three point two percent this year something the developed economies could perhaps only dream of now the anticipated results could be shattered by high inflation expected to beat official targets six point eight percent by the end of the year and related to three aims to become the first russian financial corporation to provide retail loans in africa the firm has set up a subsidiary in nigeria that will work with point of sale credits in local stores the country's retail banking is not developed and could become a golden goose for the russian back over that's all we've got time for so let's stay with the euro zone and get to an interview right now with professor and author max i'll say. i'm joined today by dr max also a professor of political administration and author of the books investing rather

than saving and the delightfully optimistically titled the crisis is coming to talk to us a thanks very much for speaking to me now jamie currently finds itself in a relatively decent position economically can it keep that up germany is not at all in the driving seat germany's economy is functioning but germany is driven rather than driving by the process of going on unfortunately i think the current system will last for a while because the european political elite really has sworn to defend it whatever the costs and the cost so norma's so really the current system is hurting europe we have to make some changes but i do think that the current rather detrimental state of affairs is going to continue for quite a while we see germany isn't in the driving seat what can change that well what we do right now is we have the fiscal union which is austerity which means we save on the back of people of taxpayers in the south and in the north the euro has created

the problems because the euro and that's what i predicted in one nine hundred ninety eight in the lecture boston university the euro will create artificial blooms in some areas and artificial busts in others because we don't have an after them currency area and that's exactly what happened of seoul it created a competitiveness problem for the south because wages went up and so on but they couldn't devalue any more and that's the root cause of the problem and we're trying to mistakenly correct that and rectify that by. by saving by public by by cutting down public deficit which will not work in the situation and at the same time we're saving on the one hand on the other hand we're having a hugely expensive very monetary policy verse so we are stepping on the gas pedal was one foot and on the brake was the other and that's the frightening and so one would have to ask. who benefits from that kind of policy and they said that it

cutting deficits wouldn't work perhaps would getting rid of the euro getting rid of the euro would be very painful it would work in the long run because we had a perfect system before the european monetary system which was just the right mix of flexibility and stability it was a stable system but you could just that if things went out of hand so that was a good system going back there theoretically would be great in practicality it would not be great because it would be extremely painful but. what i envision is that some people some countries leave the euro like greece and maybe later spain or portugal italy not so a flexible union countries that are not ready to stay in should leave and that's not the end of the eurozone quite to the contrary it would strengthen the euro zone but the european political elite is basically upholding a dogma if greece fails meaning greece leaves the euro greece has failed horribly

greece is basically a failed state but they say of greece fails the euro will fail and europe will fail all of this by itself is wrong and in this connection is also wrong so we have to ask again who benefits from that state of affairs is there a chance though that we could see a champions league monetary union created with the likes of germany austria the netherlands and other countries with underneath that a second tier of money to union there's some proposals out there to really split the euro into a northern europe to solve the neuro southern euro or. there are some proposals out there to really split the euro zone into another and so on and the southernmost zone but that's not really working that will not work for political reasons you cannot split france and germany event france will be really let's say insulted that's just not politically feasible if you do that then you might as well get rid of the euro completely so france would have to stay in the champions league and so

that by definition would be very difficult in that sense. and also who's going to lead the size and who's going to be the point around which they will rally so the mind boggling the problems around negotiate such an arrangement getting countries on board so they're much more flexible and also i think sufficient approach at this time is to have individual countries opt out if they just cannot comply was current policies and of course research should leave rather today. and not tomorrow because it's really clear the policies are not working we're really having the austerity program which puts the country deeper into difficulty as the g.d.p. is shrinking people are suffering the only people we are saving is the financial elite is the oligarchy that has been ruling greece for about two centuries because we save the banks so we save the banks and the creditors at the cost of the people

and that's not right so you think that it would be better for greece to leave the euro take extreme hardship for say a generation and then benefit in the long term it would be extreme hardship but we do have extreme hardship right now also i'm not sure how much more extreme it can get and would not be a generational in my in my projection would be about five years three to five years and of course if they leave the euro zone. the european countries should stay solidary they should give. measured aid they should give support project the. should supports a bang so we're it's not the end of european solidarity but it would just be a healthy arrangement now looking at some of your work you seem to suggest that there's a problem with the german mentality when it comes to taking things forward economically . yes i mean some of the factors in europe are still the same france is pretty much behaving like it behaved one hundred fifty years ago england is behaving that way.

