between us francs for the week banks which means in essence you are going to weaken the strong banks to support the weak banks and this is just not the way to go so for me the banking union and i hope it doesn't come to pass but if it does it's another nail in the coffin for your soul and unfortunately beginning to then also involve contras that were wise enough to stay out of the yourselves. i can cope with time we're going to get stuck a miss something. and you know that russ is diamond mine i'll sign on the wall so produced by i'll put in carrots it's a whole city planning to sell this. the government has to sell forty percent of the company says it most come in the privatization deal which is bid in the wall since the mid two thousand as a company sees its valuation between nine and fifteen billion dollars. the biggest russian instant pay which thank you we already trading on the nasdaq is to hold a secondary public offering stakes what i've achieved hundred seventy million dollars will be so apply its founders and board members as well as by mel who were . the russian broadway's company is a day has reported a applied to price aches in the greek national rabbi compa

and this is just not the way to go for me the banking union and i hope it doesn't come to pass but if it goes in the coffin for the eurozone i don't foresee beginning to then also involve countries where why should i have to stay out of the eurozone. like a culprit needs time we're going to get stuck a miss something small clay girl's best friend you know that crosses diamond mine are also out in the world so produced by i'll put in carrots is reportedly planning to sell this story about the government process so forty percent of the company says it must go in the privatization deal which is big in the war since two thousand as a company sees its valuation between nine and fifteen billion dollars. the biggest russian is to pay which thank you we are already trading on the nasdaq is to hold a secondary public offering stage what i've achieved hundred seventy million dollars will be sold by its founders and board members as well as by mel who were. the russian girl ways company is a day has reportedly applied to price aches in the great rabbi company trans i see these plans as a part of

the social system. europe needs to be much more competitive. a banking union allow the banking system to be safer and contribute to this transformation. but you can't really ask a financial institution or the system to be the driver of changes in the economy. >> joining me now is ian gordon, head of bank research at investec securities. thank you so much for coming in. is this project at the banking union in europe, is that too ambitious of a project? can it ever succeed? >> at the moment, i don't think we really know what it means. instinctively, i'm bound to say it's a bad idea. anything which adds another tier of complexity of regulation over and above that proposed by individuals. it is unwelcome, more possibly and likely to be more confusing. so i'm wholly opposed to the project in context. but perhaps mitigation, i should acknowledge the uk has one of the most discredited regulatory systems in itself. how much worse can it be? >> yeah. many critics will argue, you know, this banking union, it will never, never be completed before we're heading into the n

and introducing the fact that the bank union is in effect introducing all the bad things from the you were sold through the backdoor so it's it's not only very very small but it's also very undemocratic because it's in essence what what people have said no to already the banking union just the next iteration is not in the first world will be that this is so derek so i dare. between you're for the week which means less than you are you've got a weakness from bridge to support. and this is just not the way to go for me breaking you know and i hope it doesn't come to pass but if it goes across the eurozone i don't foresee beginning to then also involve countries but why should i have to stay out of the euro zone. like a corporate news time we're going to get stuck a miss something small k. girl's best friend you know that crosses diamond mine are also out in the world produced by our place in paris is reportedly planning a chef sell this. the government passes so forty percent of the company says it must go in the privatization deal which is bid in the war. two thousand as a company sees

to be a tough sell. >> the european commission president once again urged the european parliament to make a banking union a reality. exit is the first and most urgent phase underway as mapped out and presented last autumn. >> the original vision went too far for the parliament and the european central bank. there is no longer any talk of centralized deposit insurance which he had championed. the backlash in germany was too great. many savers feared they would be liable for bank failures in other countries. but with the parliamentarians and the ecb now said to give the green light, he was bullish. >> the facts tell us that our efforts have started to convince . countries are paying less to borrow. industrial output is increasing. market trust is returning. >> but some parliamentarians did not share his rosy assessment. >> austerity is undermining solidarity between states and also between citizens. >> what we see is the second phase in this process. a long period of economic salvation. >> he says the banking union will be an important factor. >> let's get a check of what has been moving the markets. this

