markets why not. why not what's really happening to the global economy with much stronger or a no holds barred look at the global financial headlines and do your report on our . own thank you for joining our team it's happened past the hour and here's a quick recap of your headlines the euro survival is on the law and as greeks choose between more cuts and leaving the currency union polls are underway this sunday after of last month's election failed to bring about a coalition government. u.n. observers suspend their syrian mission due to growing violence as both the regime and the rebels fight all of the opposition has 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. and addictions cast their final ballots for their pulse revolution a future that many are disenchanted with the choice between a u.s. educated islamised and a former official. next up party trance to a man who says he saw all the global economic crisis coming the consequences of which are still being felt across the world. mr b. thank you very much for your time in two thousand and six you predicted that there would be a deep economic crisis and six years later we're still in it now did you expect it to last so long that it would be so deep and where are we in the middle in the beginning or maybe there's light at the end of the tunnel and the krises more of in two thousand and six was a problem of too much that the leverage of the private sector households bangs

financial institutions on corporates now as a result of the response of their krises discuss the memos bailing out banks and others over their massive surge in public that and that sits and now there is a risk of contraries as opposed to india be the world's or bangs going belly up qantas having solvent risk in the fold thing 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 or two to be leveraging that means to supplant elias to save more to reduce that over time and that implies a more economic growth high unemployment rate and some degree of social and probably because of the instability of happiness so we are able to i would say. you know this slow economic growth difficult try the recession the eurozone there is call of a fall by government it's 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 theatre i would say there is at least they probably rated they greece exit the euro zone thinking about actually even if they like not in june a new government is going to try to get a forum a very comic situations are coming so sustainable the. they will exit and i would say that it could be good good for them as long as the exit is all of the only. means of then there are massive shown that actually called local believe that a store good old historic set of ballance of course they'll be damaged the banks damage the savings of people in the banks and that's why they need more funding to make sure that isn't all these old believe and the contagion of the rest of the eurozone is mall there so if they could see it that way and it's fine and said these are 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 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 these or that in the eurozone like at these all of the early default an exit by. contagion with iran on the banks they made early in spain then they lose market and then they eventually have to restructure the senate and that's not sufficient in a few years down the line they also i guess that 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 and if you and other the pressure of interest and now all these things

happening at the same time maybe out of the low probability by the. solids there's a chance that they get their act together and while the being number of years of. fiscal condition are bad and surely you have more integration more of a fiscal union and more of a bank you know that without his asian 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 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 alone in the world economy without a rising power like china or india. or existing superpower like us could be economic and i just made it so some 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 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 the really the only only degrees c. has a reason to lie then that there is a fifteen percent of g.d.p. . deficit blow up and then that led to the fiscal crises but actually in that in spain in the island was the private sector that the venture led to the problems of

having to bail out the banks large that physic rate that 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 of several of them where the binocular by excesses in the private sector because of poor regulations or because i'm of the bankers is that a creator they. 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 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. i don't think there would 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 of the u.s. dollar stiller's of currency so the foreign demand of china that i thought emerging market is financing the large us. and 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 then financial tormato could happen the united states that are for whatever is the result of the election 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 order to avoid the risk of something bad happening to us you know better later in the us than other companies but it could also have been us eventually do you expect the u.s. role in the dollar as role as a reserve currency to to continue as it is right now to maintain its positions and

what is your take on the euro dollar rate because last year we asked you the same question and you said that you would not bet your money on the euro and you are right about now there is a generalized. happens with the u.s. dollar tween us fiscal and current take on that say by the realities for now there is not. going to be the us dollar that's why people are still in this limbo on the second question. last year of the year was close at one fifteen our growth to one twenty five. overall fiscal and financial problems that it be about over break out suggests that the euro should weaken and these are likely to weaken the only thing that could maybe be stopped that we can as of the eurozone as 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 doing and that mattel has

a show restoring girl that. and other things that are stored hope that they eurozone is going to stay together in which case you. are 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 mudge 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 always sold some of the rising. turkey in the asia 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 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 companies are move their way. to form the floors of

