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 means. 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 happiness so we are able to i would say. you know these slow economic growth difficult outcry that a session in the eurozone that is called 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 probably the greece exit the eurozone thing about and surely even if they like

not in june a new government there's another tried to go to for a comic solutions are coming so sustainable that they will lags it and i would say that it could be good good for them as long as they exit there's a lot of the early. means that then they've. shown that actually called local could be their store growth to restore external ballance who could be damaged the banks damage the savings of people in their banks and that's why they need more funding to make sure that in all these old believe and the contagion of the last thirty euros on the small there so if they could 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 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 dog cages in. we've seen from 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 over 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 exit the eurozone in which case the eurozone you know breaks up and you could have a significant european and a global you know financial turmoil and then you could end up like japan with a long term study nation if you hold another the pressure on interest and all these things happening at the same time maybe out of the low probability by this very swift took with ourselves there's a chance that the europeans get their act together and while libyan number of years of. fiscal condition eventually you have more

integration more of a fiscal deal you know more of a banking union that will proposition eventually probably you're doing your own soul instead of these integration you could have a process that 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 do 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 graduate of a more integration of there's no choice because these integration with imply economic and financial damage and even to germany i alone in a world economy without a rising power like china or india. or existing superpower like us could be economic and i just thought that 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 lack of fiscal discipline or fiske of reckless that is that applies to really the only only degrees c. has a reason to lie then that there is a fifteen percent of g.d.p. and the deficit and then that led to the fiscal cries is that actually in spain in the island was the private sector bad that eventually led to the problems of having to bail out the banks large their fears of the fiscal problem was all the fiscal problem the first place. so you know you cannot generalize there are different types of crisis within the eurozone not all of them were necessarily prevented by

excesses in the public sector at several of them were the binocular by excesses in the private sector because of poor regulations of the bank of says that a creator of a real estate then and cried 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 than 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 of the u.s. dollar cylinders of currency so the foreign the man and. the rest of the virgin market is financing the largest. current account deficits. could should be.

complacent over time if the u.s. were not to deal with his own fiscal problem it was not going to be to extend 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 that action next year or whether it's going to be a president starting a plan that leads to a fiscal discipline a 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. unhappiness with the us dollar tween us fiscal and current take on

that say by the realities for now there is not that. 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 fifteen our growth to one twenty five i would say you know the overall scullin financial problem that extra bags over break out today that the euro should weaken and is likely to weaken the only thing that could maybe. that we can have so the eurozone is either the u.s. economy come so weak that then the dollar weakens and the fed 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 are store of hope that they eurozone is going to stay together in which case the euro could go to a 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 tiger and

what is the present role of brics nations this strong growth economy of the world will be in emerging markets until recently the brics but that always sold some of the rising problem as you know turkey. 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 and there's now a slowdown of growth you see it in china see iraq sure 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 condos are move their way from market oriented but a form of towards them all below growth companies but i've heard too as they state that he's 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 it's going to slow down potential gold it's going to lead to

lower the long run you 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 present in the side there not to attend the g. eight summit because he said he was busy creating his own cabinet there was a bit of a strange thing to do with like a snob you know in the case of the brakes the problem is you know russia has potential growth to date based on their statements by that but the color of your central bank is three and a half percent of the time i mean the until recently were growing eight nine percent and now they're slowing down so you have a low potential girl that where there is that. you know not as much market.

aging population there is a certain amount of lack of funds but i'm on co-op shown. in the party of god that is institutional weaknesses of course that also is throwing a general or a source is a good school labor force is allowed three could play an important role in the global economy by the thing that the important role of and that success is. on moving away from the state and so the lesson is you know open up the trade to investment flows of course i've got i've got a regime which is not fair but then having a stronger call a minister on policy pretty much brains even a wooden 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 sold was chalk's rather than and cutting into a superior financial crisis and that's the lesson thank you thank you very much mr

a pleasure being reviewed. if you're followed up on my day you'll get it. but. it goes back to a time when people would like out of their forces in the want to. pick up future dates and. for prosecution. when they go out there when. we're chasing killers you gotta keep that in mind there's a two million dollar bill. without superheroes you can be killed in the head i'm

