we still have gerald in some -- geraldine sundstrom, pimco's portfolio manager.taly and germany are probably next in line with uncertainty in politics. how do you hedge? geraldine: the big case is that a complicated political situation remain peaceful. point. the starting when you look at it throughout the year, they have been relatively stable. us, we think it remains a localized event. a reason think it is to review our forecast in terms of europe or monetary policy, and it should remain contained. someything, we use volatility to benefit from entry points on bonds in catalonia, for instance. francine: euro-dollar, i , is the euro.1778 going to take some of the brunt of this? when people start worrying about italy, because people are unclear about what will emerge after the next election, which will not happen until next year. france, weitaly and have been reassured on the risk on the italian front. the fact that the euro is weak or is good news for the ecb. it is not positive for the growth of the area. i would say come in the same way of the french election,