it's and now there is a risk of contraries as opposed to india be the world's or bangs going belly up deserving solvent risk and the faltering as already happened in greece and unfortunately when you have to watch privately in public that it takes a long time up to a decade to do the leveraging means to supplant elias to save more to reduce that over time and that implies that the economic girl that high unemployment rate and some degree of social and political instability and happiness so we are. i would say. you know these economic growth if not outright that a session of 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 years and i would say that you know by next theater i would say there is at least

a probability the grease exit the eurozone thing about actually even if they like not into a new government there's another tried to go to for a comic solutions are coming so sustainable that 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 that then there are mosques in the shown that actually called local believe that are still a good old historic ballance of who could be damaged the banks damage the savings of people in the banks and that's why they need more funding to make sure that these and all these old believe and the contagion of the rest of the eurozone is mall there so it does not make you see it that way and it's fine and said 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. i 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 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 such 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 long terms like a nation if you hold another the pressure of interest now all these things happening at the same time maybe out of the low probability by the. ourselves there's a chance that the europeans get their act together and while being number of years of various scope of. fiscal condition are right and surely you have more

integration more of a fiscal union 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 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 they 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 it has been garaged more integration there's no choice because these integration with imply economic and financial damage and even to germany i alone in the world economy without a rising power like china or india. or existing superpower alike. u.s.

could be economic and they just a midget 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 recklessness that applies to the really only degrees c. has a reason to lie than cheat that this is a fifteen percent of g.d.p. there deficit and then that led to the fiscal cries is that actually in that in spain in the island was the private sector that led to the problems of having to bail out the banks large that is 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 driven by

excesses in the public sector at several of them where the binocular excesses in the private sector because of poor regulations or because i'm of the bank of says that a creator they realize they are 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 would be a fiscal cries in the us even if the deficit that large arising probably goes u.s. 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 and demand of the rest of emerging market is financing the large us please. 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 toward the risk of something bad happening he was you know better late. than other companies but it 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 with the u.s.

dollar twenty in the us it is going to take on that say by the realities for now there is no. dollar that's why people are still in this limbo on the second question in the last year the euro was close at one fifteen now close to one twenty five i would say you know the overall fiscal and financial problem that it's probably a little bit of break out today is that the euro should weaken and is 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 and pretty small me and that weakens the dollar or that finally the european get their act together the fight in the ground leads to a banking union this guy doing in that motel is a show restoring girl that. and the other thing is that the restore hope that the eurozone is going to stay together in which case you have. a game.

main downside risks to the global economy you mention of course very slow economic recovery where do you see the new tigers and what is the present role of brics nations strong growth economies the world of being an emerging markets until recently the brics by that i was sold some of the rising power as you know of 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 iraq sitting 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 from market oriented but a form of towards them all below growth companies about referred to as a state that he's too much government about as they call it me too much of 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 becoming growth 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 your president decided not to attend the g eight summit because he said he was busy creating his own cabinet that was a bit of a strange thing to do or like a snob you know in the case of the brakes the point is you know russia's potential growth today based on their statements by that with the comment of your central bank is three and a half percent. time i mean the until recently were growing eight nine percent and now they're slowing down so. you have low potential good old where they reside

you know not as much market oriented those thoughts on a forum you have an aging hopeful nation there is a certain amount of lack of transparency that is such that amount of co-op shown. in the seas in the party of god sees that as institutional weaknesses of course that also strength general or a source is a good skill labor force is allowed to con three could they play an important role in the global economy by the thing that the important role and that success is conditional on moving away from state cop delays and so that as sonny's 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 strong economists thought on policy pretty much means that even it wouldn't times are bad then shocks would call from the rest of the globe what i call a me you're going to be able to back that up sold was chalk's 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 that.

well with. science technology innovation all the least of elements from around russia we've got the future covered.

top stories this are not secret conservatives propose a probe by a large government as they claim a narrow victory for them as thirty percent of the vote leaving the main left wing rivals behind this could mean a coalition between new democracy and its allies the assertion is to. you an observer suspend the syrian mission due to increasing 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. polls of close on the final day of the presidential election runoff for egypt post revolution future the choice is between an islamist and mubarak's last prime minister with critics saying neither will represent the people. obvious but with the news team with more on those stories and fifteen minutes from now in the meantime paul is next with the sport.

