now at two thirty pm moscow time this is our. reporter. inside syria a country where now even loosely linked to the government is turning ordinary civilians into rebel. the f.b.i. hunts high profile data because within state agencies u.s. government lawmakers are criminalizing certain kinds of information. and prosecutors have demanded three year prison sentences for the members of controversial punk band pussy riot for storming russia's main cathedral. by those

are the headlines. for the meantime interviews economist are roger bootle he won the wolfson prize for developing a practical plan to dissolving the eurozone. today i'm at capital economics talking to roger bootle he's the head of the winning team in the wolfson prize which is the competition to find the least disruptive way for a country to exit the euro logical thanks very much for talking to us now this wealth in prize the competition why was it important to you to put together such a strong and treaty i was fascinated by the question that lord will some posed and as i thought about it i quickly became aware that no one of really satisfactorily even i think attempted to is not i thought we could learn a lot as well as contributing quite a lot in trying to answer it and that's what we did and talk me through your

winning entry very briefly country wanting to leave the euro must prepare a plan in secret among a very small group of senior ministers and officials pretty much assumes the plan is agreed it must be enacted in order to prevent news leaking out the banks will have to be closed over the relevant period which is probably a week and during that period capital controls will be in place almost say the friday night it will be announced to the people of the departing countries let's call it greece that from then on all the amounts that were in their bank accounts their pensions or whatever their wages prices which were formally expressed in euro's were now to be expressed in those and we suggest that the conversion rate between euro's and direct must be one for one now a lot of people get this mixed up they think well in that case what about the exchange rate on the exchanges there's no connection between the official

conversion rate and what the drachma trades as and we're pretty sure it would trade at a much lower rate probably around one of the perhaps even two to one against the euro and then the banks open again on monday. well tuesday people putting their cards into a.t.m. so they can get euro's out of their bank accounts which are now expressed in. the thing only get those out at the exchange rate the rules now between euro zone the drachma because now the euro is treated as a foreign currency and this way they're not going to have notes and coins available i think a lot of people got fixated on that we argue it doesn't really matter for the overwhelming majority of transactions particularly business transactions they're done electronically anyway and people use cards debit cards and credit cards they continue to do all that only when they use them it's that they're actually transacting for small transactions that require cash then suggestion is greece

carried on using euro's until new track when nodes are available but you raise the exchange rate or your is at the new one on one parity with the with the drachma well what will tend to happen is that a price system will develop because people will know that. the same as euros although they've been converted one to one right they'll tend to be a different price for euro cash as compared to. credit or direct debit cards and that will be to some extent messy but it will be perfectly practical there are a lot of countries in the world operate to do currency into pricing system and this all sounds very simple in times of in terms of real people using real money are there other complications that kind of macroeconomic level where there are huge complications and problems and one of the biggest is going to concern the legal

position because what would happen at the point of the greece leaves the euro is it would read to nominate its debt its national debt into drachma. now as far as domestic greek residents and. but i haven't come back home but the change is going to stand in on the great lauren green calls that are going to be all sorts of contracts involving non-green this is where there's going to be a lot of legal argy bargy because let's say a german creditor for the sake of argument is not going to want his asset converted into drachma and he's going to argue that this contract was framed in euro's it should still be in euro's and in greece they're going to say oh no it's now in drachma and so they're going to be arguments the courts could be heavily involved but the scope for that could also be reduced if euro zone governments reach an agreement on all this which i think they probably would then have to lay down guidelines under which. a contract would be interpreted and in which occasionally

it could be in your rose and that would minimize the scope for legal argument the other major issue is not just complication it's a reality is that initially this is going to be very far from a magic wand when the drachma falls on the exchanges the price of goods and services in greece is going to go up possibly by quite a lot so initially living standards are going to be squeezed far from bringing relief to the order a great person it's actually going to make matters worse initially however going forward things are then completely transformed because in a flash greece is more competitive not the grinding deflation they were ten or fifteen years but instant pain is li greece is forty or fifty or sixty percent more competitive than the demand for greek output is going to take off that doesn't happen overnight but in a matter of months that will happen greek exports will start to rise create imports

