spain, which would cause major tensions. thirdly, that we've got inconsistent crisis management is being made on the hoop. northern european taxpayers don't want to pay as much as previously. and that means that somebody else has to be bailed in, whether that's slovenia or a second portuguese package. so all of these issues, we feel, will sort of combine in the summer to produce another crisis. >> and still there is some good news. greece could get back in growth next year. >> wishful thinking? >> do we listen to that forecast of -- i don't know. >> michael, thanks for now. european stocks are down on the session lows at the moment. off 0.6% on the ftse. 0.75 lower for the xetra dax, cac 40 and 0.8% off on the ftse mib. >> yesterday, the declines across the major indexes were almost exactly -- i mean, there wasn't much differentiation between the core and the periphery. >> over the biggest sector decliner, the ftse was in line with the others. >> exactly. now take a look at the bond space, as well. here is what the ten year is doing in italy. we're seeing a bit of a rally still in that debt, 4.3 %. the u.s. ten-ye