doesn't sound anything. to teach music creation why it should care about humans. this is why you should care only dot com. hello this is r.t. from moscow it's kevin owen here with the top stories for you russia's top diplomat is u.s. threats the moscow will pay the price for the syrian press accuses foreign powers of blackmail of a u.n. action against. a new wave of my social unrest sweeps israel after a man sets himself on fire to protest the prime minister's policies he claims are robbing the people. of the. pelosi confirmed russia's head coach. drafting a plan for struggling countries on how to quit the euro as the leading british

business chief tells r t why he thinks they should. today i'm talking to lord simon wolfson who is a multi-millionaire and chief executive of the next fashion chain he's also just sponsored a prize for the person who comes up with the least disruptive way for a country to exit the euro is a lot so ivan watson thanks for talking to us today now why did you decide to sponsor this prize i sponsor the prize because there was an enormous intellectual vacuum nine months ago people were not talking about this the euro was designed with all lines of retreat cut off and it looks increasingly unstable and the one thing you can be sure of is if it does break up we need a plan. and i think what this prize has done is it's taken a subject that was to prove it was a forbidden subject and it is now bought into mainstream debate moving that it's

produced a fantastic finalist who actually come up with a very credible answer and why was the capital economics plan which won in the end so much better than anyone else's i think it was because it was so comprehensive it was very clear it was well argued it wasn't unreasonable in its expectations of what institutions would have to do it was clear around where the pain would be and where the game were being and it's at a path that will allow any policy maker in any part of europe sit down read that about it will be their prime and that will be the first thing that they should read and can you just summarize it i think it starts with you if you if i take you through their proposed timetable the timetable is one weekend the banks are closed a bank holiday is declared on the monday and over that weekend in the existing country all assets liabilities wages prices are converted into the new currency in that country so you may have been earning thirty thousand or thirty thousand

euros or progress one day the next week you're earning thirty thousand new drachma . currency is. floated on the free markets and the value of that currency would then drop dramatically now that sounds like a problem but actually it is the start of the solution because when the currency drops in value that is when greece can return to competitiveness and begin to tackle things like its twenty percent unemployment see the new drachma was introduced and is immediately devalued as a planet suggests how much would that affect people on the ground how much pain but that be for ordinary people in greece the world. over night very little because all prices would change as well so yes your salary will be a new track one that will be devalued but so will your mortgage and so with the price of the goods in the shops now what would happen is of course imports have become more expensive and that will filter slip through into inflation and that will affect people's living standards it will begin to see this but at the same time you'll have an enormous competitive use to the economy suddenly domestic

producers will be in at an enormous advantage to expensive imports that will create employment that will boost growth and that will kick start the whole economy again and the the history of the sharp devaluations whether it be in great britain in one hundred thirty one britain came out of the r.m. in one thousand nine hundred two or argentina devaluation what you see is an initial hit and initial hit to living standards followed by a dramatic increase in growth and i think that's what would happen in greece and it's inception the year it was this thing that was supposed to promote growth and jobs what went wrong what went wrong is that it was fundamentally flawed in the first place it was a classic cars kind of old horse over time economies to converge and move people move between areas and over time that a a currency union forms almost naturally if you look at what happened between there are. great britain over the last thirty years the two currencies almost came to paris without anyone planning it. but to force them to run over economies that are

so difficult was to invite trouble there was never any. exit plan in place once countries have gone into the euro they were stuck in that basically why i think that was what i think it was that the architects believe that if there was no line of retreat to the troops to fight that much harder. this was a classic case of sort of burning. it was a mistake and it was an act of extraordinary political arrogance that they were so convinced that politics could outweigh economics but they refused to think about the possibility of failure and it does seem that we're still seeing those political and kind of ideological considerations now weighing the economic considerations absolutely all over all mature human is the politicians will cling to their ideals a map promises for as long as they possibly can but in the end the weight of economics always wins politics never trumps economics so we've seen various

attempts to shore up the recently end of the bailout for greece also cheap money flooding international banks from the e.c.b. will these measures work to think absolute you know what those measures are is they all refinancing debt that no one thinks can be paid back they do nothing to address the fundamental problem a part of the euro which is the fact that portugal's greece spain are left it's really all hugely of a drag and as a result of that they have their uncontested and unemployment rates are unimaginably high levels between fifteen and twenty five percent of these great pounds do nothing to address unemployment and spread to greece and to nations like spain and greece needs to leave the euro in order to promote growth i can't see how a country whose interest rate is being held at levels that are miles above its growth rate compulsively escaped the step without at some point defaulting

