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tv   [untitled]    May 20, 2012 10:30am-11:00am EDT

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market. why not what's really happening to the global economy with mike stronger the no holds barred look at the global financial headlines tune into the report. six thirty pm on sunday here in moscow. there you had like a thousand strong protest welcomes nato leaders in chicago but police give it a heavy handed response wielding their batons on activists. on the u.s. opens its arsenal of weapons to grains unpopular came as a mass uprising in the state threatens to one see the pro-west in one of. the group of eight industrialized nations expressed hope that greece can stay in the eurozone but experts paint a very different picture of what's happening behind the scenes. and more on the
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economic crisis looming large over the eurozone now we get expert opinion on a special interview show. today i'm talking to a dieter chakraborty who's an economics leader writer for the guardian newspaper we're talking as politicians increasingly start to discuss an exit for greece from the euro zone as you see chakraborty thinks that orderly all disorderly that exit will see disorder on the streets of greece like you very much for talking to us today and we've recently seen these elections in greece which appear to have shown that the greek people reject austerity how long do you think that rebellion is going to go on for i think it's already been going on for the best part of two years ever since the european union and the i.m.f. impose a really severe program of spending cards and form of welfare on greece you've
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basically seen a country which is dissin very quickly into the realms of young governable what you saw simply in lost elections was about getting on for simple simple lettre voted against austerity parties for a party that was against austerity now whether that means that they're against spending cuts that means they're against reforming labor laws would that mean there are going to change in the welfare system were they simply going to privatizing whole swathes of national at it i don't know but what you do see very clearly from greece these elections and i think you've seen for the better part of years is a kind of wholesale rejection of the program that's been imposed upon greece and we've seen germany's finance minister will crank schauble make it very clear that either greece sticks to this austerity all it quits the euro what's in greece's interest would you say what's best for them i think we could stop the most obvious thing is to stop this austerity what happens next well that's a that's a more vexed question if you want to talk about whether it's
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a good idea for greece stay within europe or i think the way it can be very painful decision for greece if it stays within the year it will be forced to stick to some . the program imposed on it from outside for a long time to come and it won't have a great safety valve that's normally given to countries in the press or been able to devalue its own currency that's a problem for staying in the euro problems living on the other hand of the kind of volatility and turbulence which may well look may or may well make the general strikes to rights all the rest of it look like walk in the park compared to what happens next so that's from greece's point of view but what about the point of view of the rest of the year is the german chancellor angela merkel and new french president francois hollande says to both say that they want greece to stay in the year is a is greece essential for keeping the euro zone together really. it's not but the big question that will come up as soon as any country walks out a door is which i was going to follow after it so greece is
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a very small economy greece is also it's pretty clear and exceptional case within the euro zone economy because it's had the biggest crisis of the lot it's had the biggest bust of the lot it's got costs you know it's got a whole series of problems which all specific to greece but if it goes the water stopped portugal from going to and talking about sort of house of cards and this is being this is been the big question ever since it became clear that southern europe was in trouble it was never about one country particular and it was particular not about greece assoon as the questions arise about greece then actually the big questions get raised what about spain what about italy these are the really big economies even some europe and within the euro zone and so when i go merkel said if the euro collapses europe itself will collapse do you think that sort of prophecy almost coming true. it's very funny statement for the german chance to make because the euro the euro is the union the seventeen countries the european union is
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a union of twenty seven countries and growing and so for her to ally one with the other is a very curious thing to do it may be rhetorical over straight but it may also be that she sees the euro zone effect and without that what happens in the european union probably she's got is that she says the euro equals europe but she also says austerity because europe so what you've got. very clearly not just in greece but across the euro zone now you've got electorates and governments collapsing because they cannot impose austerity on their own their voters so even in neverland government the government collapses because economy. belgium hasn't had a government for the best part of a year. if the if the european equal just thirty and if the year if european unique was the euro and if the year equal sterrett then vote as there was thirty so what does that mean about the rest of the rest of the european union i think you've got to come up with a better story for europe is for than simply it's about the euro what about
