peter tchir: that is a question. think like a lot of these things, once the ecb steps up, widespread in italy but once you realize it is a normalized market, it will come back. greece is talking about an issuance, and so is argentina. people are rewarded for taking the weaker credit place. it is happening here where you still see loan flows so it is not going to be as bad for the periphery as possible. you will see spread compression where germany and france fall off after than italy and europe. jonathan: the interesting thing is not the spread between core and periphery but the spread between periphery and south. looking at the talon -- the trading overar, spain, is that a problem for the ecb? we put it on a five-year chart and this is what we see in the past. spain trades over italy. that is not the story anymore. that is a flashing light. peter tchir: it is, in that italy has become much more dangerous for the ecb in the long run. italy is a much bigger economy. spain just has a much smaller amount of debt so as t