Considering two dimensional gravity coupled to a CFT, we show that a semiclassical black hole can be described in terms of two Liouville theories matched at the horizon. The black hole exterior corresponds to a space-like while the interior to a time-like Liouville theory. This matching automatically implies that a semiclassical black hole has an infinite entropy. The path integral description of the time-like Liouville theory (the Black Hole interior) is studied and it is found that the correlation functions of the coupled CFT-gravity system are dominated by two (complex) saddle points, even in the semiclassical limit. We argue that this system can be interpreted as two interacting Bose–Einstein condensates constructed out of two degenerate quantum states. In AdS/CFT context, the same system is mapped into two interacting strings intersecting inside a three-dimensional BTZ black hole.
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