately when you have to watch privately in public that it takes a long time up to a decade to do the leveraging means. to save more to reduce that over time and that implies that lloyd and all the good old high unemployment rate and some degree of social and probably because of the instability and happiness so we have. i would say. you know these 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

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 the probability that the greece exit the eurozone thinking about it surely even if they elect not into a new government there is going to try to get a forum in the comics which is becoming so sustainable the day will lag and i would say that it could be good for them as long as the exit is all of the only. means of then there were massive depreciation on that actually called local could be that a sort of good old historic sort of ballance of who's going to be damaged the banks damage the savings of people in the banks and that's why they need more funding to make sure that he's not these old believe and the contagion of the rest of the eurozone is mol this so it does not make you see it that way and it's finance and 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 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 they made early in spain then they lose market and then they eventually have to restructure the bad side 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 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 strike 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 ourselves there's

a chance that the europeans get their act together and while the being number of years 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 arguing and so instead of these integration you could have a process that leads to great 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 garaged more integration and there's no choice because that is integration with imply economic and financial damage. and even in

germany i alone in a world economy without a rising power like china or india. or existing superpower like us could be economic and they just like the major 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 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 than cheat that this is a fifteen percent of g.d.p. . deficit and then that led to the fiscal cries is it actually in that in 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 better 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 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 not oh i don't think there will be a fiscal cries in the us even if the deficit that large are rising in part because us can print money to finance is that this is something the european central bank is unwilling to do because. u.s.

dollar still is a part of the sea so for in the mind of china that of emerging market is financing the larger as. current account deficits. 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. 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 he was. later in the white house than other contraries but it could also have been us eventually but do you expect the u.s. role in the dollar as role as a reserve currency to to continue as it is right now to maintain its positions and what is your take on the euro dollar rate because last year we asked you the same

question and you said that you would not bet your money on the euro and you are right about now there is a generalized. happens with the u.s. dollar tween us fiscal and current take on that say by the realities for now there 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 close to one twenty five i would say you know the overall discoloring financial problem that it's called aggregate that over break out that the euro should weaken and these are likely to weaken the only thing that could maybe. 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 they find the ground leads to a banking union doing and that i'm told is a show restoring girl that. and other things. that the restore hope that they

eurozone is going to stay together in which case the euro could start to rally again or among of the main downside risks to the global economy you mention of course very slow economic recovery where do you see the new tigers and 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 always saw some other 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 companies are moved away from market oriented that a form of the floors of all the low growth companies about it for two as a state that he's too much government provided so they call on me too much for all

of the state owned banks then all the enterprises 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 we can only grow so more of the brics are actually growing in their own that actually in the next few years that's a risk that we have to consider what about russia's specific role because recently you said the russia correct me if i'm wrong that russia should not be considered as one of the brics nations and will never be included into the g eight if it continues with its with its basically protectionist policy what you know on the g eight you know you're president decide then not to attend the g eight summit because he said he was busy creating his own cabinet that was a bit of a strange thing to do or like a snob you know in the case of the brig's the point is you know russia's potential growth today based on their statements by that put the call out of your central bank is three and a. percent. time i mean the reason they were growing eight nine percent and now

they're slowing down so you have you have low potential good old where there is a you know not as much market oriented those thoughts sort of you have aging of hope. there is a certain amount of a lack of transparency that is sort of the. core option on. the seas in the party got that as institutional weaknesses of course that also playing a general or a source is a good skill labor force is allowed three could they play an important role in the global economy by the thing that import old and that success is. on moving away for all. their lives and so the lesson is 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 stronger color minister on policy pretty much brains 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 sort of those trucks rather than and putting into a superior financial crises and that's the lesson thank you thank you very much mr a pleasure being reviewed. if you're following up on my day. but. it goes back to a time when people like out of their forces in the want to. become. no longer. when they go out there when.

and you have to hope that nothing. were chasing killers and you got to keep that in mind it is the two million dollar bill. we're not superheroes you can be killed too you know they shoot me in the head i'm going to die. and. once you put a new in the never go back to.

the euro survival is on the line to choose between more cots and leaving the currency union polls are underway this sunday after last month's election fail to bring about a coalition government. and you want observers suspend their syrian mission to growing violence as both the regime and the rebels fired on the opposition house are urged the u.n. to send the peacekeeping force into the country while the rebels and the government have abandoned any commitment to the cease fire. plan to gyptian scouse their final balance for their post revolution future many aren't disenchanted with the choice between a u.s. educated islamised and a former barak official. policy or next with sports. thank

you very much karen welcome back to the world of schools here's what we've got coming up. for russia heading home after a surprise one nil to think to great things the next two thousand and twelve while the great lakes the last banked. the top graeme mcdowell and jim furyk share the lane heading into the final day of goals us. all square miami and oklahoma prepare for game three in the n.b.a. playoff finals the series tied up one win of pain. but first russia out of the european football championship because the count's man i needed a draw against greece to progress to the quarterfinals but i was rich and important reports that was a stretch too far. rusher our service has been twelve in championships offer an

incentive to play against greece well the greeks have one thing that they want to do not just offended numbers and try to get russia on the counterattack by need play their game plan work around certainly treat on the sort of half time speech in the russian defense a liar to call it when it's a free ride on mower and his shot from the back of an attempt to get the greeks to lead russia one played by three but they didn't play well or even just one able to create anything in attack to the elements and not one major major problem the longer game went on russia before shooting for the greece defensive display was just absolutely fun times that they gave russian no to space once or whatever you really want to just get credit for greeks the way they played they were able to hold on to the turning the hundred or nine go rounds of the toll them and also the czech republic they were able to beat poland by a goal so nil. really really depressing and seems really for russian play that some of them have started so well but unfortunately they are now out of the storm and.