going to die. and. never go back to hide anything else. wealthy british style stock. market. find out what's really happening to the global economy with. a no holds barred look at the global financial headlines tune into

a report on our. top stories this hour the exit polls suggest the prosperity new democracy party marginally ahead in the greek election connect with the left wing syriza. is on the line as greeks choose between more cops and leaving the current scene. u.n. observers suspend the syrian mission due to growing violence as both the regime and the rebels fight on this is the syrian opposition leader has repeated calls for military intervention in the country. and egyptians calls the final bandits for their post revolution future but many are disenchanted with the choice between a u.s. educated islamist and a full month. with a new state with more news stories for you in fifteen minutes from now in the meantime porn is next with.

thank you very much bill welcome along to the world of sports here is what we go for you. and russia arrive back in moscow after a surprise one nil the thing to greece in euro two thousand and twelve which saw them eliminated in the group stages. crash course and davidson and walks away from this collision leave them on twenty four hour race as audi dominate with a one two three on the podium. on the only square miami and oklahoma again three in the n.b.a. playoff finals with the series one with a pace. let's start with euro two thousand and twelve where it's time for the decisive round of games in green bay and all four teams can still reach the quarter finals both games are kicking off similar tenuously ukraine on that matter of seconds old and struggling holland's no anything other than a two goal victory over portugal will see them knocked out in the group stages for

the first time since one thousand nine hundred eighty. eight has made three changes from the side that lost to germany last year on huntelaar rafael van der vaart all start a draw for portugal is enough to see them through. while the dutch are also needing their old friends germany to do them a favor if netherlands get their necessary to go away and then they need to hope the germans played denmark blocking last minute covered set top of the table with two wins from two matches but can still be knocked out if they lose a draw is enough for them to reach the last eight. while russia already out of course to count because man suffered that surprise one no loss to greece on saturday all correspondent richard run poorly on allies is what's next for russia. russia's interest of european championships is ended for another four years straight crush side of euro two thousand and twelve after a surprise defeats agrees to mars to beat the russians golds and you know a little soul was ministering stolen from russia which started so. well look for

one victory against the czech republic in a role sold for the shows make simple goal playing free flowing football which really call the chicks off guard and off of my game russia retire which is wonderful you brits perhaps when they stole a men's things would jump or to get progressively worse fate played out i'm ok performance against poland before the greek catastrophe which sold russia russia out of a tournament. lol where does the blame lie all i can squeeze for instance i had twenty five shots at goal but good to fail to score colleagues on the cancer called hide a routine shall show the whole tournament but yet fail to get even one on targets quite a few of the big name players really failed to turn our head against the greeks in a final match andrea shaaban all for a bright opening was very quiet roman 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 perhaps i'm certain of that because the cards have been he'll state down off to the top of and finishes who will turn to well it's not really all

known at the moment so badly to get science is being touted as a possible successor and of course he'll move 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 the 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 of the creation 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 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 ready to get a starting spot in the russian national team take out the caps policy. it was to stick

with the old guard so conceding so well and help the russians gets beside the finals and also in switzerland four years ago but with so many of the players run 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. how to really fantastic coleman's goal of the massive disappoint russia heading home much earlier than they have wanted so you there was 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. going home early richard on both me dotty warsaw. well russia's fate was sealed by the czech republic poland one nil to claim top spot in group eight yeah the church with the goal in the one side the czechs and greece progressed to the last eight. now staying with euro two thousand and twelve in england can recall wayne rooney for tuesday's crucial match with co-hosts 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. happened was a mistake in the poll just because you know when. you have paid the price. of. you know. of no problems with my attitude no problems with your temperament i'm happy to play to the greens now where i look said to be a nail biting and the second major of the go finger linda graeme mcdowell and jim furyk sharing the lead following day three at the u.s. open the olympic course in san francisco is regarded as one of the toughest tests the sport has to offer and for one of the overnight leaders it certainly lived up to the tiger woods card in a full six bogeys to lie five shots off the late the only players to actually make par work the latest american felix one tournament nine years ago looking good with a birdie on the seventeenth while another former champions northern irishman