russia will see but one country that has really changed and they mean there is a skilled complex we can say it openly still from world war two and we believe if we just give our sovereignty and german interests we will have europe but that is a little the jump is a little short so to say i mean less germany doesn't mean more europe. if germany has viking ships it should use them to create a stronger europe but i doubt that we do it by creating vs by supporting an unsustainable arrangement was the euro as it is by doing a fiscal pact which is basically strangulating european economy so in that sense germany should indeed assert european interests i would say more strongly that it's interesting what are these bargaining chips the bargaining chips are not many anymore and we gave one way again which is the yes and which is i mean still

european increase in the capital of the years still requires. a scent of parliament and so on the parliament really is lame parliament a sense because the major parties in coalition government and outside always agree to stock up the capital so there's an encroachment upon sovereign budgetary rights and the parliament is not defending those but basically that's the last bargaining chip our sovereign budgetary rights and i just clarify there by e.s.m. you mean the european stability mechanism not say a pox whereby all the countries put money in and it's given out to those countries that need it most will not work in your opinion yes that years and missed the big part european money will be distributed somewhat like the. meth and it should the money should flow to countries and problems against certain under certain conditions at this point how it's constructed we give ever more money to that as

a result saving solving their problems. and the money is just flowing and basically exacerbating a prolonged poor along the current unsustainable situation now german chancellor angela merkel's always been a big supporter of the eurozone saying it must stick together is there a chance that german fiscal decisions are being made based on political decisions because looking ahead to the elections will be taking place here next year well marked with the case is very much listening to the other countries at some point in december two thousand and three and sarkozy's said after the consummate response to leave it can leave we're prepared but there was a short sharp blink of truth but the dark my is europe has to stay together and it's basically a dogma based on wrong premises to blackmail germany to blackmail the novena countries for the benefit of large financial institutions for the benefit of what i

call financial oligarchy for the benefit also of course of the southern countries and the elites in the countries but wouldn't a greek exit from the eurozone be devastating for germany economically germany would be heavily affected if it left the eurozone that's why almost nobody is for it in germany it would be extremely costly once again but so far in history every monetary union at some point has come to an end if there was no political union so this union will come to an end but it will be way in the future so the pain is not big enough so you suggesting that a political union could be what's needed to save the monetary union. i'm a firm believer in the fact that germany should play its strength more actively should have a more active stance in the negotiations but also as most germans are really dream of a united states of europe but then we have to start with

a parliament that it's worth it it's name a government that is elected by the parliament not a commission we have to start putting together the true parts of high politics like defense security those things have to be integrated and we can have principle of subsidiarity for economic policy so right now we're building a technocratic euro for the benefit of certain new leads for the benefit of the political elite for the benefit of the financial elite which is not really a citizens europe so you suggesting that germany should lead the way in convincing countries that would be in this united states of europe to essentially keep a sovereign rights germany cannot lead by itself this german french tunde has to work it's a difficult on them and i'm not sure we can really make it work but even sarkozy and merkel have learnt to work together but martin has been to yield ing so i'm not sure how the french german tandem will work once romney becomes

a bit more assertive. points to basic things have to be done but without french german cooperation on this it will not happen just one last question in the past you predicted doom and gloom for the eurozone how to predict its future right now right now i'm predicting that this unsustainable and to some extent pretty bad sort of just going to continue nobody has the power in the world to really solve it. but everybody is of course concerned not to red let it disintegrate so i predict more bickering more economic hardship more muddling through for at least another two years because the e.c.b. is printing money like crazy so we're going to sustain an unsustainable state of affairs for another two or three years you make it sound like a failing marriage it's certainly a quiet failing marriage were partners have not given up on each other yet.

looking to the future their doctor at a pleasure to speak to thank you very much my great. it's perched atop a jaw drop and the view from the kremlin stretches as far as the eye can see apt for a city of siberia for centuries. it lost its economic importance even before it was bypassed but a chance i bear in railway but the a spiritual center. things like these are a yearly occurrence thousands of worshippers did themselves in blessid water to commemorate the baptism of jesus.

