joining us now, kenneth rogoff, professor of economics at harvard university and author of "this time is different". >> nice to you have back on the program. >> pleasure, susie, thank you. >> well, let's start talking about ireland. is this really an honest to goodness bailout or just a band-aid? >> it isn't a band-aid, i mean $113 billion say pretty big band-aid but is a loan it is a loan for many years. it gives the irish time to try to fix things but they still have to pay it back and they charged a pretty hefty interest rate, almost 6%. >> so when it is all said and done, will this help ireland to get out of its problems or is it just a temporary solution? >> i think it's just a temporary solution. i think at the end of the day the debt burden is too much. they've got to find some way to write it down but they don't want to trigger panic across europe. they're hoping to work it out later when the economy is working more smoothly at least in the rest of europe. >> susie: we're hearing that port began and spain will be the next ones to get emergency loans and belgium and italy are a