mcdowell recaptured some of his two thousand and ten form to share the lead with fewer on one under par but shots of the day though came courtesy of a man playing in his first ever major jumping to seven with a hole in one on the thirteenth certainly one to remember. now the tennis and roger federer his preparations ahead of wimbledon have been dealt a blow the world number three has suffered a surprise straight sets to fade to german tommy haas in the gerry weber open in germany federer is a five time champion a howler and went into the finals overwhelming favorite against a man competing in the tournament after being given a wildcard entry to the former world number two now eighty seven in the rankings now into the first set on a tie break before wrapping up a seven six six four win in just over an hour and a half even though i was so focused mainly worried about my own thing and that is a try to play extremely well in order to win this match then i really can't believe it or that it. was real drama queens over in england argentina david nalbandian was

a set up against marin challenged in the final but in frustration he kicked an advertising hording injuring a line judge. he was a medial disqualified handing the title to his croatian opponent. now in moto g.p. jorge lorenzo has won the british grand prix to extend his lead over closest rival katie stone with a twenty five points in the current standings the spaniard who started from on the great overtook the reigning champion with nine laps to go and never looked back gradually increasing his advantage in the final few laps stoner held on to second spots with his honda losing more than three seconds to the winner of the australian teammate danny pearl drives a point to the podium in the same trio top the current standings in the same order . which made. a wonderful fight. fortunately for us i thought i got a little bit at dundas in my pace so it's wonderful we are making. something now

so i must things a lot to the work of. now it's a motor sport of a different kind and there was a dramatic conclusion to the lamont twenty four hour race audi dominated taking all three places on the podium that same were able to successfully defend the title they won twelve months ago the victory was a first for hybrid powered car the second team lived up to their name and came in just behind their teammates while now the car also came in for however the real drama came in our six twenty eight is anthony davidson spawn into a barrier following a collision with ferrari's pay as you said he paid his ini davidson and got out of the car on a did and was taken to hospital test revealed breaks to his vertebrae although he is expected to make a full recovery. this funny of the 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 the next two much is it's one one the

way they hate picking up a vital away win in oklahoma in game two erik spoelstra the man running out one hundred ninety six when is the bron james the top scorer for the heat with thirty two points. for that is all from the world of sport for now but i'll be back in a little under two hours time with plenty more here and i'll say weather is next. comfort is the least you have. money is the last you need if you travel this way. language is common. you see. the. emotions are intense. and the experience priceless.

if you're followed up on my debt snowball that. are sort of a twelve pack and i can talk about it long. and it goes back to a time when people would like out of their forces in the wild lands and become peace future dates and putting them into the sheriff for prosecution no one company may follow suit. when they go out there. and you have to hope that nothing bad can. move. forward facing killers and you gotta keep that in mind how does a two million dollar deal for his arrest. but not super hero they can be killed to you know they shoot me in the head i'm going to die. and. once you hundred men you

know never go back to hunt anything else.

wealthy british style it's time to. market and. find out what's really happening to the global economy for a no holds barred look at the global financial headlines to name two is a report on our.

coalition likely increases early results but conservative new democracy party ahead with almost thirty percent of the votes. the u.n. observer peace plan for syria shaken to the core observer suspend their mission due to growing violence as both the regime and the rebels fight on. their final balance for their post revolution future but many are disenchanted with the choice between islam and the former mubarak official top stories. with a look back at the past seven days top stories and the latest developments this is the weekly on. figures put the conservative new democracy party ahead with almost

thirty percent of the vote with left wing the saudis are receiving just over twenty . seven percent elections in greece this could mean a coalition between the new democracy and its allies the socialist party now these parties want to keep greece in the euro and retain the e.u. i.m.f. bailout but still renegotiate its terms while lisa rees a party has been campaigning on an anti austerity programme this election is being closely monitored across europe as its results could see the breakup of the whole euro zone and that outcome is less likely if greek conservatives form a coalition because election was called after the first one in may ended without a deal a little later who hoped to be talking to journalist and political analyst christie is for his expert opinion on the developments there in greece that's coming your way a little later. the un backed peace plan in syria took another blow with the observer mission there suspending its.