result of the response of the cries is scott's theme of those bailing out banks and others over the massive surge in public that and that sits and now there is a risk of conferees as opposed to individuals are bangs going badly up having solved and risk in 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 supplant elias to save more to reduce that over time and that implies that lowly and all the good old high unemployment rate and some degree of social and probably because of the instability and happiness so we have. i would say. you know these slow economic growth difficult out through the recession the eurozone that is call of the faults by governments is going to stay with us for a number of years if you gave a percentage of the 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 you know by next theater i would say that is at least the probability that the 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 comic solutions are coming so sustainable that they will lag and i would say that it could be good for them as long as the exit is all of the only. means of then there were massive depreciation on that actually called local believe there are still a good old historic still a ballance of who's going to be damaged the banks damage the savings of people in the banks and that's why they need more funding to make sure that it isn't all these old believe and the contagion of the rest of the eurozone is mall there so if they could see it that way and it's 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 we see defaulting on its debt other countries and 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 disorderly in the eurozone like at these all of the early default an exit by. contagion with iran on the banks he made early in spain then there was 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 exit 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 an asian if you hold another the pressure of interest and all these things happening at the same time maybe out of the low probability but there's

a risk we have took with ourselves there's a chance that europeans get their act together and while being number of years of rediscover a sideshow and all of. fiscal condition eventually you have more integration more of a fiscal dealing and more of a banking union that will proposition eventually probably arguing and so instead of these integration you could have a process 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 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 and there's no choice because that is integration with imply economic and from. 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 a midget so you is you know the europeans have to stick together to have their own weight in global economic and even political affairs many books including yours have been written as to the reasons behind the 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 and that there is a fifteen percent of g.d.p. . deficit blow up and then that led to the fiscal cries is it actually in that 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 crater 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 provision of the bank of 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 larger rising 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 part of the sea so for in the manned of china that i saw the virgin market is fine and seeing the largest piece 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 given 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 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 going to lay that out in the white house that other praise but it could also have been us eventually do you expect the u.s. role in the dollar as role as a reserve currency to to continue as it is right now to maintain its positions and what is your take on the euro dollar rate because last year we asked you the same

question and you said that you would not bet your money on the euro and you are right about now there is a generalized. happens where the u.s. dollar tween us is going to pick on that seat 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 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 extra bags they'd be about over break out today that the euro should weaken and is likely to weaken the only thing that could maybe be stopped 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 they find the ground leads to a banking union you know this guy doing in that motel is a show restoring girl that. and the other thing is that the restore hope that they

eurozone is going to stay together in which case the euro could start to rally again are among of 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 will be in emerging markets until recently the brics but that i was sold some of the rising power as you know turkey or indonesia you know or mexico's not just the brics what concerns about the briggs and other emerging market is in all of them for the federal reserve there is now a slowdown of growth you see it in china see iran. in brazil in part of this because europe and you are sort of slowing down if not constructing but in part of this because many of these companies are move their way from market oriented that a form of the floors and all the low growth companies about it for two as they

state that he's too much government provided so they call on me too much for all of the state owned banks so they know the enterprise is so much protection is too much resource not sure what it is and over time that's a negative because it's going to slow down potential growth 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 your president aside the not in the g eight summit because 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 brics the point is you know russia's potential growth today based on their statements by their put the call. your central bank is

three and a half percent. time i mean the reason they were growing eight nine percent now they're slowing down so you have a low potential girl that. you know not as much market oriented those three. you have aging. there is a certain amount over the lack of transparency that has some of them on. the seas in the party got system that is institutional weaknesses of course that also is things you know 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 and so that as soon as 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 then shocks would call from the rest of the group what i call a me you're going to be able to back that up sword was chalks that out of them and putting into a superior financial crisis and that's the lesson thank you thank you very much mr leisure being reviewed that. if you're following up on my day. but. it goes back to a time when. like out of the forces and the want to. pick up these huge debts and. no longer be made. when they go out there.

and you have nothing. but we're chasing killers and you gotta keep that in mind though this is a two million dollar bill the rest. can be told to you know they shoot me in the head i'm going to die. once you've had a never go back to.

conservatives propose a government a narrow victory with thirty percent of the vote leaving the left. between new democracy and. the socialist pasok party. polls have closed on the final day of egypt's presidential election bought off with . declaring himself in the lead while the ruling generals effectively give themselves while making powers praising the old established and still in charge. you two and. the head of the monitors. both sides of the conflict evacuation of civilians from combat zones. paul.

