ichlt lo i'm looking at these numbers for the pig nations. it's comparable or maybe a little worse in some cases. so looking at what you described as the sizeable structural budget gap under current policies, and looking and beginning to compare that, i'd ask is there any material difference between us and these nations, or is it simply the markets turned on europe, the markets have turned there but they haven't turned yet on us? let me get your thoughts on that front. >> there is an important structural difference in europe in that they have a common monetary policy but they don't have a common fiscal policy. in the united states, if a single state is in fiscal stress, social security and medicare payments still get made because they're done by the federal government. there is no equivalent of a federal government in europe. so part of their reform process to the extent there should be a greater fiscal union. overall, it's true that europe doesn't have a bigger deficit than we do, so that's certainly true. all i can say is that mr. drogy is