>> first i think it marks a new and positive chapter for piraeus bank and obviously the country.ek banks have gone through unprecedented scrutiny. this was the third test in a put and this test helps us behind us any questions around the banks. there's been a long and arduous process that started two years ago, and this is the end of this chapter. that allow us to focus on our job, basically supporting greek households and supporting greece to recover and ebuilding the greek economy. >> does this mean you're ready to privatize fully? >> i think it does help people to focus with less concerns about the legacies on the greek balances, and in that sense, it's supported from the privatization process. i suspect that in the years to come, that will be the order of the day. there's a lot of work to be done for the greek state to be privatized, but i think it's a good start. we're starting from a clean balance with independently assessed issues so that market can make our own judgment. so yes, indeed, it heralds a new era for the privatization f greek banks. >> the last few weeks you've

so the alpha warrants i think have like nine shares per warrant and the piraeus like four shares per warrant. >> what does that bet in and of it itself say about what you think about greek bank, where we are in europe, which obviously isn't great. >> i think what's interesting about greece is they already had its default. so a lot of its problems are behind it. the debt has been forgiven in some cases, restructured in other cases. interest rates have lowered for the debt. a lot of the debt doesn't even play interest for ten years. greece has a long runway. they have taken a lot of austerity. they are at a budget surplus and trade surplus. so the world is looking and saying well look what happened to greece before but i think they are sort of on the way to recovery. and there are other places in europe that maybe have been too proud to take restructuring that are being priced as if completely risk free and those are places where people should be more worried. >> you don't worry about quality of capital in the greek bank, credit spreads. >> there are huge provisions for loan losses her