in the fifteen eighties the russians had only just conquered siberia taking it from the muslims. surrounded by enemies to be their stronghold constructed on top of the city but soon enough it became an economic siberian oil of its time bringing in a third of the state revenue but the location had of the uses for the russians the russian crowd a revolt against the czar and eight hundred twenty five known as the decembrists will stand there in droves there they created a replica high society adopting the latest fashions as soon as they came out or a place once they made it from paris to siberia. but the city also served up some bit of irony for the russian royal family after the bolshevik revolution. this is the office where the second spend most of the last year of his life his whole

family had been exiled here they lead a fairly comfortable existence this was a big house but they weren't allowed to see visitors or go outside themselves. ordinary normal countryside life style they even. but within the year of his family would be dead. top stories this hour an hour to at least five people were killed and dozens injured in the car bomb attack in the syrian capital damascus despite a four day truce agreed between the government and some rebels for the muslim holiday of the. foreign mercenaries fighting alongside libyan forces reportedly supported during the assault on a former gadhafi stronghold firsthand accounts from.

the e.u. hailed key measures to tackle its debt crisis the financial turmoil is only worsening with greece training to deal with its deficit and spain hitting record unemployment . and we look at how the upcoming presidential election in the u.s. could determine an attack on iran action that america's ally israel is increasingly pressing for. in the stores in fifteen months from now meantime is next in the sport and you know in the army man's quest to be basketball kings of europe again stepped up a notch it certainly has i tell you. point just one point last season in the euro league final there now i three from three this season revenge very much on their minds the rest is for coming up right now.

thanks for joining us this is sports today plenty head over the next ten minutes including all this. three for three in the following yet another performance from the army man. california dreaming san francisco move halfway towards one of the biggest prizes in sports the world series following a second victory over detroit. red bull. mark and free practice for this weekend. basketball is where we begin the news that's. defeated in new euro league the russian champions. gets here in the russian capital and yet again former n.b.a. star sonny weems was central to the cause more. bros boss kids came into the game seeking new first winning group d. but they faced an uphill battle take you now see it's called we get to taste defeat

race got on the board first went to the home side that led twenty five twenty at the end of the first quarter it was a tight game throughout the sick enough that pool just five points by t.v. gibson allowed the german champs to take a fifty three fifty one edge at the end of the quarter then back to back us kids but cost and god that gave the braves a sixty three sixty one lead who'd less than seven minutes remaining however it was she lived to see as paul buckled down in defense and punched and runs on a thirteen to zero run that put the hosts in control and paved the way to a seventy six sixty nine victory. not a good game yet what we're finding ourself you know we got the when i saw that everyone and that woman want to look at sarah lawrence of us that's the best thing right there you know wanting to learn to explore a minute sony weans point should be to seventy points to the women and believes the toughest games and yet to come right now we just get enough talent you know we

can't get out town that you know every game we have to think again and now you know extra you know we've played all season like the boston on the best of times you know down the bianco those those and we had to come together and you know i think we need to hurry up and do that so three outs and three for the russian champion so far as they look cheeky further ahead of their trip to istanbul to face group rivals bishop to a member of the sacred nickel archos altie mills. all right let's head across the atlantic where some francisco are tying around in the battle for baseball's biggest prize the giants are two zero up in games in their world series encounter with the troika the opening clash between the sides so the californian squad. on the tigers defense winning eight three but thursday's game was all about defense a patient. displayed by the host with the giants not getting on the scoresheet in the seventh inning with bases loaded to bunt was intended just to advance runners

but instead became at base a one zero lead will be doubled in the very next inning some from getting on the board again through hunter pence is bases loaded sacrifice by giants how it's ended play to detroit's first time for saturday's has struck you about your period when every game you do you do it in right where you see where you were when it's all over. to go. to tennis now in the season ending w.e.t.a. championships in istanbul where maria sharapova has made a clean sweep of wins in the group stages the russian was already into the semifinals of the winner of the white grouping but added to her ranking points against world number nine. no messing around siberian native coasting to a six six three win earlier today those ranking points are important is aiming to