hello welcome along to the sports headlines here as well as coming up. russia's rebuilding process begins as they arrive back in moscow following their surprise from euro two thousand and twelve. making a racket david nalbandian is disqualified from the queen's club final offer a kick in frustration rings a line judge with a cut to his leg. crush course anthony davidson walks away from this collision in the long twenty four hour race as the dominate with a one two three on the podium. but let's start with euro two thousand and twelve where germany and portugal have booked their place in the quarterfinals meaning the netherlands and denmark and knocked out in the group stage a brace from christiane i rebelled oh how portugal come from behind against the

dutch after rafael van der vaart to put man ahead in the. it's the first time since nine hundred eighty the dutch are failed to reach the knockout stages portugal will play the czech republic in the last. game or germany are the only team with a one hundred percent record after a two one win over denmark lukas podolski put them ahead only for michael dell into level but along with ten minutes to play secured the way in blocking the last man now thanks great. well russia already out of course the kind of accounts man suffered a surprise one nil defeat to greece on saturday all correspondence which of important analyzes where it all went wrong. russia's interest of european championships a needed for another four years straight crush out of euro two thousand and twelve after a surprise defeat to greece who managed to beat the russians by a goal to nil that 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 make simple poll playing free flowing

football which really call the czechs off guard and off of my game russia retire which is wonderful you brits perhaps when they stole the men's things they would jump or to get progressively worse fate played out i'm ok performance against poland the pulver greek catastrophe which showed russia crushed out of a tournament. goal where does the blame i was i can squeeze for instance i had twenty five shots at goal but good to fail to score all our eggs on the cancer called hide fourteen shall share the whole told them and but yet fail to get even one on targets quite a few of the big name players really failed to turn off against the greeks of a final much andrea shaaban all for a bright opening was very quiet on one sure all cut was excellently handled by the greek the fans so where now for the russian side well will have to find a new head coach francis off the deck of the card said that he'll state down off to the top of and finishes who they'll 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 and of course we all know the serious car plays in the side specially alan's a go if not a fantastic coleman scoring three goals and he will really be behold chroma busy rushing side rush treatment of a tall man with the oldest team out of over sixty nations competing over next few months i think quite a few of these players will retire and it's left to see how many will actually 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 for now it's going to be a process of rebuilding for the russian national side as a lot of the old guard and. or 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 said stick with the old guard it is a good feeling so well and help the russians get to the semifinals 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 time i figure a lot of those hopes will be resting of course on hours ago if they had a really fantastic coleman's goal of the massive disappointment russia heading home much earlier than they have wanted so you've ever so much except certain after the game with the czech republic but unfortunately they just couldn't play to the same level of a very good amount opening game. but going home early richard pombo three don't see warsaw. well russia's fate was sealed by the czech republic in one nil to claim top spot in group a chips with a goal of not one so the czechs and grace progressed to the quarter final. 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 opening germinate federer is

a five time champion and went into the final as overwhelming favorite against the man competing at the tournament after being given a wild card entry for the former world number two now eighty seven in the rankings now and 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. meanwhile there was real drama queens i've remained to indulge in time that david nalbandian was a setup that is now in the final when in frustration he kicked an advertising hording injuring a line judge the umpire took the decision to disqualify the two thousand and two wimbledon finalist that meant by default. the title went to his creation. and we seek an apology. to the guy who didn't want to do that but sometimes you get angry sometimes. you cannot control that moment

that many times happens to me maybe you threw a record or maybe you scream or maybe you do something and that's what many times happens that that kind of moment now in moto g.p. holding a renzo has won the british grand prix to extend his lead over closest rival casey stoner to twenty five points in the current standings the spaniard who started fourth on the grid overtook the reigning champion with nine up to go i would never look back gradually increasing his advantage in final few laps stone held on to second spot with his honda losing more than three seconds to the winner of the australians team a down in progress completed the podium in the same trio topped the current standings in the same order. with me. a wonderful fight. fortunately for us. i got a little bit that bundle in my piece so it's wonderful we are making. something now