the low growth companies but out of her to as a state that he's too much government intervention they call on me too much of all of the state owned banks then all the enterprise is too much protection is too much resource nationalism and over time that's a negative because it's going to slow down potential gold it's going to lead to lower the long run we can only grow at the top of the brics are actually going in the wrong that actually in the next few years that's a. it was good we have to concede that 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 the 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 prize in this side the not the time the g eight summit because you said he was busy creating his own cabinet there was a bit of a strange thing to do or like a snob you know in the case of the briggs the point is you know russia's potential growth to date based on the statements by the deputy governor of your central bank

is three and a half percent of the time i mean the until recently were growing eight nine percent now they are slowing down so you have a low potential girl that where there is you know not as much market oriented there was a forum you have aging of population there is a certain amount of lack of transparency that is sort of the amount of corruption there are some of. the cities in the political system that is institutional weaknesses of course that also is things you know a source is good skilled labor force is allowed to three could play an important role in the global economy by the thing that import the old and that success is conditional on moving away from state cop delays and so the lesson is you know open up the trade to investment flows of course i'd go with the regime which is not pugilists affair but then having

a stronger call him and his thought on policy very much brains that even it wouldn't times are bad then shocks would call from the rest of the global economy you're going to be able to back that up sort of those chalks rather than and turning into a severe financial crisis and that's the lesson thank you thank you very much mr leisure being reviewed. news comfort is the least you have. your money is the last you need to know if you travelled this way. language is common. you and the. emotions are intense. and experience priceless.

the eat. to just see the beasts to. six. weeks.

world. technology innovation all these developments around russia we've got this huge earth covered. zero survival is all normal and greeks choose between more cuts and leaving the currency union poles are underway this sunday after last month's election fail to bring about a coalition government and. the un observers to spend their syrian mission due to growing violence as both the regime and the gravels fight on the opposition as i urge the u.n. to send a peacekeeping force into the country while the rebels and the government have abandoned any commitment to the cease fire. an egyptian council their final ballots for their post revolution future but many are disenchanted with the choice between a u.s. educated islamised and former mubarak official. paul is next with sport.

thank you very much welcome along with to the world of sports here's what we've got coming up homeward bound russia arrived back in moscow after surprise one nil defeat to greece in euro two thousand and twelve which saw them eliminated in the group stages. tied to the top graeme mcdowell and jim furyk shadow made heading into the final day of gold for us open. all square miami and oklahoma path again three in the n.b.a. playoff finals with a series tied at one with a pace. the first russia out of euro two thousand and twelve to carve accounts man suffered a surprise one nil defeat to grace who in the process made it through to the quarterfinals. reports from walsall. russia's interest of european championships

ended for another four years may crash out of euro two thousand and twelve after a surprise defeat to greece you managed to beat the russians by a goal to nil it will seoul has been a strange colman for russia which started so well before one victory against the czech republic in the role solve the show's mistakes so i'm hopeful playing free flowing football which really cool the chicks off guard and off of my game russia retire which is one the favorites perhaps when they stole a men's things would jump or to get progressively worse fate played out i'm ok performance against poland the pulver greek catastrophe which sold russia russia out of a tournament. lol where does the blame i fall i get is greece for instance i had twenty five shots at goal but did fail to scole all our eggs on the cancer called hide a fourteen shall share the hole to women but yet failed to get even one on the song gets quite a few of the big name players really failed to turn off against the greeks in

a final much andrea shaaban role for a bright opening was very quiet color on cheryl cook was excellently handled by the greek the fans so the win out for the russian side well they'll have to find a new head coach transfers off the deck of the cards had been he'll state down off to the top of and finishes to the turn to well it's not really all known at the moment so all the way to get science is being touted as a possible successor of goals we all know the serious car plays in the side specially alan's aglow is not a funtastic told him it's going for you goals and he will really be full chroma busy rushing side rush came into told him it was the oldest team out of all the sixty nations competing kind of the next few months i think quite a few of these players will retire in his life to see how many will be competing when the qualification campaign takes place to try and qualify for the world cup in brazil in two thousand and fourteen a very much from now it's going to be a process of rebuilding from the russian national side as

a lot of the old are gone by. some of maybe drop some trying to bring in a younger generation of players but this is where perhaps russia's biggest problem lies there aren't that many younger players who are knocking on the door ready to get a starting spot in the russian national team pick up the cats policy was says stick with the old guard reserve because hitting so well and help the russians gets beside the finals and also in switzerland four years ago but with so many of the players around for years old there really is a need for new blood times i think a lot of those hopes will be resting of course on hours ago it. had a really fantastic coleman's goal of the massive disappointment russia heading higher much earlier than they are wanted so you've ever so much excitement after the game with the czech republic but unfortunately they just couldn't play to the same level of a very did a mad opening game bell going home early richard pombo played altie warsaw.

