. >> we were over 12 initially and then when eurostat came to greece and looked through the books, it came up with about a year or so to do so and it came up with 15.7%. from 3 to 17.7% is a huge -- 15.sphefn%15.seven pers, that was a. >> austerity has gone too far and we need to pare back on it. at the moment they haven't had much success with that view. the europeans said hold on, you are still going to pay your debt and impose this austerity. >> i think there is a deal to be made yes we can bargain with our partners in the european union, i think they realize that emphasis on austerity has had a very negative effect in side lining if you like the priority of reforms. so that we now need and since we now have a primary surplus or at least had a primary surplus a few months ago we don't really need more austerity. what we need is more emphasis on the reforms to make our economy move and be more competitive. >> what is your sense now of how this plays out for greece? because as you're right, this is a long term problem but in fact, the world seems to be requiring short term solutions