end the year as world number one. trina williams is also already through to the semi finals in turkey the american beating victoria azarenka just for good measure late on thursday evening six four six games to four the final score it is williams ninth straight win over the better russian. less talk goal for sweden's petter henson has secured the halfway lead at the b.m.w. masters taking place in shanghai twenty five holes. firing a round of sixty four fourteen under par in total the swede didn't exactly start the day in the most destroying the fashions carting a bogey at the first before recovering to pick up a series of shots five birdies on the front nine and then four on the lead and. also in the running for a sizeable slice of the seven. million u.s. dollars prize fund he could boast a bogey free round of sixty four to move to a nine under par total overall on third spot while i may as well level on the

defending champion remark oroya who sits second after a solid draw and off sixty five on friday. the man to be the world number one and you know his goal of course is it's very wide and it's very long and you know the way he hits the ball is he will be a tough guy to meet so i need to bring out you know everything these next next couple of days to keep up with him over in malaysia us who holds a two stroke lead for two days of competition and i am be classic and. are converting eight efforts on the day to shoot a seven on sixty four debate krueger of south africa lie say wells on our he'll be hoping to make up those couple of shots on the leader during saturday's run three while the world over to tiger woods carded a four under sixty seven the nine on tour for the tournament enough for joint fifth place. brings us to motor sport where in formula one sebastian vettel was once again the man at the front this time in practice ahead of the indian grand prix the

red bull run a driver setting the pace this time of the day on the buddh international circuit teammates astri and mark webber was second quickest. title rival fernando alonso in his ferrari dropped almost six tenths of a second on the german to post the third fastest time head of soccer baseball for cation the indian grand prix could well prove a pivotal weekend in the race to be crowned world champion this season with only four races to go fettle has a slender six point lead over a long so. it's been another successful homecoming so far for casey stoner on the moto g.p. circuit reeling champion fostering free practice of the australian grand prix it is stoner's last home race before retiring at the end of the season and he set the pace on the four point five kilometer for the island the twenty seven year old the sole rider to break a minute thirty seconds down under his. it was next pay c.s. but still lost almost nine tenths of a second to stoner while chip leader who was third fastest with

a lot of time just one minute thirty one seconds it's story though who has the pedigree mistry having one there for the past five years. so we still have. issues but nowhere near as bad a chatter in. you know we're able to to rather by raising the norm you know the circuit sort of deteriorating a little bit from last year and causing issues for everybody but you know in general we found a pretty good price here and it's nice to hear the thousand again you know just have that actually the whole experiment and you know some places to use it is. finally some sad news from the world of boxing world famous trainer emanuel steward has died in a chicago hospital at the age of sixty eight the cause of death has not yet been disclosed the district did undergo stomach surgery a few weeks back the international boxing hall of famer initially made his name training former heavyweight world champion thomas hearns the first man to win world

titles in four divisions worked with numerous other legends of the sporting looting a founder holyfield oscar de la hoya lennox lewis and current heavyweight number one. will be remembered as one of boxing's greatest ever thinkers. and after. going over the sad news indeed all the sport for not. magine assets that the phone watches show every single month. and waiting for you to stumble. i saw a man with a video camera so i moved over and he followed me. you know we realized that we're following everyone from early in the morning.

the only chance to get rid of him. is to reveal him. to me double operation on our cheek. it. looks. explicit. texts. what will change when america

picks its president amid muslim rage walking the iran tightrope pushing china and russia as occupy anger spreads the two parties still dictate will there be a challenge this election a close guy every day till november fifth on artsy. magine assets that the tempo watches young every single moment. and waiting for you to stumble. i saw a man with a video camera so i moved over and he phoned me. you know we realized that we're following everyone from early in the morning. the only chance to get rid of him. is to reveal him.

to me devil operation on archie. sigrid laboratory to mccurry was able to build the news most sophisticated robots which all unfortunately doesn't give a darn about anything tim's mission to teach music creation why it should care about humans in the world exists this is why you should care only on the dog. for a decade nor the last terrorist attack. ex hostages blunders into their lives after the tragedy. still gives

try to cross out the past. because their future. be written. well going into the future cricket solar powered this month to moon is the center of our universe the tides are forever while the sun's rays can be fickle innovative construction methods last cost as well as environmental damage one brand new turbines boost efficiency with a simplified design and who needs batteries little breaks can store energy discover a new era of clean power driven by the moon technology update here on r.g.p. we've got the future cover.