professor, ken mcgrath serving before you, speaking of them floating exchange rate.will the dollar do in your cancellations? could we see a return of the rubin strength, the strong dollar strength of the late 1990's? olivier blanchard: we are not in the business of predicting exchange rates. we let other people do it and lose money while doing it. [laughter] it is clear that the fundamentals are such that the u.s. is in a cyclical position. interest rates will increase earlier in the u.s. and elsewhere. we tend to think that the expands thethis strength of the dollar in the last year or so. but sometimes the markets are a bit slow to adjust. -- it does not strike me as impossible. tom: let me move on. here is an important quote. we are changing our view and now believe grexit, greece's exit from the eurozone, is the most likely outcome. --g's that risk will remain grexit risk will remain. givebailouts will they greece as they tried to come out of their -- olivier blanchard: we are working on an agreement between greece and the european creditors. played an important