well as richard mentioned russia's fate was sealed by the czech republic to be poland one nil to claim top spot in the group may be to join a church with a goal in that one so the czechs and greece progress the two thousand and four champions go through after finishing second despite starting as a bottom of the table russia with top what a difference nineteen minutes can make. meanwhile there's a mouthwatering pair of green bay matches later on sunday the netherlands in particular they're in the spotlight they're under the real threat of being eliminated in the group stages for the first time since nine hundred eighty two parts which has more. holland vs portugal rotterdam october the sixty nine hundred ninety one a year or 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 bertrand that excite

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 outplayed two one by old foes germany means the irani 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 ronaldo isn't portugal's only threat is that 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 shots 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 a clash on huntelaar who scored twelve goals in qualifying and rattled under van't

as the dutch go for broke now with the growth of. the differences that were 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 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 paolo 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 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 iran now though finally reproduces some of his scintillating domestic four 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 against sweden bogey sides can maybe the dutch can make that a double partridge r.t. . meanwhile germany say they'll have to be careful against denmark despite needing

only a draw to finish top of group b. the germans holding their final training session in live on saturday where they top the table 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. as many possible permutations in group a the easiest way to explain it is that all four teams can still reach the quarterfinals germany and portugal draws to see them through. to the greens now where it looks set to be a nail biting and the second major of the gulf in season graeme mcdowell and jim furyk sharing the lead following day three of the us open the olympic course in san francisco is regarded as one of the toughest tests the sport has to offer for one of the overnight leaders it certainly lived up to the tiger woods carving a full six bogeys. to life five shots off the lead however the only place to actually make the lead is american spirit he won the u.s. open nine years ago looking good with a birdie on the seventeenth while another former champion us northern irishman

recaptured some of his two thousand and ten form to share the lead with direct on one under paul the shot of the day though came courtesy of a man playing in his first ever major jumping to send hole in one on the thirteenth certainly one to remember. now with the famous wimbledon tennis tournament starting in a little over a week the grass court season is in full swing wild card and home favorite german tommy haas has taken the first set of the tiebreaker greats five time champion roger federer at the jerry webber open final and hala a short while ago the world number two was number three sorry it was for free up in the second meanwhile in london marathon in two thousand and two wimbledon finalist david nalbandian in the five look queen's that match gets underway in a few minutes time. of basketball where the n.b.a. finals between the oklahoma city thunder and miami heat regimes on sunday night the best of seven series now moved to miami for the next two much is game three there

on sunday night it's one one with a pick me up a vital away win in game two erik spoelstra men running out one hundred ninety six winners le bron james the top scorer for the hate with thirty two points. finally a southern hemisphere rugby nations have demonstrated their superiority over their northern counterparts for a second straight week while champions new zealand getting the ball rolling against ireland in christchurch the first match there since the two thousand and eleven earthquake the all blacks had demolished the men in green in the first of their three tests last weekend but the visitors gave the world champions more of a contest this time around taking away a ten mil lead at one stage in the first half thanks to connemara try he's even though got right back into it through the boots of down card. the key ways to relate for the first time shortly after the break alan smith the man going over forty three minutes and it was touch and go from then on end with the schools tied at nineteen old a minute from time to cue man of the match caught at

a break irish hearts has dropped back ensuring the weight goes on for ireland to register their first ever win over the old blacks twenty two nineteen the final school. south africa meanwhile have won that series with england william alberts i mean the school going after a mix up in the england scrum the springboks dominates in the first half going in at the break twenty five ten out there strife and be smart to plessis the second of three in the opening forty minutes and then hit right back in the second period diary tidy flood in particular to the four by the hundred side would hold on for a thirty six twenty seven wind. and a two and thrilling finale in melbourne as australia beat wales george north starting things off for the visitors with a try just three minutes in row poll however helped rally the wallabies with the home team going in the right thirteen seven up the six nations champions the i would lay twenty three twenty two with a minutes ago but were punished by collapsing the scrum that allowed michael harris to step up

a converted penalty in overtime for twenty five twenty three when. very very cruel on the welsh not the fake now it's all the sport for now i'll be back with plenty more in a little under two hours time join me then weather's next. there

hasn't been anything good on t.v. . it is to get the maximum political impact. before source material is worth hopes he journalism on those we will. we want to present. something real.

a. little.

hero survival is almost as greeks choose between more cuts and breaking free from brussels is controlled on the one sponsored peace plan for syria shaken to the core observer suspend their mission due to growing by. as both the regime and number of balls fired on. an egyptian scouse their final balance for their post revolution future but many are just in chanted with the choice between an islamicist and a former mubarak official. hello and thank you for joining of the weekly this sunday with our team with me karen tara while the future of the whole euro zone could rest on the shoulders of

greece where polls under way this sunday after last month's election failed to bring about a coalition government it's a vote that could result in the rejection of the country's current to bailout and even see athens exit the single currency artistical greaves is in the great capital . we're talking about two potential leaders here all the rights we have that of new democracy bes represent the status quo they have run and been in power before long saw the coalition with pasok party now they represent austerity their popularity is really waned recently there has been a public backlash because of course there's a stair she's got hand in hand with the sheer rise in unemployment it's also seen since two thousand and eight a stuhlinger attraction of the conwy by about twenty percent the new democracy there maine's they are given to the moment is that they need to stay within.