devaluing some of that debt and starting again and into greece and spain can be competitive in your share. markets i don't see how they can grow and if greece did leave do you think it stands to reason the others would then follow what i think there be two reasons for us to follow the first would be capital flight the day that greece leaves and devalues everybody's friend deposits is the day that everyone in spain withdrawals are making noises and to germany and then the weight of our capital flight may well just break the system if it doesn't the next critical part will be if greece succeeds because if greece comes out and in two years time is doing really well and unemployment rate has dropped from twenty to ten percent then spain spaniards are going to think hold on a second what is all this austerity about. him if they seem to be doing much better out of the system and the point to be an economic pressure political pressure for them to leave and as a british businessman how would all this affect you well there are two things that

britain's got to worry about the first is the stability of all banks and that really is the government's business of the banks british banks have three hundred billion euros worth of assets in southern europe a lot of that will be devalued so that's going to be a hit for the british banks and that gap will need to be plugged whether it be through additional provision of liquidity or capital the government must be ready to do both the second thing is that traders will need to adjust their trading patterns essentially goods that were that they can buy for missing will be a lot cheaper so there's an opportunity for traders to buy more from southern european states and also the flipside of devaluation in the south is an appreciation of the currency in the north british goods to germans will become cheaper and that's an enormous opportunity for britain both to export into germany and to compete more fairly and more effectively in the united kingdom with northern european competitors we're still seeing angela merkel holding on almost desperately to the euro trying to keep it alive is that just because germany benefits from

a single currency because it's easier to sell its goods and services it in a why do you mean german. isn't it sort of a slightly fool's paradise because on the one hand yes it's much easier for germany to export on the other hand germany has lent the central bank of europe five hundred billion euros that's been pumped into southern europe in order for these goods to be bored so on the one hand it's selling goods but on the other hand it's lending money that's never going to be paid back to buy those goods at a discounted rate so yes the industry seems to be doing well outstripped on the other hand the tax payer on the banking system is coming under increasing pressure to pay for those discounted exports. and i think people are beginning to realize that is merkel just waiting to get the money back they said well i think in the question is is that money ever going to be repaid oh and i was as i think was mentioned earlier on this is as much a personal project project as it is an economic project i don't think the germans

are just looking at the costs and not just looking at about eight they're looking at their most cherished political project of the last thirty years and i think it will take more than just cost to change their minds is that a future do you think for the european union without the absolutely i mean britain is a is a very healthy member of the european union and we're not in the euro and let's face it the european union was around a long time before the euro was introduced this absolutely no reason why the european union should not just survive the collapse of the euro not something wilson thank you very much the pleasure. so for instance in fallujah of. the roots of your cumin for example surgery to. breast cancers movements and so on just showed cancer to. do says bush.

there's no nothing that you have. in any of the demotion the study gave us. there it is a weapon that brings victory. to its creator. he's not alone some are more severe than others we have something that is born without skulls without organs and sometimes with their legs totally twisted but means death to those who it's pointed touch us. who owns to those who choose to spend them. and their celebrates and they don't realize that stand looking at their own future can't so. this is just. so sides. i

have. leakage and i show you to the extent how much i have leakage. in full started here before going global and now it's pulling the fire. log and. the road. choose your place take your stand. and meet the movement. make your statement. and spread the word. if you put the street in laws.

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russia's top diplomat slams us threats that moscow will pay the price for the syrian army ressam accuses foreign powers of blackmail of u.n. action against a mascot's. a new wave of social unrest sweeps israel after a man says himself on fire to protest the prime minister's policies he claims are robbing the people. of football zoom out of the topic sentence of premier fabio capello's confirm his russia's head coach. kavis coach over the sport. all of this for to not see the headline. signing palo for more than

four starbucks is set to replace dick of a car of the russian national football team. touch down the first athletes arrive in london for the start of the approaching summer olympic. boxing champion vitaly klitschko is to keep the challenger charger in their top the fight in moscow. football first and former england manager fabio capello is set to be appointed the new head coach that sixty six year old is expected to arrive in moscow to finalize his deal if it comes through who will be reportedly taking home at least six million dollars a year they tell ends first match in charge would be an average coast friendly next month with what's come twenty fourteen qualifiers against northern ireland and israel due in september capello resigned as england boss in february after four

years in charge while his biggest success came on a problem with more than half a dozen national crowns to his name capello also guided ac milan to the champions league title almost two decades ago. with just eleven days to go before the start of the olympics athletes from russia and china were among hundreds of compared to flying into london russia's sailing team were among the early arrivals what is dubbed the business day in the history of heathrow airport but they won't be staying in the capital as they're headed for their final training at selling them. while others travel to the olympic village in a standard that will be greeted by the national youth fair. the main ellen big stadium in london is one hundred percent ready to host all the events during the games including the opening and closing ceremonies but its future after the olympics and paralympics is still unclear the venue called able to seat eighty

thousand spectators the london legacy development corporation tasked with finding a future owner for the venue are aiming for a decision by next october what is known is that they say they will host the twenty seventeen world athletics championships. seems quite likely to do the story will remain as an eighty thousand seat stadium probably with multiple uses. obviously used for thirty six but also useful football and probably concerts as well. now boxing champ or vitali klitschko says his vast experience could give him the edge in his next startle defense against many char the two have weights will square off in moscow in september but they didn't come face to face at a press conference to promote the w.b.c. bout as

