by the 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 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 that means the planet has to save more to reduce that over time and that implies that more we can all the good old high unemployment rate and some degree of social and political instability and that be this so we are able to i would say. you know these slow economic growth if not outright the recession 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 that you know by next

theater i would say that is at least a probability the greece exit the euro zone thinking about it surely even if they like not in june a new government there's another tried to go to for comics which is becoming so sustainable that they will lag and i would say that it could be good good for them as long as the exit is orderly. and means that then there are massive depreciation on that actually called local could be that are sort of good old historic sort of ballance of who's going to be damaged the banks damage the savings of people in their banks and that's why they need more funding to make sure that it's not these old believe and the contagion of the rest of the eurozone is a mall there so if they could see it that way and it's fine on sundays 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 euro. 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 this or that in the eurozone like at these all of the early the fall to nags the. 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 sufficient in a few years down the line they also ags of the eurozone in which case the eurozone you know all breaks up and you could have a significant european and a global you know financial turmoil and then you could end up like japan with long terms like a nation if another depression. and now all these things happening at the same time maybe out of the low probability but there's a risk we have to conserve ourselves there's a chance that the europeans get their act together and while being number of years

of. fiscal condition are and surely you have more integration more of fiscal dealing and more of a bank you know that one 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 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 that has been garaged out of it more integration there's no choice because these 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 made 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 deal 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 would be the really only degrees c. has a reason to lie then that there is a fifteen percent of g.d.p. . deficit and then that led to the fiscal cries is 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 their fears of the creator 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 where the binocular by excesses in the private sector because of poor regulation of supervision of the bank says that the creator of the real estate then and in a credit bubble what about the main economic power in the united states you said that economic growth would slow down next year to one one and a half percent do you think that also apart from slowing economic growth the united states runs the risk of seeing pretty much the same what's going on in the euro zone right now for no i don't think there will be a fiscal cries in the us even if the deficit in the large arising in part because us can print money to finance is that this is something the european central bank is unwilling to do because the u.s. dollar still is a currency so therefore in the land of china. the emerging market is financing the

largest piece and 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 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 of fiscal consolidation to be part of the what the u.s. has to do you know to provide the risk of something bad happening you guys have been later than other cars but could also have been us eventually would 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 where the u.s. dollar tween the u.s. is going to take on that say by the realities for now that is not. going to 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 fiscal and financial problem that it's called aggregate it over break out today that the euro should weaken and is likely to weaken the only thing that could maybe be. that we can solve the eurozone is either the us economy come so weak that then the dollar weakens and the fed in pretty small me and then weakens the dollar or that finally the european get their act together the fight in the ground leads to a banking union doing and that i'm told is a show restoring girl that. and other things that are stored hope that they eurozone is going to stay together in which case the euro could. again all right

among the main downside risks to the global economy you mention of course very slow economic recovery where do you see the new tigers emerge and what is the present role of brics nations strong growth economies the world of being an emerging markets until recently the brics but that i was sold some of the rising power as you know of turkey or 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 iraq show 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. and to get a form of towards them all the low growth companies about it for two as they state capitalism too much government intervention they call me too much role of the state on banks they know the enterprise is too much protection is too much resource not

sure what it is and over time that's a negative because of a slowdown potential growth is 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 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 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 their put the call of your central bank is three and a half percent. recently were growing eight nine percent and now the. slowing down

. you have a low potential girl that where there is you know not as much market oriented those thoughts on a forum you have aging population there is a certain amount of lack of transparency that is sort of the. core option. and sees in the party got system that is institutional weaknesses of course that also playing a general or a source is a good skill labor force is allowed to con three could play an important role in the global economy by the thing that the important role and that success is conditional on moving away from their ways 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 call him and his thought on policy very much brains 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 trucks rather than and cutting into

a severe financial crisis and that's the lesson thank you thank you very much mr a pleasure being reviewed that. comfort is the least. money is the last you need if you travelled this way. language is common. you. emotions are intense. and experience priceless.

old. technology innovation all the moves developments from around russia we've gone through huge earth covered.

hero survival is all known law and greets choose between more cuts and leaving the currency union polls are underway this sunday after last month's election fail to bring about a coalition government to. un observers suspend their syrian mission due to growing violence as both the regime and the rebels fight on the opposition as i urged the un to send the peacekeeping force into the country while the rebels and the government have abandoned any commitment to the cease fire. and objections council their final ballots for their post revolution future but many are disenchanted with the choice between a u.s. educated as loveless and a former mubarak official. follows 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 a surprise one nil defeat to greasy nero two thousand and twelve which saw them eliminated in the group stages. tight at the top graeme mcdowell and jim furyk share the lead heading into the final day a goal to 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 the count's 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 is ended for another four years may crash out of euro two thousand and twelve after

