mr. connelly, i will ask your forgiveness. according to the procedures we setforth, you have been a good soldier. mr. murphy played it well. he came here and he is next on the queue to ask the question. it's the last question. you want to share it? quick one and then mr. connelly. >> thank you very much. i will be brief to aow connelly to jump in before you leave. you have been generous with your time. i am one of a large number of folks here who are skeptical about our current timetable for withdrawal from afghanistan. i'm frankly surprised we have not talked more about afghanistan here today. part of that skepticism is spenng diplomatic and financial cooperation on getting to a place where they can succeed on their own. so i had a couple of questions related to that economic and diplomatic cooperation. i'll ask one of them. it is on the economic side. you know, there are various numbers that come out suggesting that 80 to 90 and as high as 97% of the afghan economy is dependent on international aid. i would love to get an upd

mr. connelly. >> thank you, mr. chairman. welcome to both of our guests. mr.n both ran large fiscal surpluses yet they were victim of the financial contagion. you also noted spain reduced its deficit through austerity measures since the onset of the crisis. do you believe that there's some lesson in that? i would have guessed that in order to have this kind of crisis, both ireland and spain would actually be deeply in the hole of debt. how did that work? >> you're right, i think the popular perception is the crisis in europe is overwhelmingly the result of decades of fiscal -- that's not quite right. it was certainly true in greece where following the advent of european and monetary union, greece did substantially expand how much it borrowed and the government grew the size of the economy to unsustainable levels. >> i'm going to come back to greece, but in those other countries what you saw was a very large rise in private borrowing in the banking system and by the private sector, huge rise in private debt as a share of the economy. and a damaging loss in the