a syrian born jon one blamed the visa problems for his absence is twenty seven now and unbeaten in twenty one which will turn forty one on thursday and could soon retired to become a politician over the ukraine in a formidable record of four to knock out and just to defeat in forty six fights and he says char should take care of his teeth when they come to blows. char compared me with a piece of meat and said he's a young lion that is being let out of the cage but he must have forgotten my nickname and feast and my face can meet his teeth and he can lose some of them so he should pay attention to me. it was local there was just follow codices as frenchmen pyrrhic to drag one mostly flat stage fifteen of the tour de france the former national road champion out sprinted american christian vandervelde in the final dash while britain's bradley wiggins finished playing minutes behind but

keeps the ladies' yellow jersey if he stays just over two minutes clear competitors and teams teammate chris froome didn't even chance in a valid use overall threat of defending champ until eleven trillion trail split weakens by three minutes and nineteen seconds. in tennis one of the best players of all time roger federer has broken yet another record this week muster holding the world number one spot for an unprecedented two hundred and four eighty seven weeks and counting this is one more i have a smart american pete sampras third right returned to the top of the rankings. with seven of them tied only this month and has also emerged as the favorite to claim his maiden singles gold at the london olympics. i. begin now where the stars of world more sports ended

a more school this week and formula one and rather drivers visited the russian capital one of the biggest speech to events of the year with mcclaren says hamilton taking center stage because i chose looks back at the action. i would formula one grand prix russia now just two years away this is one of its dress rehearsals his moscow city racing one of the highlights of the motor sport year here this year is celebrated its five year anniversary and f one fans booked the charts over the weekend to see some of their heroes up close and personal i'm very happy about that this is part of the people. and yes i mean. they hear. about these possible city race they support us to get the most. they see sunshine everything's nicer than good for for the show off say this year's

race showcase not only the talents of ferrari's junk all of his you can load but also the lots of lewis hamilton for the former world champion it was his debut on the streets of moscow and even suggested if one should return to race here in the future when everyone asks me about race circuits you know in london or moscow for the city race i'm always yeah let's do it let's do it this is you know i think moscow has the opportunity i hope in the future to put on a street race i think i've seen the same images of moscow at night and it looks absolutely spectacular so i think having a night race here one day as we do in singapore would be you know one of the highlights of our season so i hope that you guys welcome us and besides that f one display thousands of muscovites and guest got to see the high octane action trucks and bikes leaving their imprints on moscow's pavement. was.

finished mikko here and he is currently in second place in may she is world rally championship he took time out to meet season she misses a great. to share his talent with moskos crowds when there's no stress here you know i don't really need to be here if i make a small mistake voice at least one second always my driving is not perfect so it's just for fun so it's really. you know i can really enjoy this weather and i really do enjoy days like this well world really joy it was chilly gave if one crew money spic secular jew themes kills why are we not only the pitcher heads but those that could hear the sounds for miles away. i. want any other day they would have been a race going at speeds up to three hundred kilometers an hour in central moscow today with no speed limits in sight and thousands of satisfied fans this truly is

a day of celebration nicol archos. formula one cars shook the kremlin walls that ran a world series to brand new track. bridge and it was designed by a famous architect and could also help form one races in the future because they did put up a more. the moscow raceway is the first error track in russia that can host all kinds of more sporting events including formula one but it was world series by ran on that first got to try out the brand new course sitting some eighty kilometers northwest of moscow. three. it became. can see the formula one teams there. is one of the four why this is so a lot so formula one drivers including semi stand vettel and fernando alonso hone

their skills in the cirrus it's now become more familiar to the country thanks to a russian team our air force which boasts two homegrown racers twenty it's an championed me. and i don't believe ski behind the wheel it's a new team and results are relatively modest so far but the racers are optimistic about the future as with all the new first british foals. but now i think they are getting better and better for thought to be on the shelf with a new team they have a new team a new care everything is new there is a good driver sand. and another way of travis care as well so we need to work all together it was then we'll cut out from the low a serious ran a two point zero who gave fans at the moscow raceway the most to cheer about the red bull junior team driver had been top of the rankings throughout this season would drop to second before the russian stage however he drove his soul the grace to win on home to reform the opening day and dominated on the second capturing

a lead the ride from the start and took the checkered flag ahead of his rival stoffel one door the eighteen year old racer is back to back wins have moved him to the top of the formula ran a two point zero zero standings again to her. work terry fox importance and. there in the terms. so. much for trucks so we've reached the finish line for us to have a major motor sports competition to happen in russia and it's been taken quite on a track that could most likely host f one races headed to the fact that one two races. and historic weekend on sunday by the party must go region. ok up to date now more sports news from around the globe. by feel.

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