well russia fate was sealed by the czech republic poland one nil to claim top spot in group a pattern of the church goal separating the two sides in that one so the czechs and greece progressed to the last day. meanwhile the all to play for in group b. with all four teams able to progress to the quarterfinals the netherlands in particular will be in the spotlight as they look to avoid being knocked out in the group stages for the first time in thirty two years they face portugal a partridge previews a big night of group action. holland. rotterdam table to sixty nine hundred ninety one a year i ninety two qualifying richard to get his priceless first and last international goal as the dutch win one nil to go through to the finals this was the netherlands only win to date against portugal and on sunday that fanatic side have to score at least two goals moved in that poky side to stand any chance of reaching the knockout phase of euro two thousand and twelve after finishing run is not at the

world cup the dutch breezed into this summer's tournament. one of the favorites but a short one will opening defeated denmark being placed two one 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 row 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 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 but might start with clash on huntelaar who scored twelve goals in qualifying and rafa of and avant as the dutch go for broke the code of the show is that of 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 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 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 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 and 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 an england proved against sweden bogey sides can be beaten maybe the dutch can make that a double a partridge r.t. . meanwhile germany need just a draw against denmark to progress to the last eight they held their final training session in live on saturday while they told the table they could still go out of the competition defeated by more than a goal against the danes and victory for portugal over the dutch would send them

home. of many possible permutations in group eight the easiest way to explain it all is that all four teams can still reach the quarterfinals germany and portugal only need draws to see them through. staying with euro two thousand and twelve and england can recall wayne rooney for tuesday's crucial group day match with co-host ukraine the manchester united striker has been suspended for the first couple of games after being sent off in qualifying was played down phase over his temperament . what happened was a mistake. you know. we have paid the price. of. you know of no problems with my attitude is no problems with your temperament i'm happy to play. to the greens now where it looks set to be a nail biting and the second major of the go figure season graeme mcdowell and jim furyk sharing the lead following day three at the us open the olympic course in san

francisco is regarded as one of the toughest tests the sport has to offer and one of the overnight leaders is certainly lived up to the billing tiger woods carting a full six bogeys to life five shots off the lead the only player to actually make the lead is american fielding who won the us open nine years ago looking good with a birdie on the seventeenth while another former champion northern irishman mcdowell recaptured some of the some of his two thousand and ten form to share the lead with your take on one under par but shot of the day came courtesy of a man playing in his first ever major jumping just said holy one on the thirteenth certainly one member. now to tennis and roger federer his preparations ahead of wimbledon have been dealt a blow the world number three has suffered a surprise straight sets defeat to german tommy haas in the jerry webber open in germany federer is a five time champion went into the finals overwhelming favorite against a man competing at the tournament after being given a wildcard entry but the former world number two now eighty seven in the rankings now really took the first set on a tie break before wrapping up

a seven six six four win in just over an hour and a half. now to real drama queens championship in london you can see the score there david nalbandian was a set up against merit church but is literally just being disqualified he kicked him out of the ties important in frustration it touched a line judge cold blood on the line judges leg and brandy and has been suspended so america has won the title but perhaps not in the fashion that he would have wanted to or expected. now over to basketball where the n.b.a. finals series between oklahoma city thunder and miami heat resumes on sunday night the best of seven series now moves to miami for the next two matches it's one one with the heat picking up a vital away win in oklahoma in game two erik spoelstra men running out one hundred ninety six when is the bron james the top scorer for the heat thirty two points. well that is all from the world of sport for now although i'll be back in a little under two hours time here and i'll take join me then.

wealthy british style. that's not on. the. markets why not come to. find out what's really happening to the global economy with max cause or for a no holds barred look at the global financial headlines tune into cars a report on our. minds. would be soon which brightened if you knew all about song from finest impressions.