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potential exit for greece politicians are now really for the first time talking about an actual situation where greece might access and they're talking about an orderly or a disorderly exit what do those terms mean and what real difference do you think it would make the really really odd thing when people who are orderly or disorderly is all you are disorderly for whom because i can assure you that any sort of situation however well managed for the group for the ordinary greek it's going to be very disorderly indeed it's going to be very very turbulent. people have been modeling what a greek exit from the euro zone would look like for the best part of a year politically and economically politically even those who are in favor of greece leaving the euro zone it would involve the army being on the streets to keep order it would mean the banks would have been shot possibly shot to be a teams would not be working it would mean that people be stopped from leaving the country especially with this moves of euro's in their back pocket because the
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country would then need to stop all capital from the country and to maintain a very high level room order so it would feel affected like a countryman of model of all the question all in the saudis really for the rest of the euro zone if the euro zone can say to threaten to financial markets look greece is leaving but we all know it greece is a special case you know behind our hands will say it's a bit of a basket case and actually its problems are not the rest of the euro zone that's what they really mean by an orderly exit if they can convince everyone that greece is leaving because of greece not because of the euro i don't think markets would buy that because the rot has gone so far. financial markets i'm willing to lend to spain or to italy that i don't think people any longer see is a problem confined to just one or two small countries and what about the situation with the banking sector in greece at the moment you talk about sort of disorder on the streets we've seen in the region of a billion euros i think withdrawing from greek banks just in the last ten days how
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significant is that how close do you think that is to panic withdrawing a run on the banks essentially i went into one big banks in greece in the capital athens in syntagma square last summer and i asked one of the cashiers what's your most popular financial product and he pulled out a safe box and he said what people are doing now is they are renting from us to put their money they no longer keep their money in the count in the bank they keep it in a safe box in the vault below almost under the mattress exactly like twenty first century of keep it on the pillow. so actually a bank run has a very slow motion bank run has been evident in greece for the best part of a year what you seen in past ten days is that sped up dramatically. the banking system in greece to intensive purposes been a zombie five banking system for the best past years because most of the debts that greece holds has been written on so much a single portion of those debts held by the greek government are held by the greek
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banks system so effectively a sudden apollo worthless loans and that's before you get on to the loans are made to businesses and households which also not worth half what they were if that. so it's pretty clear that whatever you would have to do to greece stays in europe where it does then you're aware victims was thirty were doesn't it in your authority in need to do something to restructure and bring back to life its banking system but it doesn't have the money to do up and no one in the rest of europe is willing to give it a money to do that and all over europe there's a growing popular opposition to the political and economic union how of european bureaucrats failed to convince the people that the european union as a whole and the euro particularly are a good idea. i'll turn a question around you'd have to say it's the most it's an it's the crowning achievement of brussels it's managed to take a largely pro european continent and turn it so wholesale against europe and the euro we're talking in britain where if you look at the popular press and even
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sections our political party system there are a whole variety of people who would see brussels have been on some kind of conspiracy plot to turn all banal as straight and this is always been part of the british public discourse what's been really interesting from this odd channel is actually more and more the continent is turning against the euro and turning against europe and i think that's largely goes back to what angela merkel says about if the your affair with europe fails she has made europe about the euro and she's made about making vicious spending cuts even in germany which is seen as being the strongest and most successful economy of the past decade even in germany are we german workers has seen his or her wages for over the path their case take out inflation the median german wages fall and four percent over the past decade so even your average german workers the person in the most successful strongest economy in all of europe is worse off now than they were when since the euro launched and how far do you think politicians in brussels are willing to go to save
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the union and what you've seen of past two and a half years is effectively a horse series of blame games going on soon as it became clear that greece was in trouble people in brussels and across northern europe say well that's greece you know we knew they were they shouldn't really been part of the year in the first place denial and says hang on we're in trouble too wow you know the irish they can never control this their property market in portugal well ways portugal for heaven's sake then spain italy and so on so forth always becomes the fault of these individual countries and no point until very recently didn't say hang on there is a systemic problem here because you see whole swathes of europe now effectively going bankrupt or as close to bankrupt as you can fish in the gate. and so the very belatedly they realize actually this is not just about country's been at fault but about an extension crisis for the euro. having only just recognize that they're nowhere near putting the policies in place that might save you or. thank you very
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well the future of science technology innovation is developments from around russia we've got the future covered.
