hello again this is all see the headline and. see where is rebels plan of. also the country's second city of aleppo where the eighty million dollars worth of support have to come from for something that's hard to grow on trees blocks they have seven mission in syria with a veteran algerian diplomat a top to replace coffee and on the move you are now and i hardly got annoyed. as washington moves to find the words future without president assad there's fresh pressure on damascus as hillary clinton comes to. the u.s. secretary of state has once again pledged more support for the syrian opposition.

that you are so it's all going to tell wrong shows there's no nuclear weapon in the works yet but only using paper of course that when it's ready to strike one of wrong could come before the u.s. presidential election under nato possible rift between the two. up next inside and how to keep eurozone countries afloat by sending them their separate ways. today i'm at capital economics talking to roger bootle he's the head of the winning team and the wolfson price which is the competition to find the least disruptive way for a country to exit the euro was a big 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 entry 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 the really satisfactorily

even i think attempted to and 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 assume as the plan is agreed it must be enacted in order to prevent news leaking out the banks will have to be close to 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 so the people of the departing country 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 most 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 perhaps even two to one against the euro and then the banks open again on the money. choose the people put in their cards and a.t.m. so they can get euro's out of their bank accounts which are now expressed in drachma thing only get those out at the exchange rate the rules now between euro zone drachma because now the euro is treated as a foreign currency and this really they're not going to have some 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. greece carries on using euro's until new track when those are available but you raise the exchange rate at the new one on one parity with where 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 to one to one rate they'll tend to be a different price for euro cash as compared to. credit or direct debit cards 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 well there are huge

complications and problems on 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 the drachma. now as far as domestic greek residents and. we're not going to have any comeback on that that the change is going to stand in on the greek lore in greek courts but they're going to all sorts of contracts involving non greek citizens where there's going to be a lot of legal bargee because let's say a german creditor for the sake of argument is not going to want has said 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 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 they then have to lay down guidelines under which. a contract would be interpreted and which occasions 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 would tell fifteen years but instant train is lee 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 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 compared 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 solve the grinding process of trying to bring. takes years decades correct sort of a competitive greece is going through and what's more it raises the real value of debt to greece and the weaken members of the euro face not one key problem but to their own competitive cost some 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 then leaving the euro off to that europe file seem to fear the breakup of the year is they not some kind of ahmed getting do you think that's where listing their 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 conses 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 why. is the mechanism through which countries are of the moment malard in not just a recession but frankly a depression through which those countries can regain prosperity economic growth and stability 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 set up by contrast at 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 limited 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 the output of 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

market for example is so desperate to keep the year is 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. of the economics from the start now i think they're getting the economics completely wrong that's to say the 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 the 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 it's actually about 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 are notoriously short sighted and the argument against the euro has always been that essentially it will collapse through the weight of its own contradictions as to when people to be unable to 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 if we could come true 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 investing or are we looking at a return to tell the gentleman nation for example oh i think that. 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 greece and. perhaps even. that the euro is as it were great a doj markets germany and its close allies and it's going to be raw but what currency area very much presumably the way the germany used to be run under the doj mark accordingly i think investors will like the currency really very much thank you very much.

it is starting here. for going global and. it's my role. lloyd you. look around. your place take your stuff and. make your statement. to the world.

through. the top story then i see here is a rival for brown a point and he possibly country second six have that bond with any minute i don't know what that support had to come from a pretty big lunch by the etc national. with a venture an algerian diplomat tells him to replace coffee are none of the usual on our billy boy. as washington moves to plan syria's future with them for president assad. on damascus as hillary clinton comes to tactical towards the secretary of state was once again pledged support for the syrian opposition. on the u.s. says it's on a into tehran sure there's no nuclear weapon in the woods yet but an easing paper pulls some pressure as readers try going to run the u.s. presidential election a monument to a possible break between the two ally. that is the headline is now much more

exciting stuff is coming your way as kate is here with this fourteenth losing the latest from the london games. welcome to the sports update on this busy saturday. much gold also something on russia's gold and gold wrestling victory in the men's fifty five in the ground. while top pro bowl champion putting on a nice thing to go wins gold for russia in the women's soccer and twice. last champions hit off of scores twice and they need the right ten months five nil to maintain their one hundred percent record at the top of the russian premier league .

all those stories to come but first let's go straight to london where there have been more gold medals for russia on day fifteen of the olympic games saturday could you have been held off his rivals to take gold in the men's fifty kilometer walk in a time of three hours and fifty nine seconds breaking the olympic record by one minute and ten seconds is done with fifty four seconds ahead of australia's jared's talent. while i see bank of china wrongs and on the water possibly dying and i'm exhausted just chilling cold one cold in and two want to meet a client brings up being the fastest qualifiers from the semifinals but the race they took some of us great britain the bronze. on friday russia changed gold in the team synchronized swimming to add to their victory in the do it to complete their fourth successive olympics sweep of the medals russia's complex moves to gain more marks than anyone else in both the technical and food teams and the team finished with a whopping one hundred ninety seven points out of

a possible two hundred three points ahead of china and four clear of. the lucky me who were nervous but i think the point difference between ourselves and china tells the story you need to know who are the better team and of course we are delighted to meet the. world champion tatyana lee saying god took gold in the women's how much the russian broke the olympic record with a first throw and then again with a fifth of seventy eight point one eight meters and russia also clinched their hold gold medal in wrestling jamal a thoughtful come off becoming the latest in the champion after beating georges can try gosh nearly two rounds to be in the freestyle fifty five kilogram category these two rounds in the seventy four for the congregation and there are six more finals still to be contested. well in the boxing ring yeah i go to a mechanic says it is russia's only hope for gold and he's going to the silver poppy going through to the final to the light heavyweight division however three of his teammates have to settle for bronze flyweight