a surprise defeats agrees the minds to beat the russians wire goals and build a little soul was not a strange colman for russia which started so well before one victory against the czech republic in a row solve the show's mistakes so i'm hopeful playing free flowing football which really cool the czechs on god and also by game russia retire which is one the favorites perhaps when they stole the men's things would jump or to get progressively worse fate played out in the u.k. performance against poland the fall of a greek catastrophe which sold russia russia out of a tournament. role where does the blame i i didn't greece for instance i had twenty five shots at goal but did the fail to scroll bar exam the kids are called had a routine shall stand the whole told them and but yet fail to get even one norms are good so quite a few of the big name players really failed to turn up against the greeks in a final much andrea charbonneau for bryant's opening was very quiet. on one cheryl cook was excellently handled by the greek the fans so where now for the russian

side well will have to find a new head coach traps and off the deck of a card said that he'll stay tired off to the tournament finishes to the turn to well it's not really all known at the moment so badly to get scientists being touted as a possible successor and of course he'll know of a serious car plays in the side specially alan's aglow if not a funtastic coleman scoring pretty goals and he will really be full chroma this the russian side but russia came into the tournament with the oldest team out of over sixty nations competing kind of an extra few months i think quite a few of these players will retire and is left 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 with very much from now it's going to be a process of rebuilding from the russian national side has a lot of the old are gone but every time 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 meeting 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 thirty 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 is who as i said had a really fantastic coleman's goal of the massive disappointment russia heading home much earlier than they would've wanted to there was so much excitement and off of a game with the czech republic but of course levy just couldn't play to the same level of i did a mad opening game. but going home early richard on both me dottie warsaw. well russia fate was sealed by the czech republic who posted one nil to claim top spot in group a i pad. in the church hall separating the two sides are not ones for the checks and grace progressed to the last i. mean while this all to play for in

group b. with all fourteen label to progress to the quarter finals 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 partridge previews a big night of group a action. holland portugal rotterdam october the sixty nine hundred ninety one a year or ninety two qualifier richard viguerie gets his priceless first and last international goal as the dutch when one nil to go through to the finals this was the netherlands only win to date against portugal and on sunday but 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 one by old photos

germany means the irony 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. on 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 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 the necessary to go cushion in mind that might start with clash on huntelaar who scored twelve goals in qualifying and ruffled and avant as the dutch go for broke now what the court official 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 that 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 for despite scoring forty six legals for real madrid last season known as his ten attempts so far in this tournament to fan 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 anyone proved against sweden bogey sides can be beaten maybe the dutch can make that a double a partridge r.t. . meanwhile germany just a draw against denmark to progress to the last day 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 early. many possible permutations in groovy. the easiest way to explain it all is that all four teams can still reach the quarterfinals germany and portugal own

meaning draws to see them through. staying with euro two thousand and twelve namely and can recall wayne rooney for tuesday's crucial group day match with co-host ukraine and manchester united striker has been suspended for the first couple of games after being sent off in qualifying race played down phase i.v. his temperament. what happened was a mistake in the poll just for the guy and you know when that's gone and obviously i've paid the price. of you know of no problems with my attitude no problems with your temperament and you know on i'm happy and ready to play. to the greens now where it looks set to be a nail biting end at the second major of the gophering season graeme mcdowell and jim furyk sharing the lead following day three of the u.s. 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 as american felix who won u.s. open nine years ago looking good with a birdie on the seventeenth while another former champion northern irishman mcdowell recaptured sound some of his two thousand and ten form to share the lead with europe on one on the path but shot of the day came courtesy of a man playing in his first ever major jumping just a hole in one on the thirteenth certainly one of them but. 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 only 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 the queen's championship in london you can see the school

that david nalbandian was a set up against marriage that is literally just being disqualified he kicked him out of the ties including 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 as a 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 hate picking up a vital away win in oklahoma in game two erik spoelstra men are running out one hundred ninety six winners. bron james the top score for the hate is 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 joining them.

wealthy british soil. that's not on the books because.

markets why not come to. find out what's really happening to the global economy with much stronger for a no holds barred look at the global financial headlines tune in to kaiser report on our. line. would be soo much brighter than if you knew about song from phones to the president's. news for instance on t.v. dot com. the.

euro survival is on the law an excuse between more cuts are breaking free from brussels is controlled. by un sponsored peace plan for syria shaken to the core observer suspend their mission due to growing violence as both the regime and the rebels fight all. palin gyptian scouse their fight all ballots for their pulse revolution future but many artists and chanted with a choice between and islamised and a former mark official. line twenty four hours a day seven days a week this is the weekly with me karen tara well

a future of the whole eurozone could rest on the shoulders of greece with polls underway 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 bailout and even see athens exit the single currency argues jacob graves is in the greek capital officially on the ballot paper itself there are eight parties running for office seven of them actually won seats in the may the sixth election an election passing all important three percent threshold needed a reality here we're looking at two competing school of thought defending austerity recently has been really symbolized by new democracy they have been the front runners from this campaign they are defending us there to be job cuts also and the spending cuts are being implemented on the back of the bailout plan put forward by the e.u. i.m.f. and euro zone troika now this is proven increasingly unpopular.