>> i am mark as well-- caswell. thank you for being co-sponsors. this is a smart and cost- effective way to make certain that san franciscans will have a safe place to store their bicycle during the workday. those who are discouraged because they don't have a secure place to park their black right now will be helped by this bill. i want to thank the building owners and managers association, who worked with to create the solution to help keep employers in san francisco like oracle and twitter, to make certain to keep them in san francisco. 20% of the trips by 2020. they allow for them to have a place for their employees to store their bikes. people who are helping to keep the economy going in san francisco. as fighting continues to grow, we hope that many buildings will invest in by grooms, and as large employers consider this we will see building owners do this more and more. i think this is a great interim solution to make certain that there is secured by storage as the real-estate market catches up to the demand we see in the next few years. this

peter is the brussels borrow chief and with me is mark caswell. peter, let's kick off with you first of all. just remind us what this report says. the debt trajectory extremely sensitive. how bad might it be? >> it's funny. the baseline scenario which is what we base this entire deal on that was reached last night, some of the projections look like this. flat growth this year. does anyone actually believe greece will have flat growth? we've seen early indications of an incredibly shrinking greece economy. that is the kind of scenario they're basing this upon. they say this is a highly risky scenario that has huge down side risk even in a more pessimistic level the growth projections are relatively optimistic. and in that case you get to 160% debt to gdp ratio in 2020 and very small tweaks in growth in changes in the program you start seeing debt levels grow exponentially again. so it is one of these things that very quickly within the next three to six months we could see these numbers start changing wildly again and renewed once again is there en