and slovenia, the greedy priests of my old -- margot gold. europe was shocked last week when 200 refugees drowned off the island of lampedusa. it was not the first such tragedy. many people risk the dangers across the mediterranean in crowded boats. for many, it is the only way to make it to europe in search of a better life. entering through the land route has become virtually impossible without papers. the borders are heavily protected against illegal immigration. those who do try often end up stranded in greece. private organizations there have been taking care of many of the children who get separated from their parents on the way. >> he makes his living in one of the most beautiful conservation areas in the balkans. the river delta is home to countless rare bird species. it is also part of the border between greece and turkey, a dangerous transit zone for people fleeing to europe. >> these are the remnants of the boats and -- that the refugees used. apparently, the weather was bad and the people would -- the people drowned. only the boat

but slovenia is a place we like quite a bit. clearly banking stress in slovenia, but the government leverage is not that high. >> let's talk about high yield for a ekd is. we've gotten into a situation most-2008 where balance sheets are so much better. >> yeah. >> junk credits aren't as junky as they used to be. i know the value's not cheap relative to historically lows, it's actually expensive. isn't that a good place to play with the paradigm and how the balance sheets are going forward? >> it is. people talk about the tremendous issue. what people don't focus on, 75%, 80% of the issuance was pushing the maturity spectrum longer. you know what was earlier a wall, it's all been pushed out. again, it gets back to when you have this quantitative easing, it provides companies the ability to change debt stock. we think the high-yield market is attractive. we think it will continue to do well. if the equity market improves, will you get the same spread compression you historically have gotten? no way. do you have a place to capture

biggest cities are in the west and russia's coach summer for you comes from the east now pine country slovenia says accessibility to the slopes has been trying to develop champions i think as well as kind of a national sport it's actually rang the does for football and be for best of our. people. lots of young people of this people joined. because of the chapters from there also. ok we have competition and the reverse from austria switzerland very close so we can compare so that's probably one of the reasons that are risking a little bit however the situation in russia is in reading city my talk of hails from a legion of camera and he's in siberia which has become the country's new hotbed for outlined skiing along with two time world sober. champion you could do you know do it again show on my talk about these sports of the up and coming results are sitting here show which is arguably russia's largest ski complex with dozens of different runs all natural similar i started skiing when i was seven when i went into first grade at school we would study in the classroom until lunch and then we woul

>> italy -- the wild -- one of wild cards is slovenia. it looks like it could have a bailout. talking about wild card in terms of headline risk. not in terms of obviously -- gdp growth risk. that's the reason why they continue to be at the core of the problems of the eurozone because they are so large. if they have debt problems, the funds that are available are not large enough to be able to quash this problem. so -- it is -- italy continues to be -- their problem in terms of stability. and job reform yet on -- horizon. we need to -- they need to push them forward. spain, deficit continues to get worse. yes, we have been looking at the problem on the periphery but has been going towards the call. numbers coming out of france and germany and starting to look shaky. we are not out woods yet. things are -- are stronger and there are opportunities to be able to profit. yeah. there is uncertainty in this -- and caution from all different areas. >> great to talk to you as always, gemma. thanks so much. you like europe? >> i don't like europe. i don't like china. i don't like anythi

. >> my name is -- [inaudible] and i'm from slovenia. i came to town months ago and, of course, aye been listening -- i've been listening very carefully, very attentively to the panel u.s.es especially talking about foreign -- panelists especially talking about foreign policy repercussions. at this time i don't talk any question, but allow me to make just a brief comment, just a sentence or too. of course, i'd not like to criticize the administration or anything else, but as i said, as a friend of your country, i would like to say that i remember in the past on many, many occasions we were told american system of the government is an example, if not the best way of how to run a democratic country. of course, the country needs making decisions, responsive decisions on time and to the benefit of the country, and if you would like to play a role of a leader, at least to some extent to benefit of the world. what i'm trying to say is episodes like last government shutdown which i came just in the middle of it and other episodes that i have he

. >> i'm from slovenia. i can get down months ago, and, of course, i've been listening very carefully, very attentively to the panelists, especially talking about foreign policy repercussions. at this time i don't have any question, but allow me to make a brief comment, just a sense of to get of course -- [inaudible] i do not like to christen the admissions for anybody else. but as i said, as a friend of your country i would like to say that i remember in the past on many, many occasions we were told the american system of government is an example, if not the best way them of how to write a democratic country. of course, the country needs making decisions, responsibility issues on time and get the benefit of the country, and if you'd like to play the role of a leader, at least to some extent to the benefit of the world. what i'm trying to say is, episodes like last government shutdown, which i came just in the middle of it, and of the episodes that i've heard talk today are damaging your reputation, your ima