. -- ramin nakisa, what is your thoughts on this. how does that play into your thinking? t is one of the ways equity strategist look at companies in europe, look at the exposure. exposed to thely upswing in europe. companiesic exposed are the ones we prefer. guy: you ignore all of the multinationals tackle all of those companies that are exposed globally that used to have strength in that, it was an asset for them guy: those of the companies -- an asset for them? ronan: -- ramin: if it's a telecoms company and generates revenue locally, that is the place i would look for the upswing. finances,in terms of if you listen to the interview, she doesn't paint an ugly picture. uglyxpect brazil to be over the next few years. ramin: i think we are worried about the fiscal position. will it deteriorate over this year? say to collect that as a problem. at this point, we don't think not a crisis point -- not at crisis point. 600 --n: the stock severe underperformance of the stoxx 600. the bank index over the last six months down 30%. some big domestic names there did domestic stores s