it's the memos bailing out banks and others over their massive surge in public that that sits and now there is a risk of conferees as opposed to india be the world's or bangs going belly up qantas having solvent risk and the faltering as already happened in greece and unfortunately when you have to watch private in public diet 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 really kind of the good old high unemployment rate and some degree of social and political instability and hand that penis so we are able to i would say. you know these slow economic growth if not outright a session in 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 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 that is at least a probability did they greece exit the euro zone thinking about it surely even if they like not in june a new government is going to try to get a forum that it can all mixtures are coming so sustainable that they will exit and i would say that it could be good for them as long as the exit is all of the only. means that then there are massive depreciation on that actually called local believe that are still a good old historic sell 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 all these old believe and the contagion of the rest of the eurozone is mol this so if they can see it that way and it's fine i 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 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 this or that in the eurozone like at these all of the early the fall to nags by. contagion with iran on the banks he made early in spain then they lose market and then they eventually have to restructure the any band that's not separation in a few years down the line they also i guess in the eurozone in which case the eurozone you know breaks up and you could have a significant european and a global financial turmoil and then you could end up like japan with long terms like a nation in another depression. all these things happening at the same time maybe out of the low probability but there's a risk we have to conserve our selves 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 are right and surely 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 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 of a more integration there's no choice because the disintegration would imply economic and financial damage and even in germany. i alone in

a world economy without a rising power like china or india. or existing superpower like us could be economic and they just major 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 problems because of lack of fiscal discipline or fiske of reckless that is that applies legally only degrees c. has a reason to lie then cheat that this is a fifteen percent of g.d.p. and the deficit and then that led to the fiscal cries is that actually in the in spain in the island was the private sector that eventually led to the problems of having to bail out the banks large their physical rate their 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 better by excesses in the public sector or of several of them were the binocular by excesses in the private sector because of poor regulations provision of the bank of says that a creator of a 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. 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 of the u.s. dollar still of the. see so for in the matter of that i thought the virgin market

is financing the larger as. current account deficits. 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. could happen the united states that are for whatever is the result of that action next theater whether it's going to be a president starting a plan that leads to a fiscal discipline of fiscal consolidation to be part of the what the u.s. has to do you know to avoid the risk of something bad happening he was you know would have been later in the white house than other contraries but it could also have been us eventually but 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. for the u.s. dollar tween us fiscal and current 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 of the euro was close at one fifty dollars close to one twenty five i would say you know the overall scullin financial problem that it's called aggregate over break out suggests that the euro should weaken and these are likely to weaken the only thing that could maybe stall that we can have 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 the fight in the ground leads to a banking union doing and that i'm told is a show restoring girl that. and other things that a store of hope that they euros. on is going to stay together in which case you

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 and and what is the present role of brics nations this throng growth economies the world of being an emerging markets until recently the brics but that always sold some of the rising power as you know of turkey or in the knees you know because 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 these because many of these companies are moving away from market oriented at a form of towards them all below growth companies without a further to as a state capitalism too much government intervention they call on me too much for

all of the state owned banks they know and their prize is too much protection is too much resource not sure what it is and over that's a negative because of a slowdown potential growth is going to lead to lower the long run becoming growth so what about 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 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 kind 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 brig's 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 reason they were growing eight nine percent and now

they're slowing down so you have a. girl that. you know not as much market. you have aging population there is a certain amount of lack of transparency that is sort of the. core option. that is institutional weaknesses of course that also is thing you know or a source that is good skilled labor force is allowed three could play an important role in the global economy by the thing that the important role and that's. on moving away from state got their ways and so that sunny's you know open up the trade to investment flows of course i do with a regime which is not fair but then having a strong to call him and his thought 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 the me

you're going to be able to. talk so rather than and getting into a superior financial crisis i think that's the lesson thank you thank you very much mr a pleasure being with you. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else here see some other part of it and realize everything. i'm trying hard welcome to the big.

all she. says video on demand. an. apology. question. please. please. please. we.

conservatives for. the most. socialist party. polls of polls on the final day of egypt's presidential election runoff would be. willing to give themselves lawmakers. turmoil takes another turn if you want to. call is next with sports.

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 that surprise only exit from euro two thousand and twelve. making a racket david nalbandian is disqualified from the queen's club final offer a kick in frustration to use 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 breaks 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. germany all the any team with a one hundred percent record after a two one win over denmark lukas podolski on the head only for michael crawling down into level laws but with ten minutes to play secured the way in the blocking last night now thanks. well russia already out of course the kind of accounts man suffered a surprise one nil defeat to greece on saturday all correspond to which about important analyze is where it all went wrong. russia's interest of european championships a need for another four years may crash out of euro two thousand and twelve after a surprise defeat to greece you managed to beat the russians quiet 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

a role sold for the shows makes them full poll playing free flowing football which really cool the chicks off guard and off of my game russia retire which is one the favorites perhaps when they stole the men's things they would come for to get progressively worse by played out on the table coleman seconds poland pulled a greek catastrophe which seoul russia crushed out of a tournament. lol where does the blame i fall i can squeeze for instance i had twenty five shots at goal but good to fail to scole colleagues on the cancer called time fourteen shall share the hole to lament 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 color on cheryl cook was excellently handled by the greek the fans so where now for the russian side will have to find a new head coach travel so off to the card said that he'll stay down off the top of and finish is through 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 allan's ago it had a fantastic coleman scoring pretty goals and he will really be full chroma busy rushing side rush came into told him it was the oldest team out of over sixty nations competing kind of an extra few months i think quite a few these players will retire in his life 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 a very much fun it's going to be a process of rebuilding for the russian national side as a lot of the old are gone and. 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 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 said stick with the old guard sitting so well and help the russians gets beside the finals

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 our. how to really fantastic coleman's goal of three months at this point 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 they just couldn't play to the same level of a very good amount opening game. going home. richard pombo three dotsie warsaw. well russia's fate was sealed by the czech republic in the one nil to claim top spot in group a. with a goal in that 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 a howler 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 is set to put is now in the final when in frustration he kept 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. mistaken. too 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 and maybe you something that so many times happens but that kind of moment now in moto g.p. 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 i gradually increasing his advantage in the final few laps stoner held on to second spot with his honda losing more than three seconds to the winner of the australians teammate danica grosso completed the podium in the same trio top the current standings in the same order. with me. a wonderful fight. fortunately for us. i got a little bit at my pace so it's wonderful we are making. something now

so i must things a lot to that ward off. 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. after the world challenge calendar and attracts athletes from all over the world as

michael craft chain care reports. there's namond scheme immoral 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 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 mammon 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 short porch and other olympic events in the high jump recently crowned russian champion irina go to deliver couldn't better norway's tanya anderson nor could she topple 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 was bowled 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 fail to make the top three while olympic medal hopeful. 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 angie so it also fast your overall speed

average which i've 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 in a push to give a beat 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 metres 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. from

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have closed on the final day of voting for egypt's post revolution future. and as the president comes to an. effective meet gives itself a phone call was raising fears of the old establishment students taunt. with nearly all votes counted greek conservatives propose a probe government after coming out on top in the parliamentary elections leaving the main rivals behind. the u.n. sponsored peace plan for syria shaken to the core observers suspended their mission due to increasing violence as both the regime of the rebels fight on.

and you're with r.t. just in time for a recap of the week's top stories have you with us after a 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. and kyra. 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 polling 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 i've been talking to say that.