a world champion lost in some final do you like my white baby i've got the chance i'm going to wait until they come to some coverage. part of the meantime russia's men are guaranteed at least a silver in volleyball they're ranked number two in the world in the belgariad three sets to watch and will face top seeds brazil in the final however the best the men's basketball team could get is wrong as after they lost to spain sixty seven points to fifty nine hundred ninety seven is final russia will not play argentina to decide to third place finishes and spain will take on the top seeds the u.s. i decide the gold medal. for you know the news the usa won the women's four by one hundred meter relay in a new world record the quartet of tiana madison allyson felix bianca knight and culminated jeter clocked a time of fifty thousand eight hundred seconds shattering the previous best of forty one point three seven point germany twenty seven years ago the jamaican mystic silver with the national record of forty one point four one crane took

bronze defending champions russia at home to qualify so that. while the bahamas spectacularly beats the usa to win the men's four by four hundred meter relay the americans were the hot favorites but the team of chris brown demetrius and michael mature and remove the edge of them by point three three of a second to win two minutes fifty six point seven two seconds trinidad and tobago huge number. meanwhile russia targeting medals in the men's and women's events of the modern pentathlon which is celebrating one hundred years at the olympics and road father in the un spoke to sidney champion. about russia's chances of a repeat performance in london. with more than contestant events at the london twelve summer olympics getting underway on saturday we're joined by the two thousand olympic champion russia's meter is what got me three things with him first of all do you think the sport has changed dramatically over the last twelve years

and become more competitive with death was becoming tougher to bit simply tougher to bit. the last twelve years of the title change so much and. two. major issues was change of doing can last last years the first was the u.v. united. running and shooting in right now calling. its last event a result of all day and it will be the final final step for the four medals and. the laws of peace so it will be very interesting and of course to the for last two years the. the use these four months is very interesting for t.v. for spectators for anybody and because we have absolutely always on expected result. yes for russia's chances we get those number one and two time olympic champion under namely see if sounds very impressive but yes of course for the

last. few olympics we got some medals of course the expect and some medals here and because good grades athletic at least like under a may save two time olympic champion the up you're absolutely right and alexander was so on there's a young generation who is there will be next. olympic period by two thousand and sixteen two thousand and twenty and of course we expect good results expect just medals began during we see if is a very experienced effort yet well listen he's making his olympic debut do think he's go it takes to handle that psychological pressure on him for alexander of course and some pressure before lympics because he's a young people youngest at least usually of course in the more narrow before lympics them the other which are on strike on the day there. union of experience in the young as for the women's of and we've got you the kid.

and you can sit in the rest can i what do thing about their chances. the chances for some and also. our video will be wrong so bronze medal very very very very close to to get you even goal some will be good fans and the right so it turns out that we can hope for gold medal in the men's of around and maybe probably bronze medal in the women's all brawn bronze yes but that's a podium but. expect it's a competition of course that it will be anything what you want thank you dmitry thank you so much thank you. is the man who's already been there and done that and his prediction for russia sounds very good keeping my fingers crossed robert or to london. now football

and roland should all have struck twice as many tribes five mill a time to ten man spots at moscow to maintain their one hundred percent record at the top of the russian premier league and the battle between the top two things are going to open after fifteen minutes for sneak around we're going to be stuck maybe you can cough however then be at the not have a chance to make it to one but he missed on the penalty spot and right after that chopped off maybe three nil picked up by assuming strictly out of the fourth round right at the end and much wraps up the final score of five mil and in a couple of this talk about his moscow walk off at home tonight in atlanta and later to write about. what was right or not the next day on the first about his heroes i held onto him to one in the closet and all of a new russia coach fabio capello looked on as downbeat rescue's time so i took the lead after thirty eight minutes thanks to an own goal like nixon was soonish me and with mine. to go in on off added compound the second. i mean yes most assam pulled

a goal back but the hosts held on to take victory and go seventh in the table and six points one place behind their opponents. come to golf now where tiger woods stormed into a three way share of the lead at the halfway stage of the u.s. p.g.a. championship in south carolina the fourth i've been birdie two of his four opening holes but a bogey on the eighteenth denied him sole possession first place back and could only manage a one hundred seventy one in the windy conditions b.j. single was the only golfer to break seventy the fijian finished with a three under sixty nine to propel himself into that tight at the top the hour overnight leader call pattison carney two over to stay among the leaders. of interest in politics these shots behind the trio with laurie michael roy and jamie donaldson a stroke of. fine is why hockey where the russian under twenty stretched canada six three and jaroslav all to tie the exhibition series and one all after losing the

opening game three to the home side were back with a vengeance at the sold out every the two thousand and nine the group of people who still sent the fans into a frenzy by scoring three times to leave russia to a sweet six three when the tournament next moved to high thanks in canada for the final two matches he was talking to you fears are playing each other to commemorate the fortieth anniversary of the summit serious u.s.s.r. . russia led by fast rising young forward. and the n.h.l. top draft pick says he's happy to be kept. close to any pressure though it's just it's for search for me big captain it was my dream and just spoiled my chin with every game and. just. play hard for her and lesser and that's all the news from the sports desk more in four hours time please join me in the.

well. science technology innovation all the moves developments from around russia we've got the future covered.