will fall and that will generate employment and more income in greece so there's a trade off a difficult period to go through first of all in order to secure later greater prosperity so if you compare that situation to the austerity that the greeks the now facing which. would you say it's a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or slow the rioting process of trying to. take a decade or so to a credit freeze very much more it grazes the real value of day to greece and the weaken members of the euro place not one problem but to their own competitive costs and prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but the very badly but in principle it deals with one of these problems

namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is countries not only greece but possibly other countries that leaving the euro off to that europe file seem to fear the breakup of the year is there not some kind of ahmed getting do you think that's where listed fair well i think they're right to fear the breakup of the euro zone because. if greece for instance were to leave obviously we don't know how it would all work out suppose it's possible that the rest of the euro would then together but i doubt it i think if greece leaves before very long of us concerts countries will leave as well where they end up probably with the peripheral countries possibly all five of them say portugal italy ireland greece and spain or outside the euro possibly even joined by problems with some northern core remaining so in terms of thinking what might happen i think these people are absolutely right with

regard to the consequence is that i think they're completely wrong in the sense that you have to ask yourself from the leaders of europe after all stem cells how can you imagine prosperity and stability for europe under the current setup was. is the mechanism through which countries of the moment malard in not just a recession but frankly a depression through which those countries can regain prosperity come across instability i wish they could tell us something along because all i hear whenever they have a summit is they keep banging on about various forms of debt support and never about economic growth now i do think it's possible to imagine return to economic growth in the current setup by contrast if the euro breaks i can imagine economic growth so far from being a disaster i think it could be the major step that leads to the restoration of growth in europe and what about these attempts to shore up the very same that we've seen recently another bailout for greece cheap money flooding international banks

from the e.c.b. they going to have any effect well i suppose it's possible to keep the whole show on the road that way if the northern countries are prepared to carry on shoveling this money into the southern countries although i frankly i think that there will come a limit because eventually the sums involved are going to be absolutely enormous and voters in the northern countries will say we don't want all this but even if the continued shoveling of money does take place which keeps the show on the road again that doesn't actually bring economic growth in the self all it's doing is preventing a financial collapse whereas these are countries that have undergone a very big drop in output and they've got huge levels of unemployment and is what we're seeing just purely a kind of fight between politics and economics is the reason that i'm going to muckle for example is so desperate to keep the areas they together because it's the major political project that germany has implemented over the last thirty years or

say i think the politics of the economics are really very closely intertwined and it's often difficult to work out where one stops and the other begins. i think you have to appreciate the european elites didn't have a pretty firm grasp. the book of the economics from the start now i think they're getting the economics completely wrong that's to say their opposition to the idea of their fear of the idea of euro break up isn't just about the politics they think that the economics point very strongly that way as well because they fear the financial chaos that would stem from a euro breakup and they don't see the benefits to economic growth so i think they are opposed on both economic and political grounds and we talk a lot about about that the collapse of the year essentially but all through this the currency has been oddly resilient hasn't it only really winding down now from quite a decent race against the dollar what do you put that down to i think this is a really big puzzle quite why the euro has been so strong there are reasons that

one can put forward or are not completely convinced by any of them but one thing the thing to bear in mind is foreign exchange markets on the tourist the short side of the argument against the euro has always been that essentially it will collapse through the way through its own contradictions as to when people trade on able to say world exchange markets tend not to like to bet on things like that you know something maybe next year maybe next month maybe in five years time it's not a really very solid thing to go on then there's also the question of what form the euro might take if it survives because it will we could countries leave the eurozone arguably the euro's going to be a strong currency so very far from selling it if you thought that sort of breakup was going to happen you ought to be buying it if the euro does become a current seed that applies to many fewer countries will it still retain its attractiveness for investors or are we looking at a return to tell the gentleman nation for example oh i think that the euro could

continue to be a very attractive currency indeed for many people it might be even more attractive if you could imagine what's going to happen is the departure of the weaker peripheral countries portugal italy holland reasons. bye. bye perhaps even problems than the euro is as it were great to do it gets germany and it's close satellites and it's going to be that car currency area very much presumably the way the germany used to be run under the doj law and accordingly i think investors will like the currency really very much thank you very much. wealthy british style.

