we ask the bronwyn curtis head of global research at hsbc if european government debt is a bigger worry for investors than america's ious. >> it's probably more of a concern in europe because you have 17 countries you're trying to deal with at once. and of course we're seeing the problems move from one country to another. you sort out greece and then along comes italy and spain. and investors start selling their government bonds in those countries. and of course that causes a problem for everyone in europe. so neither of them are nice to look at. we call it a competition among the uglies. >> why haven't the efforts by european authorities to address the problems been enough? >> well, i think they have on a temporary basis. the problem is that until you have what i would call full monetary union, and that what mean that you would have to have close to fiscal federation in of the same way as dow in the u.s.-- say, and also you have to have a situation where the european central bank or the european financial stability fund can actually go into the market and buy any bonds that they want.