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tv   [untitled]    May 20, 2012 2:30am-3:00am EDT

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this is our new year just in time for a recap of the headlines. world leaders arrive in chicago for the nato summit in the city welcoming them one thousand strong protests and reports of a heavy handed police reaction. leaders of the world's top industrialized nations for the way behind resulting in the euro zone speculation mounts that it's just damage control and that a very different freight has been mapped out for africa. and the u.s. a resumes arms sales to bahrain amid concerns they'll be used for the crackdown on growing demonstrations billed by the ruling families plan for unity with saudi arabia. it's trying times for the eurozone and next so we talk to.
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the economics leader right up with a guardian newspaper about what hadid greece and the entire region can do to get back on track to stay tuned for that. today i'm talking to a dieter chakraborty who's an economics leader writer for the guardian newspaper where 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 at easter thank 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 greece you've basically
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seen a country which is dissin very quickly into the realms of young governable what you saw simply in the last elections was about getting on the same percent 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 where they simply privatizing whole swathes of national asset it i don't know but what you do see very clearly from greece these elections and i think you've seen for the best part of the year is a kind of wholesale rejection of the program that's been imposed upon greece and we've seen germany's finance minister will conk schauble make it very clear that i'd agree stick to this austerity all it quits the euro what's in greece's interest would you say what's best for them i think what we can stop the most obvious thing is to stop this austerity what happens next well that's a that's
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a more vexed question if you want to talk about whether it's a good idea for greece stay within the euro or i think the way it can be very painful decision for greece if it stays within the euro 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 distress or been able to devalue its own currency lots of problems with staying in europe problems living on the other hand or the kind of volatility and turbulence which may well may or may well make the general strikes to rights all the rest of it look like walking a pole 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. german chancellor angela merkel and new french president francois hollande says both say that they want greece to stay in the 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
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a door is which i was going to follow after it so greece is 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 political costs you know it's got a whole series of problems which all specific to greece but if it goes then was stopped portugal from going so we're talking about sort of house of cards and this is being this is being 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
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european union is 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 of without that what happens in the rest of the european union probably she's got is that she says the euro equals you but she also says austerity is nearer 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 on their voters so even in neverland's government the government collapses because economy posen sturdy belgium hasn't had a government for the best part of a year if the if the european union equal just thirty and if you you're if you're being unique with the euro and if the you're equal then vote is then what is thirty so what does that mean about 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 accept 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 a really really odd thing when people to well orderly or disorderly is all you disorderly for whom because i can assure you that under 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 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 that the a.t.m. is would not be working it would mean that people be stopped from leaving the country especially with this moves of euros 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 country move marshall vault the question all in the saudis really for the rest of the euro zone if the euro zone can say to the rest of the 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 now 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 a 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 see in the past ten days is that sped up dramatically. the banking system in greece to intense purposes been a zombie five banking system for the best past years because most of the debts that greece holds has been written and so much of a portion of those debts held by the greek government are held by the greek banks
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system so effectively a sudden apollo worthless loans and that's before you get on to the loans they've 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 where victims are thirty where doesn't it in your thirty 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 you 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 people who would see brussels being 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 side the 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 rich 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 worker 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 the union and what
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you've seen of past two and a half years is effectively a whole series of blame games going on soon as it became clear that greece was in trouble people in brussels and crossed northern europe so well that's greece you know we knew they were they shouldn't really been part of the year in the first place then oil and says hang on we're in trouble to well 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 get. and so they're very belatedly they realize that actually this is not just about countries been for but about an extension crisis for the euro. having only just recognize that they're nowhere near put in policies in place that might save you or. thank you very much.
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my married mother did not like we're going to become. kind of afraid. and she was very cool. she felt. our was frankenstein's monster. we don't have the problem but every time i go for it is i'm
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a i'm the palestinian or in the european side to negotiate an end to the violent attacks against israel which i have no fear of war call the. song goes you have no you're calling the leader of the state of israel one of the main terrorists in the world. we're supposed to be seriously examining history but you mention a few words about jewish culture labyrinth and people get so upset this is i'm sorry to say it's a form of emotional blackmail. wealthy
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british scientists on. the. market. find out what's really happening to the global economy with much stronger or no holds barred look at the global financial headlines kaiser
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report on our. world leaders arrive in chicago for the nato summit of the city welcoming them without a strong. reaction. leaders of the world the top industrialized nations of throw their weight behind me staying in the usa speculation long that it's just damage control and that a very different fate is being met. and the u.s. reserves on the sales of the bahrain concerns will be used for the down ongoing demonstrations field by the ruling families times we're going to see with saudi arabia. next and busy with the latest false and. father getting his hands on the trophy he's always wanted has been nine years since he took over chelsea and they are now champions of europe after
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a thrilling when i went on last night i've got all the details just after this. thanks for watching the schools and these are the headlines here's if you're a chelsea celebrate after being to find all three on penalties to win the champions league final. cause helsinki high russia down by host and reigning champions finland to qualify for their four vital he world champions league final in five days on the road weary travelers a heads up and their attire you know you've been talking again. and flying time for no less than stellar cities and russian rugby squad and their european cup come with a victory i just spent. the first chelsea have been cranking xiv europe but using by munich for three on penalties in
