jeff sachs, niall ferguson, thank you very much. we'll be right back. ♪ >>> now for our "what in the world" segment. if you're the leader of a country these days, chances are you have a historically low approval rating. it's true of obama, sarkozy, merkel, also true of the prime ministers of japan and india, the leaders of the arab world. we're living in an age of global dissatisfaction. it has been a year of protests from the arab spring to the occupy wall street movement in new york. [ chanting ] >> to similar ones in london. to madrid. so i found it surprising that one nation just re-elected its president by a whopping margin. the incumbent won 22 of 23 provinces and beat out the nearest contender by 37% points. no, this is not a russian election. it's actually the leader of a pretty vibrant democracy. argentina's christina fernandez de kirchen. argentinians are happy and prosperous. they've had strong growth leading to a strong gdp this year. annual salary increases are approaching 30%. imagine if your boss put 30% more in your

niall ferguson is a professor at harvard university and business school. he's the author of a new book "civilization." jeffrey sachs is the director of the earth institute at columbia university. jeff has a new book, too, "the price of civilization." both of them have "civilization" in the topic so we are going to have a very civilized conversation. niall, does this -- explain what this deal in europe means and does it save the euro? >> well, the deal in europe is in fact more vague than it's precise, and i think there's a great deal of what used to be known as wishful nonthinking going on here because the devil really lies in the detail. and any deal that leaves greece with a public debt to gross domestic product ratio of 120% and requires the recapitalization of who knows how many banks doesn't by any means solve europe's problems. i think we're going through what we call a relief rally, and i wouldn't be at all surprised to see it displaced by an anxiety sell-off within a matter of days. >> would you agree with that? >> i think the euro is going to surv

confidential supervisory information and we were prohibited in the long to share reasons with banks about the niall, but i can tell you today we have worked out arrangements for the supervisors and banks are now getting concrete communications, approved by the regulators come on the reasons why they did not meet the standards of the law. the reason this took so long was because we were careful and we relied on the regulators to approve applications. the reasons why were unable to talk about the reason for denial was because of the criminal sanctions for sharing confidential information. we have a fix that now. >> i did not even know if you could capture the level of frustration that america deals with the fact that big banks did not have to jump through any of those hoops and get got access to capital. the small banks seeking to loan have been frustrated about not knowing answers are having their questions about programs out there. a continual line of frustration and non-responsiveness. i want to clear up one last point. you stated the reasons for things the administration was looking at doing to t