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the headlines on our two thousand strong protest welcomes nato leaders in chicago but police respond with a heavy handed action batons on activists. on the u.s. opens its also middle of weapons to grains king as a mass uprising in the state threatens to unseat the pro western monarch. the group of eight industrialized nations expressed hope that greece can stay in the euro zone but i suppose paint a very different picture of what's happening behind the scene. marty stay with us now for the sporting action with kate.
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thank you for joining me for the latest sport this sunday and here are the headlines. over europe chelsea had home with the champions trophy off to beating by in munich four three on penalties to be crowned european champions for the first time. while eyeing victory russia prepares to take on a surprise package slovakia in the final of the ice hockey world championships in finland. under roman battle maria sharapova sets out to defend territory and open title against french open champion reno with just a week to go before the grand slam events in paris. thousands of chelsea fans will give their team a hero's welcome when they return home to west london with the champions league trophy later this sunday as an open top bus parade is planned after the blues beat by a munich four three in a dramatic penalty shootout in germany well they were on the back foot for most of the game by and allianz arena and it looked like the german side would lift the
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trophy off the most news header beat had to check in the eighty third minute however did a drugs own bullet header shortly afterwards sent the match into extra time and although he then gave away a penalty form a blue eye and robin missed it so with the score starting at one one it went to a penalty shoot out more drama followed by feinstein as miscarry drug with a chance to clinch victory and he slotted home to make chelsea champions of europe their russian i don't know but i'm on a bit of overture finally claiming the trophy he's craved since buying the club nine years ago and spending an estimated one and a half billion dollars. well chelsea go to roberto di matteo is celebrating a unique double after also winning the f.a. cup during his ten weeks to induce caretaker manager but it's still unclear if you lead the team next season. i don't know what the future's going to hold we are just very happy tonight. to have made history for this club is the first time that
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we have won this competition. and it's very difficult to win it and we went very close so the club when the very close four years ago and and you know i think a lot of the player thought i know ok we'll will qualify again for final and then come until until two thousand and twelve so it's a definitive competition to win and you have to take your chance when it comes. to you chelsea with a lucky teenagers they played typically as they do at the moment so i send my congratulations to chelsea and london with team for brilliantly they stood well in defense and with luck they won the champions league with a penalty shoot out. well there are no prizes for guessing here as i'm out of the match didier drogba collecting his award after the epic encounter and the thirty four year old is relishing and i won't saying the victory had come off. white. been here for four eight years. always so close oh we're so close and so far the same
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time and today. we we have it we have discovered the copies going back to the start for breach and this is the best feeling ever. in the meantime here in russia the national team have been dealt a heavy blow ahead of the faster approach in european championships as experience defend the city but as a ski has been ruled out of the tournament the twenty nine year old has failed to recover in time from a long term from my muscle injury offer a month back to the tesco store watch trying to make a comeback in the two one winning dobby against spartak at the end of april but he didn't make it out for the second half was a massive set back the coach began the cartooning as a central defender he's been a russia regular for over a decade and in their area where the russians have little strength in depth. those are very. relieved because he still has too much by. we also have to think on solving on the club so we decided together with them.
