jonathan: let's bring in stephanie flanders. stephanie, great to have you with us.y colleague compared this to getting wet when compared in the rain. prepared for default. it's kind of obvious. stephanie flanders: i am surprised that the markets moved print it would be bizarre if they were not making or thinking about it. i'm sure other people should at least be thinking about it. a point i find interesting is that when the new election to happen in in greece, a spike of concern around greece leaving the euro. we are still talking about that. the mood in general is it is less likely. i do not think there are even further away from a default or exit since the day after the election. somehow we decided it will not happen. jonathan: the broader point, as we came in to the 20 15th everybody rough riding for democracy and they were right on that. it has pretty much have next to no impact at all on european markets. has that been a surprise to you? stephanie flanders: it is one of those things where we are in a good news and bad news world or bad news is bad news. i see i

we spoke with stephanie flanders in the last hour of well with u.s.hat the european banks have not done, if you can compare and contrast city groups and deutsche bank maybe you get some perspective of the tough decisions avoided in europe. professor brad hintz is with us he is a professor at in way you stearns. -- at nyu stearns. brad, i want to quiz you, were you surprised by the challenges at deutsche bank? prof. hintz: no not at all. if you think of their 2015, they have a strategy 2015 was their previous remake. in that strategy, they focused on increasing their capital ratios. they succeeded on that. they talked about bringing their margins up. they improved them to some extent. they face an issue, the same thing that u.s. banks face -- regulation is moving ahead of the strategy of the banks, so as leverage got squeezed in europe, they face the challenge of fixed income was not going to work. if you remember 2015 it was based on fixed income. now they had to pull back. tom: this will come over to bank of america in a minute, but within deutsche b