peter bofinger: not that any

first the bank peter bofinger thank you for joining us -- francine: peter bofinger thank you for joinings. now, more on the situation in greece where we are joined james. thank you for being with us. are you concerned the markets are brushing it off or is it business as usual? james: i am concerned. we can take the optimistic view. it should be a deal. we believe logic will prevail and there will be a deal. the reality is when we get people for arguing bitterly and have positions, there is room for disaster. the key casualty it may not to be hard economics but the credibility of european central bank and the eu as a decision-making entity. people will turn around and say a run of the banking system and bank of japan to a degree and bank of england, the ecb has not done well with a easing strategy. francine: they have not at all. i always thought it was a political problem. draghi is in control. james bevan: mario draghi has done a great job. from that point of view it is correct that the political dimension has never been resolved. you have to have a fiscal offer that has the similar man