behind them to be a force that process during a transitional period bank -- to enforce that process duryea transitional period -- during a transitional period and. . the european leaders have been grappling with that for more than one year. they are working through what the next set of solutions are going to be. they have to make that choice. i want to emphasize that what those governments are committing to and what they have already delivered in many ways -- they have many years to go -- are substantial and difficult, politically, difficult set of economic reforms. there is no path for them ahead without going through those reforms. >> is there a fire wall between greece and spain and italy and ireland? or is the contagion high right now? >> it is important that the financial arsenal they put in place is available and employed -- of billable and deployed. most important -- available and the ploy did -- and deployed. spain has put in place a set of reforms that has distinguished it from some parts of europe. they want to make sure they can sustain that. you need a broad financial backstop