well, we're here on copacabana beach.ising, so there are worst places to be in the world. julia, you just heard what stefan was saying there. there are plans -- the problem is europe is we hear ideas and plans thrown around and how we might use the esm. the key point is stefaned the germans haven't signed off. how hard is this making it for investors when the story is so political and we don't know day by day what -- how politics might change or might not change. >> exactly. indeed, the politicians are using the markets to try and gain each other. clearly, of course the spanish reaction to such a proposal would be positive. of course, the germans wouldn't sign on to such a proposal without pretty significant strings attached. essentially, this would be like a euro bond. why would germans sign on to a joint obligation like use the esm to buy italian and spanish debt without any framework for ensuring fiscal discipline down the road? i think this is just another example of politicians sort of taking -- battling for their po