banks and others over there massive surge in public that and 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 happening 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 as to save more to reduce that over time and that implies that well we can all the good old high unemployment rate and some degree of social and probably because of the instability of their penis so we are able to i would say. you know these economic growth difficult outride the recession in the eurozone that it's 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 years and i would say that you know by next theater i would say there is at least a probability to greece exit the euro zone thinking about it surely even if they like not in june a new government is going to try to go to for a very comic solutions are coming so sustainable the day will lag and i would say that it could be good good for them as long as the exit is all of the early. and means that then they have a massive depreciation on that axworthy called local believe there are still a good old historic set 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 billy metal doll and the contagion of the rest of the eurozone is small there so it does not make you see it that way and it's fine and sunnies all of the early probably it's a manageable look on the bags do you think in the worst case scenario when greece for example exits the years and we see default. 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 will run on the banks he made early in spain then they lose market and then they eventually have to restructure the dads and again that's not separation 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 totem all and then you could end up like japan with long terms like a nation if another depression interest and 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 also a chance that europeans get their act together and one of the be a number of years

of various cover a lot of. fiscal condition about and surely you have more integration more of a fiscal union and more of a banking union that will proposition eventually probably you're doing and so instead of these integration you could have a process that leads to great that 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 but some people say they have no choice and every time there's been a cries in europe there's been a gradual bit more integration there's no choice because these integration with imply economic and financial damage and even in germany i alone in the world the call. without

a rising power like china or india. or existing superpower like us could be economic and i just made that so is the you know the europeans have to stick together but they're all in the 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 there really only degrees c. has a reason to lie than that that this is a fifteen percent of g.d.p. . deficit and then that led to the fiscal crises that are actually in the spain in the island was the private sector that eventually led to the problems of having to bail out the banks large that fizzes that created the fiscal problem was all the fiscal problem the first place. so you know you cannot generalize there are

different types of crisis within the eurozone not all of them were necessarily prevented by excesses in the public sector of several of them where 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 then 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 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 the large arising probably goes u.s. can print money to finance is that is it something the european central bank is unwilling to do because the u.s. dollar still has a currency so the four of them. and. that i thought 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 then financial tomorrow 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 fiscal discipline of his coke or sort of a show to be part of the what the u.s. has to do you know order to avoid the risk of something bad happening he was. later in the white house than other conferees but it could also have been us eventually but you expect the u.s. role in the dollars roll 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 that. kind of two thousand dollar that's why people are still in this limbo on the second question in the last year of the year was close at one fifty dollars to one twenty five and i would say you know the old school and financial problem that it's a bag that over break out the guys that the euro should weaken and these are likely to weaken the only thing that could maybe stall that we can solve the eurozone is either the u.s. economy come so weak then the dollar weakens and the fed in pretty small me and then weakens the dollar or that finally the european get their act together the fight in the ground leads to a banking union rescheduling and that i'm told is a show restoring girl that. and the other thing is that a story hope that they eurozone is going to stay together they will. the euro 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 emerge and what is the present role of brics nations this thronged growth economies the world will be in emerging markets until recently the brakes that always sold some of the rising power as you know of turkey or indonesia. or mexico is not just the brics what concerns about the briggs and other emerging market is in all of them for the federal reserve there is now a slowdown of growth you see it in china city in russia you see it in india you see the 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 moved away from market oriented but a form of the floors of all the low growth companies but out of her two as a state capitalism too much government intervention they call on me too much for

all of the state owned banks saying all the enterprise is too much protection is too much resource nationalism and over time that's a negative because of a slowdown potential growth is going to lead to lower the long run we cannot make growth so more of the breaks 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 your president aside the not the time the g eight summit because he was busy creating his own cabinet that was a bit of a strange thing to do with like a snob you know in the case of the brig's the point is you know russia's potential growth today based on their statements by their put the cover of your central bank is three and a half percent. recently were growing eight nine percent and now they are slowing

down seoul. girl that. you know not as much market. you have aging. there is a certain amount of lack of transparency that is some of them on. the seas and they're pretty gutsy as institutional weaknesses of course that also playing a general or a source is a good skill labor force is allowed three could play an important role in the global economy by the thing that import the old and that's like size is conditional on moving away from state got delays 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 pretty much means that even it wouldn't times are bad the sharks would call from the rest of the world what i call the me you're going to be able to back that up sold it was chalks 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. part of. it goes back to a time when. down there forces in the want to. pick up. the share from. when they go out there. and they have nothing.

we're chasing killers and. others are. going to die. and. never go back to. the news today. these are the images. from the streets of canada. the day.

early exit polls suggest the pro a new democracy party. ahead in the greek election. year is survival is on the line. between more cuts and leaving the current c.e.o. . u.n. observer suspend the syrian. regime and the rebels. peacekeeping force into the country all the rebels have abandoned any commitment to the cease fire. and egyptian. revolution future but many of disenchanted with the choice between a u.s. educated islamist. official. public that with the news team with more news stories in fifteen minutes from now is next with the sport.

