discuss this issue i'm joined by chris we are here in the studio with me is chief strategist g. we also have he is chief economist for russia and c.i.s. at renaissance capital and we have anatol you know a coffee is head of asset management at gazprom bank and andre who is near the source he is c.i.s. russia strategist and vice president citi investment research in our sis at citi bank ok chris i'm going to start out with you gentlemen let's all talk about the volatility in the world let's start with the eurozone. where is it going is there any end in sight and if there is any and so i would say outcome. no i don't think that's what we're not expecting to see any you know short term solutions to really this is a very extensive problem and it's going to require you know a substantial year or wait you know a solution so i think you know obviously to the summer months we expect to see some perhaps some temporary stopgap measures you know because only insofar as that is for two years it's going to keep going like that i would think you know we are now at the point where there has to

deficit cuts or four trillion dollars in costs for tax increases of one trillion but the chief strategist of i n g bank chris we first says there might be a gap between promises and real cuts. if the government makes too many cuts and raises taxes perhaps too severely then they could cause a double dip recession they could cause a substantial slowdown in u.s. economic activity which would of course the us federal budget and exacerbate the problem so they have to be very careful not to introduce the cuts to volunteer to quickly so be a very tricky balancing act and that's why i'm not expecting even the four trillion dollars of cuts i really don't expect those to be put in place for a very long time i think that's what we're seeing now are promises of cuts in order to get it done but there is a very big difference between promising a course of action making as and i think the implementation of the cuts will be very much linked to what the indicators are economic growth in the u.s. . let's take a look at the markets now crude is losing this hour that's after earlier gains as you were so well stockpil