herman but obama is president of the talent institute for economics and management he knows only too well the price the a stone in government had to pay for overcoming the economic problems and meeting the terms required for joining the euro zone. risky. everything was done to make it seem that the budget had a very low deficit and prevent inflation low pensions expensive medical care growth and exercises and the like it is good that we became more attractive for investors to study but actually there are the poorer sections of the population had to pay for all that. member of parliament he malenko agreed to take part in an experiment suggested by journalists on a popular internet site his task was to see how he would survive on a subsistence wage for a month. shopping was something of an ordeal for him a link he couldn't afford to spend even one cent above his budget because otherwise he would have ruined the experiment. just the minimum a subsistence wage in a story a was sixty four euros that comes down to two euros a day. these pastries are telling the central marketplace this morn

and simon johnson, a former i.m.f. chief economist, professor at m.i.t. sloan school of management, and fellow at the peterson institute for international economics. thank you both. it's good to have you both back with us. >> good to be here. >> woodruff: so, bank of america, they're eliminating 30,000 jobs over the next few years. they say they're going to cut expenses $5 billion a year. they're talking about cutting off so-called non-core businesses and assets. how much of a downsizing is this for them? >> well, it's a fairly significant downsizing, roughly 10% of their work force. and yet they still have been a little sketchy about many of the details of this downsizing particularly in what we call their non-retail businesses, their capital markets business, investment banking and so forth. while they've announced in broad terms the downsizing could take place, there's still being details that have not yet been released. they may not even know this entirely themselves but it will spread out over a period of time. it is not as if 0,000 people are going to lose their jobs tomorrow. many of these.... >> woodruff: they're saying a combination of at