fredrik nerbrand: every day and twice on sunday.isten, you have in high-yield sector, you have with 40% recovery values and something like 11% default rates. you currently have to get. with the s&p, consists is 8.5% growth. the likelihood of getting 8.5% earnings growth and 10% default is fairly unlikely. from a relative expectation point of view, that's where you play it. jonathan: it does not deter you? o, it haserbrand: n opened up for a valuation gap. a lot of other sectors and i would rather play that story. with copper and zinc and high-yields. jonathan: fredrik nerbrand, you will stay with us. will kennedy, thank you for joining us. claimed aow, tsipras majority of seats. the parties suffer the worst defeat in 20 years. we will try to make sense of it after the break. ♪ jonathan: good morning and welcome back. independence party won a majority in the general assembly and 40% of the popular vote they counted as a de facto vote on independence. tom mackenzie joins us from barcelona. where does it leave the independence campaign