markets why not. come to. find out what's really happening to the global economy with mike stronger for a no holds barred look at the global financial headlines tune into kaiser report on our.

the headlines on our turkish and saudi officers reportedly caught operating deep inside syria a country where now we've been loosing links to the government is toting ordinary civilians into rebel targets. the f.b.i. hunts high profile data leakers within state agencies and u.s. government lawmakers to criminalize them certain kinds of information spills while deliberately planting their own. and prosecutors have demanded three year prison sentences for the members of controversial punk band pussy riot for their storming of russia's main cathedral. into your world you go mr you know let's get the olympic rush here or should we say the olympic gold rush you're finally happen for

team russia in london absolutely right read to put it in context for the first ten days of limpid action russia won four gold medals and then it was a magic monday they won three yesterday more on that coming up in just a tick. thanks for joining us this is sports day we have got plenty ahead for you this choose the afternoon here in central moscow including. best bar none seventeen year old stuff and claims gold on the most successful day yet for team russia the london olympic games. keeping the pressure on the roof. from behind to be moved up the fourth in the russian premier to be. rolling on the river surf on a horse power combine once again of the russian week surfing challenge.

the russian pole vaulter yelena isinbayeva i look set to call it a day on her amazing career after feeling to retain her olympic crime the world record holder forced to settle for bronze in london the spite that relatively low the list plenty of highs besides on day ten of the games and drew from reports. well behind me on the houses of parliament images of great sporting moments from olympics gone by but unfortunately london two thousand and twelve will be a game julien isn't by will want to forget the russian pole vaulter failing to make it in historic three olympic golds in a row having to settle for bronze after failing to clear for me to seventy five the usa genesis did make that height to claim gold ahead of cuba's silver by own standards the russian will be desperately disappointed before the game she did say this would be her last competition bringing to an end incredible career for the former olympic and world champion who has set twenty seven world records but while

she was struggling did light up the track in the women steeplechase the russian claiming gold with a personal best of nine minutes six point seven two seconds the fastest time in the world this year adding the limpid title to her world and european crowns and there was a bronze for you kenya in the women's shot put ops to choke from bellary use got the gold elsewhere there was a tremendous cold for russia in the gymnastics seventeen year old stuff and claiming that in the uneven bars beating the defending champion haye kicks in from china with an impressive score of sixteen point one three three and completing a fairytale comeback from a staff and paralympic during the period to be in tatters just over a year ago when she repeatedly ligaments but she has balance back in style giving russia their first gold in artistic gymnastics in sydney two thousand however former soviet great olga korbut says the country still needs more. than three percent to seventy percent different from. that which

a lot of people just go away. with while dennis albion's in was doing his best to restore russian pride after a bronze in the floor exercise he got a silver in the vault behind careers on yak russia's artistic gymnasts now have seven medals compared to the. two bronze they got in beijing elsewhere there was a second gold in two days for russia's greco-roman wrestler's this time is our own cool guy who's been in picture beating egypt cutting you put him in the final of the eighty four kilogram section the russian is ranked number five in the world in his previous best was a silver at the european championships but he showed a real step up in class to claim gold in london while saw a game of golf got bronze in the sixty kilogram section finally the fallout from russia's poor performance in the shooting continues the head coach had resigned in ny the head of the shooting union has said there was a bad spirit in the camp we had little. choice but i must admit so i told you was

a factor of the team spirit was far from good we have a lot to do this respect however they give their all of the olympics and i am proud of them all our team are still one of the best in the world we were very close to claiming much more podium places but luck wasn't on our side but. so not a perfect day but still the best day so far for russia at these games it is just a great shame he leena isn't by over couldn't bow out in style andrew farmer for arty london. as one athletics legend purrs to depart the olympic scene a new rising star has emerged karami jane is no doubt smiling from ear to ear today after the group median claim the carbon island's first ever gold medal the nineteen year old storming to the top of the podium in the men's four hundred meters well clear a fellow teenager to mimic and well in some toss and second on gordon trinidad and tobago to claim bronze with the spade james becomes the if the fast the small in