thank you very much but welcome along with to the world of sports here is what we've got coming up. and our truck arrived back in moscow after a surprise a one mil defeat to greece signore two thousand and twelve which saw the eliminated in the group stages. tight at the top graeme mcdowell and jim felix share the lead heading into the final day of golds us open. all square miami and oklahoma pre-packed again three in the n.b.a. playoff finals but the series tied one winner pace. russia out of euro two thousand and twelve dick advocaat smiled suffered a surprise one nil the thing to grace who in the process made it through to the quarterfinals all mountain region vancouver eight reports from warsaw russia's interest of european championships is ended for another four years straight crush

out of euro two thousand and twelve after a surprise defeats agrees they managed to beat the russians by a goal to nil that little soul was ministering stolen from russia which started so well with the one victory against the czech republic and across all of these shows make sort of hopeful playing free flowing football which really called the chinks off guard and also by game russia retired his wonder favorites perhaps when they stole the men's things would jump or to get progressively worse fate played out i'm ok performance against poland the pull of a greek catastrophe which sold russia russia out of a tournament. lol where does the blame i well i did greece for instance i had twenty five shots at goal but good to fail to skoal all alexander cancer called time zone jean charles to the hole to little mint but yet failed to get even one on saw gates quite a few of the big name players really failed to turn our head against the greeks of a final much chandra shaaban all for a bright opening. very quiet roman cheryl cook was excellently handled by the greek

depends so we're now for the russian side although have to find a new head coach transfer certainly after dick advocaat said that he'll stay tired off to the tournament finishes who will 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 we all know the serious car plays in the side specially allan's the glory of who had a fantastic coleman scoring three goals and he will really be before chroma this new russian side but russia came into the tournament with the oldest team out of over sixty nations competing over next few months i think quite a few these players will retire and it's left to see how many will be competing when because occasion campaign takes place to try and qualify for the world cup in brazil in two thousand and fourteen very much from now it's going to be a process of rebuilding from the russian national side as a lot of the old guard retire 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 really to get a starting spot in the russian national team because the caps policy was to stick with the old guard so conceding so well and help the russians get to the semifinals and also in switzerland four years ago but with so many of the players run 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 with who said i had a really fantastic coleman's goal of the massive disappoint russia heading home much earlier than they would have wanted to there was so much excitement after the game with the czech republic but unfortunately they just couldn't play to the same level of they did a mad opening game bell going home early richard on both me dotty warsaw. well russia fate was sealed by the czech republic who they posed in one nil to claim top spot in group a and. the church separating the two sides are not one so

the checks and grace progressed to the last day. meanwhile there's all to play for in green bay with all four teams able to progress to the quarterfinals the netherlands in particular were 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 crazy's a big night of group b. action. holland versus 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 is the dutch when 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 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 breezed into this summer's tournament as one of the favorites but a short one nil opening defeat to denmark being placed to watch by old foes germany

means the army 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 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 graph of under van't 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 out

in the group phase and all of those ten encounters with the dutch they won six even more worryingly for holland is the facts 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 was 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 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 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 egland 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 eight play held their final training session in live on saturday while they top the table they could still go out of the competition defeated by more than a goal against the danes under victory for portugal over the dutch would send them home early. many possible. in group b. the easiest way to explain it is that all four teams can still reach the

quarterfinals germany and portugal i mean need draws to see them through. now staying with euro two thousand and twelve in england can recall wayne rooney for tuesday's crucial match with the co-host ukraine the manchester united striker has been suspended for the first couple of games after being sent off in qualifying but he's played down things over his temperament. what happened is a mystery. that's gone largely of paid to place. of. you know of no problems with my attitude no problems with your temperament and 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 thing 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 for one of the overnight ladies trapped in tiger woods carving

a full six bodies to life five shots off the lead the only players to actually make par with the leaders american fury one the u.s. open nine years ago looking good with a birdie on the seventeenth while another former champion northern irishman mcdowell recaptured some of his two thousand and ten form to share the lead with on one under par with a shot of the day came courtesy of a man playing in his first ever major john peterson hole in one of the thirteenth. one to remember. not 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 and went into the finals overwhelming favorite against a man competing at the tournament after being given a wildcard entry for 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 way in just over an hour and a half meanwhile that was

a real drama queens over in england belgium time david nalbandian was a set up against marin chile in the final when in frustration he kicked an advertising hording injuring a line judge he was immediately disqualified handing the title to his croatian opponent. and finally to basketball where the n.b.a. finals series between oklahoma city. thunder and miami hate resumes on sunday night the best of seven series now moved to miami for the next two much as it's won one with a picking up a vital away win. erik spoelstra man running out one hundred ninety six when is the bron james the top scorer for the heat with thirty two points. well i was always poor for now but i'll be back in a little under two hours time with plenty more to me than. wealthy british style it's time.

for the. markets weiner scandal. find out what's really happening to the global economy is a report on our. you

know sometimes you see a story and it seems so. you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought. welcome to the big picture.

greece faces a new stalemate as pro and anti austerity parties go neck and neck putting the euro's survival on the line. the u.n. sponsored peace plan for syria shaken to the cool observers suspend their mission jews are growing violence as both the regime and the rebels fight. and egyptians called for the post revolution future but many disenchanted with the choice between an islamist and a former mubarak official. in the back of the past seven days top stories and the latest developments this is the weekly on. greece is looking at another political stalemate with exit poll figures

putting the pro a sterile new democracy party only whole five percent ahead of less. bring sunnis or it's a vote that could result in the rejection of the country's current bailout deal and even see athens exit the single currency ati's jacob greece is in the greek capital based on the latest exit poll information we're getting shows new democracy out front but only just between twenty seven point five and thirty point five percent of the vote there just ahead a series of the ones on the radical left would be stirring so much controversy ever really since may the sixth place down between twenty seven and thirty percent of the vote at the moment based on these initial exit polls and that still just ahead of the rest now what we're looking at here is a possible situation whereby no one again as with major states can form a ruling government a majority government of the six percent of the vote there or they're going to have to look elsewhere to other allies have also been running in today's election for a new democracy that's likely to be.