hello welcome along with the sports headlines here as well as coming up. russia's rebuilding process begins as they arrive back in moscow and following their surprise for euro two thousand and twelve. making a racket david nalbandian is disqualified from the queen's club final after 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 knocked out in the group stage brace from christiane they

were naldo help portugal come from behind against the dutch after rafael van der vaart to put van marwijk men 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. germany all the any team with a one hundred percent record after a two one win over denmark lukas podolski put them ahead and for michael cross delhi to level but a lot has been destroyed with ten minutes to play secured the way in the black in the last man now thanks. well russia already out of course to count the counts man suffered a surprise one nil defeat to greece on saturday all correspond to which of important allies is where it all went wrong. russia's interest of the european championships is a needed for another four years so they crash out of euro two thousand and twelve after a surprise defeat to greece they 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 small for the shows make so i'm hopeful playing free flowing football which really called the czechs off god and also by game russia retire which is wonderful you brits perhaps when they stole a men's things they would jump or to get progressively worse by played out i'm ok performance against poland are full of greek catastrophe which show russia crushed out of a tournament. lol where does the blame i fall i did squeeze for instance i had twenty five shots at goal but did the fail to scole colleagues on the cancer called had a fourteen shall share the whole told them and but yet failed to get even one on saw gates quite a few of the big name players really failed to turn off against the greeks in a final much andrea shaaban role for a bright opening was very quiet called on one sure all cut was excellently handled by the greek the fans so where now for the russian side will have to find a new head coach traps and off the deck of the card said he'll state down off to

the told him and finishes to the turn to well it's not really all known at the moment so all the way to get science is being touted as a possible successor and of course we all know the serious car plays in the side specially alan's aglow is. a fantastic coleman scoring three goals and he will really be full chroma busy rushing side rush treatment of a tall man with the oldest team out of over sixty nations competing next few months i think quite a few these players will retire in his life to see how many will be competing when the qualification campaign takes place to try and qualify for the world cup in brazil in two thousand and fourteen a very much from now it's going to be a process of rebuilding for the russian national side as a lot of the older guys on ice. some of maybe drop some trying to bring in a younger generation of play is this is where parents russia's biggest problem lies there are many younger players knocking on the door ready to get a starting spot in the russian national team pick up the cats policy was to stick

with the old guard is so conceding so well and help the russians gets beside me 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 time so i think a lot of those hopes will be resting of course on. how to really fantastic coleman's goal of three massive disappoint russia heading home much earlier than they have wanted so you've ever so much exception after the game with the czech republic but unfortunately bit just couldn't play to the same level of i didn't bother getting game. but going home early richard pombo three dotsie also. well russia's fate was sealed by the czech republic who beat poland one nil to claim top spot in group a. with a goal of not one so the czechs and grace progressed to the quarter finals. 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 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 the former world number two now eighty seven in the rankings now and he 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 comment by default. the title is. a mistake and. to the guy. you want to do that 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 something that so many times happens but 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 teammate danica gross complete to the podium in the same trio top the current standings in the same order. with me. but wonderful. fortunately for us. i got a little bit but us in my pace 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 kind 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 the parrot xeni davidson and 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 finally to athletics where there is no meant schema more meeting has concluded here in moscow the annual event is part of the i.w.a.

f the world challenge calendar and attracts athletes from all over the world as michael christian caryl reports. there's namond scheme in 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 the event held fifty kilometers outside the russian capital that's because it's held an a f status 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 shock 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 warbled 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 and 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 angie so it also fast your overall speed average which had been working on during training. but. 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 in the 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 now all those plenty more later here in r.t. whether it's next. if

you. find stupid. stunts on t.v. dot com. polls

have closed on the final day of voting for egypt post revolution future with the islamist candidate declaring himself in the lead. and as the crucial presidential battle comes to the military who gives itself the make for college raising kids and all the stuff to some of the students small. green conservatives proposed a government. with almost thirty percent of the vote leaving the main left wing rivals. and the u.n. sponsored peace plan for syria shaken to the core observers spend their mission due to increasing violence and as both the regime and the rebels fight on.

broadcasting live direct from our studios in central moscow with a recap of the week's top stories this is r.t. glad to have you with us after preliminary results in egypt the muslim brotherhood candidate claims an early lead in the historic presidential runoff there are also numerous accusations of ballot rigging from rival. headquarters. talking to demonstrators as well as talking to those who actually turned out to cast their ballot the general mood is that most people feel that this is really a choice that is not a choice you have a mature freak who represents the mubarak era and you have dr mohamed morsi who represents the muslim brotherhood and the idea of two in egypt into an islamist state visiting the holy stations throughout the course of the day i did get a sense that people there were very tired of this whole election process at the same time those that have been to.