you see the rise of the union in france, the xena phobic national union and you see radical parties growing in other parts of europe. so they must put in progress measures instead of these mindless austerity measures which end up crushing the private sector which is self-defeating. >> in germany and brussels, the finance ministers who word -- who were negotiating there so driven by the fear of contagion still that they will do whatever it takes just to try and keep greece and the eurozone. >> the contagion danger today is far less than it was three years ago which was very real. they have immunized a lot of that bonded debt of the greek government which is in the hands of official institutions rather than private banks and the like. i think the real threat is political. they all know that spain has got elections, national elections they have local elections next month and national elections in the end of this year. if you get a radical party in there, that would be contagion. >> how concerned is washington still about what is happening in europe? >> unfortunately while there is concern in w