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a dramatic champions league final in germany last night chelsea were on the back foot for most of the game finds out he and serena and it. would lift the trophy to thomas minutes had to go in the eighty third minute however drop would put it ahead shortly after send it into extra time and although he gave away a penalty a robin missed it and with the score staying at one one it went to a penalty shootout more drama follows bastian schweinsteiger smith getting drunk at the chance to clinch big treat and he slotted home to make chelsea champions of europe russia no man after my week finally getting the try to beat his cry while coach was better than the tired but that trying to take it away and since taking over from. just ten weeks ago. 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 we have won this competition. and it's very difficult to win it we went very close so the club when the very close four years
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ago and and you know i think a lot of the player thought 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 on today chelsea with a lucky a team they played typically as they do at the moment i said my congratulations to chelsea and london but team for brilliantly they stood well in defense and with luck they won the champions league with a penalty shoot out well no prizes for guessing it was man of the match didier drogba collecting his award after the epic encounter and he relished the moment saying the victory had come off very long wait for four eight years. always so close oh we're so close and so far the same time and today. we we obviously have discovered the cup is going back through to the stamford
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bridge and it is the best feeling ever. well the game billed as the richest football match in the world also took place on saturday night west ham united beating blackpool in a playoff to reach the english premier league and pocket some seventy million dollars in the process incredible pressure then at wembley but it was a calm car from cole who broke the deadlock here the former england international showing he's lost a little of his prowess ten minutes from the break paulo got right back into contention early in the second period a brilliant long ball like donte by thomas inspired one one. but the final say was to belong to the londoners as a foreign home three minutes from time to ensure the hammersley left their return to the premier league at their first attempt so english top flight football guarantee an a check for seventy million dollars to follow not a bad day's work. meanwhile russia are gunning for their third world ice hockey crown in four years and take on slovakia in the final on sunday at getting malkin
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hat trick for the red machines which pass defending champions finland in the semi passive arche got a surprise three one win over the czechs and their semi. their hero with a brace of goals. and also going to glory is russian tennis star maria sharapova she will face li na in the final of the italian open a little later on she wrap of the past angelica her best six three six ball in the semi's and remains on course to successfully defend her title but only now progress the final half way through williams retired in their match with a back injury well though the american field will be ok for the french open which starts at the end of the month. novak djokovic roger federer at the set of the showdown with rafael nadal in the men's final federer looking a bit wary under lights in rome and lost the sec to the defending champion six two the second most closely but djokovic still had the upper hand winning on a tie break seven six when the swiss sent last. week after losing
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impossible surely final to risk. back to claim their tenth russian crown in a row the army men beating him killed nineteen points to seventy five to wrap up their best of five series three nil disco always in control fourteen points up in the first cup by him key to five in the closing quarter but put on another surge in the final minutes to run out when his and playing an incredible nineteen. twenty one season. semifinals golds world match play championship graeme mcdowell will play a rough bellow and nicolas cole search will face paul graeme mcdowell is the top seed left in the competition and most of the crowd followed his contest against garcia in the quarter final stage mcdowell winning it on the first extra hole of play and its next opponent is rafael could bear bellow he got an impressive three one victory over. while scotland's paul lowry was probably the most
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impressive on saturday and thrashed south africa's retief goosen six in five and that sets up a last ball clash with nicolas colsaerts the belgian coming out of the sand here to see off a late charge from brad snedeker. and jason dufner doing the bar nelson championship in texas with a round left to play he has a one stroke lead david jason day j.j. henry and dick and provide. now it wasn't just football which had a european final taking place on saturday in rugby the brigade the biggest club game of the year was held in london and the story twickenham with the decider played out between two are excited for the first time proving themselves masters of europe once again by dominating northern neighbors forty two fourteen brian o'driscoll and company remarkably clinching their heineken cup four years. stay with russia wrapped up their continental campaign this season the best
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securing third place in the european nations cup after beating spain in the final match of the season here in moscow it was a high school he meant it and against the lions other teams trading kicks at first before the best scored two tries to put away twenty one six at the end of the russian then thirty eight sixteen for spain made a late night a comeback but i still feel forty one thirty seven to russia the final score. we were quite confident the start. had a lot of pressure and we spoke about choice probably could have scored more in the first half but after. the second half obviously we had to scramble and a couple of our mistakes. are good counter to our contrived by spain. that's why the score was supposed to be and. finally becoming a team player isn't always an easy task and it is even harder when faced with challenging difficult obstacles that you come across on climbing adventures but
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kids aged eleven to fourteen don't have to track to katmandu in order for them to develop both teamwork and individual skills as michael could have found that. children in use have always been promoted healthfully russian but looking for more specialized adventures was developed and how the skills and help promote interaction are still far and few between the russian adventure him. and his father 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 the schools and others you can find around russia is that it focuses on providing challenges for kids say in groups of seven or eight which can only be tackled as a teen 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
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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 there have been plenty of healthy adults who chickened out when dead not so for these little adventure seekers so how has your experience been so long that well of course it's scary when you climb on here and what else has happened on your own it would be difficult but my teammates make it easy 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 gasps now it's named after the italian river that through 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
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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. well i may have been the truth a little bit that. it's really is a difficult obstacle course and there's absolutely no way officiate on your own it's truly amazing how productive and proactive even the most shy or disabled child becomes once put to the task beverly's i learned how to keep my balance and control my fears how did you do that well don't be scared and keep going you 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
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experience that these kids take away with them it can only be a matter of time before the secret gets out. of moscow region. great facility that old sport for a long time but with more. well . science technology innovation all the developments from around russia we've got the future covered.
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blind rushes would be soon which were brighter if you knew all about song from finest impressions.

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