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after dinner he will go. home meanwhile one member still hasn't turned up to join the russia squad as a sporting midfield that matches my love is due to play in sunday's portuguese cup final against academic at the twenty nine year old has been in good form this season for the business side and earned his first call up for eight years but he's been given an ultimatum by abacha who says his mother must be in moscow on monday if he wants to make this world. i'm not sure which isn't television but after the game we have a dog it's not a ball or do any use of the word and you know i think if you're going to murder. you can better state not you can bet he can stay. now into ice hockey and russia are gunning for their third world title in five years as they take on surprise package slovakia in the final of the world championships in helsinki later this sunday while russia i'll be overwhelming favorites to win after also seen back
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to back titles in two thousand and eight and two thousand. the red machine is also the only other beaten team in this year's tournament that slovakia claims their only world title by defeating russia in the final a decade ago and they've also knocked out the likes of canada and the czech republic this time round got into country up yet another upset well before last co-host and outgoing champions finland are up against the czech republic in the bronze medal match and the czechs are in front in the final period three one so far . after tennis and maria sharapova is looking to defend her italian open crown as the world number two is up against china's gnarly in the final in rome the in-form russian has back to back from four one down in the second set to take the match into the decider and she saved a match point before forcing a tie break in the final set while the victory would secure sharapova second title of the season after also winning in stuttgart last month while dolly who is seeded eight is searching first title since becoming the first asian player to triumph for
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to grand slam events the french open last year and will begin the defense of that crowd in weeks' time. while on the men's side my baggage is aiming to defend his title against arch rival rougher on the doll in this sunday's final after the world of want to beat roger federer in straight sets the swiss looked weary under the lights in rome and lost the opening set six two well the second was closer and went to a tie break the productive which prevailed when federer. now a week after losing basketball's euro league final days gone have bounced back to claim their tense domestic league title in a row the army men beat him to ninety points two seventy five to wrap up their best of five series three nil walter scott were always in control fourteen points up in the first quarter. that was capped by him to two five in closing period and put on another surge five minutes to be comfortable with us ok an impressive ninety's teufel in twenty one seasons. and most of g.p.
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and former champion. value runs i was back at the top of the ride the standings after winning the french grown preinstall on a wet track the spaniard started from the second row but eased into the lead to eventually at pace valentino rossi but almost ten seconds on line time champion rossi over to call the k.c. star on the final lap to claim only his second podium finish after joining to care to ask if stoner now trails lorenzo by eight points in the overall standings experience and a teammate dani pedrosa who started from pole to settle for fourth. and finally becoming a team player is not always easy but some children from around moscow have had the chance to develop their boarding skills like they've never done before michael craft that have. camps for children in use have always been promoted healthfully russia but looking for more specialized adventures was developed and honed skills and helped promote interaction are still far and few between the russian and
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venture and borrow and it's fun to have managed to bring team building exercises to the outskirts of moscow. located roughly one hundred kilometers from the capital is the first fully equipped obstacle course of its kind in russia. the main difference between this course and others you can find around russia is that it focuses on providing challenges or kids to say in groups or seven or eight which can only be tackled as a team and the fact that they have to complete these tasks such as crossing a random bridge or together they learn new skills and qualities and overall become more confident indeed watching a group of hearing impaired kids taking on a devilishly tricky crossing six metres above ground is inspiring and although it's meant first and foremost for the less fortunate children organizers insist that there have been plenty of healthy adults who've chickens out when dead not so for these little adventure seekers the how's your experience been like last night well
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. scary when you climb on here you can understand what else has happened on your own it would be difficult but my teammates maybe. there are quite a few different obstacle courses available from rock climbing to trench style insurance tests but it's the rubicon towering construction in the heart of the camp that draws the most grass now it's named after the italian river that to the seas and his army once crossed back in forty nine a d. and of course it also means crossing the rubicon means crossing a point of no return now the organizers and creators although this obstacle say that it cannot be reached or completed by yourself you need a team for that but i'm going to sneak ahead of the pack here and see if i can complete it without any extra help. and of course. this is easy as.
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well i may have been the truth a little bit that it really is a difficult job to be in there's absolutely no way of finishing you know you it's truly amazing how productive and proactive even the most shy or disabled child becomes once put to the task. i learned how to keep my balance and control my fears and how to do that well don't be scared and keep going to come back again yeah i'd like to come back next year so it's better than playing bass they said yeah it's better than a play station there may be only one rubicon in russia at the moment but with such experience that these kids take away with them it can only be a matter of time before the secret gets out. of moscow region. that's always boys news more and just on the until then i think.
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seeking an exit from it to gain support and it used to be leaving a legacy of atrocity. makes a sick all day some. see.
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