so i must things a lot to that world of. now to motor sport of a different car and then there was a dramatic conclusion to the long twenty four hour race audi dominated taking all three places on the podium the same way to successfully defend the title they won twelve months ago their victory was a first for a hybrid powered car the second team lived up to their name and came in just behind their teammates while another audi car also came in third however the real drama came in our six when anthony davidson spun into a barrier following a collision with ferrari's. xeni davidson got out of the car on a did and was taken to hospital tests revealed breaks to his vertebrate although he is expected to make a full recovery. and five into athletics where there is no meant scheme or your meeting has concluded here in moscow the annual event is part of the i.w.a. after the world challenge calendar and attracts athletes from all over the world as

michael christian carrie reports. the scheme and moral athletics competition held in moscow every year has attracted athletes from over fifty different countries but while competitors from all over the world attracted to an event held fifty kilometers outside the russian capital that's because it's held in a f's taters since two thousand and is now also one of the associations world challenge meetings it's also a very old competition now it's interesting to note that this particular event was actually established over fifty years ago in honor of two soviet champions in long distance running and serafin it's namin ski now the event itself has been held in various locations but it's been a staple fix to here ins namin ski just outside of moscow ever since this rather impressive meteoric stadium was built the competition features races over distances from one hundred meters to one thousand five hundred meters it also includes

javelin throwing shot porch and other olympic events in the high jump recently crowned russian champion irina gold of the of a couldn't better norway's tanya angus and nor could she top of her personal best of two point zero two meters but she was still full of praise about the event as a whole that was i think they've done a really good job organizing this event and the weather has been fantastic personally i didn't do so well today the bar wobbled and then fell but that aside i do really like this event olympic champion. participated in the one thousand five hundred meter distance run but failed to make the top three while olympic medal hopefully. says a hectic recent schedule has proven to be energy sapping. it's really a tough i mean i've been running all week culminating in participating in this competition so it's definitely drained my and angie so it also fast your overall

speed average which had been working on during training. as the older generation draw nearer to hang up their boots it's the stars of the future that are beginning to catch the eye you cut that enough boys to cover beach both to claim first place in the one thousand five hundred meter race improving a whole seventeen seconds on her previous personal best and barely off the track she was already thinking about russia's national championships to be held at the end of june. i think the level of preparation will be very high for the russian championships everyone is getting ready for it the eight hundred meters race is very difficult and it's very popular in russia but of course i'm hoping i can land in the top three you noted secure a ticket to london but it will be tough i'm still very young and i will be facing many more experienced athletes it's an olympic year so you'd be forgiven for thinking athletes would want to focus soley on those games without extra competitions that could distract or lead to injury but when sport is your passion

the consensus among athletes is that of any person who wants success the more you try the bigger the chance you'll succeed mark of genco r.t. moscow region. that is all from the world of sports and now all those plenty more later here in r.t. whether it's next.

download the official publication. i pod touch from the i.q. exams to. teach life on the go. video and among teens in line broadcasts and r.s.s. feeds now in the palm of your. question on the dot com.

greek conservatives propose approach government as they claim a narrow victory with almost thirty percent of the vote leaving the main left wing rivals behind. polls are closed in the final day of voting for egypt's post revolution future but many were disenchanted with the choice between islamists and a former minister. and the u.n. sponsored peace plan for syria shaken to the core observer suspend their mission due to increasing violence as both the regime and the rebels fight on our top stories.

with a look back at the past seven days top stories and the latest developments this is the weekly. greece's conservative new democracy party proposes pro austerity government after early results suggest they won with almost thirty percent of the vote the main rival left came a close second with just over twenty seven percent jacob graves is in athens. places official results showing new democracy out in the lead hovering around thirty percent of the vote now they are still ahead of stories about only just this still presents new democracy though with a problem because even though it looks like they'll win this election they won't do so with an overall majority so they will need to seek the help and coalition part of another party the only real option for a new democracy and imo it seems to be the socialist party they have a government with before that's because they both share the message of austerity even though party would like to see some made.