and the global economy, we turn to fred bergsten. a former treasury official, he is now the director of the peterson institute for international economics. >> woodruff: mr. bergsten, welcome back to the program. the markets have been demanding a rescue package for greece. finally it happens, and the markets slide. why? >> there is a widespread fear in the markets and elsewhere that it may be too little and too late. big as this package is, it may not be enough to rescue greece from ultimately having to restructure its debt, which means forcing some of its creditors to take a haircut, take some losses, write off some of the debt so greece can start again. >> reporter: are you saying -- >> woodruff: are you saying that given the nature of the greek economy with its bloated public sector, its tax evasion, that there is reason to doubt whether it could live up to the terms of the agreement as it's -- the sort of massive loan bailout as it's currently constructed? >> there are two things. one, can it live up to the agreement? the second i