history over one. surprise over in the men's four hundred metres hurdles final with felix sanchez turning back the clock to claim his second the olympic gold in the event the thirty four year old american who did the business on two thoughts that for aging american michael tensely the fastest man this year in the spin javier kusin from puerto rico not bronze. history was made meanwhile back indoors at the artistic gymnastics men's rings final twenty two year old are fair enough to use an empty becoming the first gymnast from brazil to win a medal of any color in the rings out for clinching gold in any upstaging defending a limp dick champion favorite chinwe being of china. so let's have a look at how the medal table stands currently right behind france in six position with seven gold seventeen silver and bronze medals while china have again overtaken the u.s. at the summit team that gripped britain and northern ireland very pretty indeed

just behind the powerhouse. let's get an update on sport from outside the olympic spectrum now in russian football rubin. from behind to be two one on monday evening moving up to fourth in the premier league and the process of a hearty told off the man opening the scoring for the hosts a quarter of an hour in. the lead would last until eleven minutes after the break dennis come of venus leveling matters for the goalkeeper could only pari an initial rubin shot and soon afterwards that his amen secured all three points for a monumental with a strike so blistering the cameraman couldn't even catch it two on ruby in the final score a second win in a row for the title hopeful this. result seeing ruby move up the fourth just the point behind the new force in russian football while it's

a perfect three from three for the two sides of the top spartak moscow and reigning champions and some petersburg sure to have a considerable say in where the title resides this season. while the cream of the gulf and crop are gearing up for the p.g.a. championship this thursday the top one hundred three players in over one hundred fifty in total aiming for glory in the final major of the season stifling heat on the possibility of gusting winds just some of the challenges tiger woods has to contend with if he is to win his first major since the two thousand and eight u.s. open while primack all is aiming to out his first p.g.a. title in almost two years and a second major championship to his twenty ten u.s. open trophy world number one luke donald has never experienced success in any of the big four with english one clearly with his homework gone though on the side car line of course it's a great golf course. you know reserve where you have to last week it feels like it's reasonably generous of the tee you know if the wind doesn't like it it was

pretty mild today with that in terms of wind conditions it's does give you some opportunities greens are perfect you know it's very typical pete dye lot of rays greens alone. if you miss greens it's going to be tricky. and finally the second ever russian week surfing championship for held in moscow over the weekend plenty at stake for the adrenaline chasers not least a trip to the world files look like chill takes up the story. it was bound to happen sooner or later surfing with the help of an engine this electrify new sport is the lights in france here in moscow wakes up in the new hate among lovers of wall to sports with waves it's a premium throughout most of russia riders must make do with the ones they create themselves by the help of a boat after getting up on the wave using the tow rope sofas then discard and attempt to ride the wave in the fashion reminiscent of the sport's most famous cousin while the president of the russian break certain federation says the new

star is certain to be a winner among voters sports innovating as the amount of participants our supporters as been growing every year and that is the objective of our work so we'll continue doing these championships every year in iraq leads and improve the level of competition which i believe will make things even more exciting. vishy a moscow hosted the second day of a russian wake surfing championships as well as handing out medals the aim was also to produce more professional reuters as many contestants were only starting to get to grips with the sport but there were plenty of experience for it is keen to show off their skills one of them honest. who came third at the fourth annual world championships in arizona last year. last year i went there without any expectations i just wanted to see the real world championships to get to know the world's greatest writers so i could talk to them and watch their talk last performances lisa klee that was main goal but i managed to finish third as well.

vichy around that was another of the country's top performers young the gloom millionaire who was crowned queen of the waves well i'm hardly erin was in no mood to relinquish his crown when the main starts in for the second straight year so through some spills aplenty as the russian finals come to a close the next stop for the top riders here though is the twenty twelve week surfing championships in arizona that's where the best of the best will gather to do battle for the second year running nicholai joel's mosco. always gets the

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