banking regulation here in europe. the european parliament has given the green light for the first step towards establishing a banking union. it will start with a banking regulator to keep the industry healthy so taxpayers don't have to bail out bad banks. >> the ecb in frankfurt. next year, 700 staff will begin their task of watching over 130 banks which together account for 80% of banking assets in the eurozone. it is part of a plan to guarantee financial stability in the block. the european parliament is now giving the green light after last-minute wrangling was delayed the vote by couple of days. the european commission wants more. >> we still have lots of work to do. the joint supervisory body is a very important step but it is only one step towards a greater banking union. >> the supervisory body is one of three pillars of the union. the other involves a scheme to close banks and a common deposit guarantee system. a fund to compensate depositors when a bank is out of business. if a bank fails, who should have the power to shut it down? the commission would like the authority. it is still facing resistance from nation

more discussions of the banking union. k the european parliament approved a single supervisor. more discussions are happening today. ecb member mirsh said the ecb is working on the banking union and they are expected to announce something in weeks. this is a strong mechanism which we expect to gradually shape up over the next month. in europe there's more positives for bonds than in the u.s. which also, you know, is consistent with a more positive stance on bonds in europe versus the u.s. >> how much can you actually decouple? if u.s. yields rise, the fact is we can't decouple from that, can we? >> well, look. the differential between the ten year in the u.s. versus europe was 50 bases points. now it's around 1%. there's been a little bit of outperformance on european bonds. to be honest, the bonds which we like in europe are the higher yielding bonds. you get exposure to the recovery across smaller companies, smaller borrowers which are now starting to see the revenues go up and bids for their companies which is any source

the s.p.d., merkel would have the power and the majority needed to tackle properties such as the bank unionnd also the s.p.d. could act as counter plans to merkel eats dominance. >> back to berlin. merkel's new mandate to govern comes with high expectations among voters. their wish lists are long. >> whatever coalition merkel wins wind up with? what do voters actually want over the next four years? >> germans are getting older. many want angela merkel's new government to come up with a better pension policy. they walls want to ensure that the early derrell get professional care when they need it. >> most people are probably just hoping they won't need care because there are so many problems with the system. i worry about it, yes. >> our aging society really could become a problem. i think our demographic problem is really going to explode on us. and we're not doing enough structurally for families. >> we definitely need to nches more and care for the ed early and we have to make apprenticeships more attractive. we have to make the care profession more rewarding and increase its social stand

the situation in any banking. but now the commission has put in july a proposal for the single resolution mechanism. i hope now members are ready to accept it. indeed i consider this critically important. the banking union because it's a necessary condition for confidence to come completely to the financial sector in europe. in the beginning of next year, the european central bank will make a stop together at the european banking authority quality assets review. so in fact, we are doing now what we could not do before because we did not have the instrument that for instance in the united states you have. but now we have the instruments and i believe the will to make this banking union happen because for your area, it's critically important in terms of -- >> rose: speaking of the federal reserve here, what do you make of what chairman bernanke said recently that many people that there might be some reducing of the quantitative. >> we have welcomed this latest decisions of the federal reserve and chairman bernanke. we believe it was good not only for americans but the global economy. i think it's right. >> rose: even though it was expected that, and it was a great debate within the federal reserve as it t

people start small through the credit union and then want to go to the bank. we know we are limited. we cannot afford to give out a big loan. starting from the credit union, we educate them about filing taxes properly and then moving on to the bank, a small one, expansion, and we work with the bank. the bank and credit union are similar. we do allow tax returns, projections. credit unions do not charge an additional loan or processing fee. processing time, on a small loan, -- consumer loans probably a few days. because we require a business plan, sometimes it takes longer. business plans take a while. especially bank statements. we need to see consistent income coming in. so far, a credit union delinquent rate is quite low because we are working with a client. we want to keep that low and as part of our mission. there is no application fee. if you are interested in an application or information, i have brochures, or you can give us a call. >> thank you. next is marked with wells fargo. >> hello, i work for wells fargo bank. i cover the northern california regio

but in the end, i think there will be some form of a banking union. is what the debate will be about. and although not perfect, it will be an improvement from where we started a couple of years ago. >> it looks like there may be some bailout for greece, portugal. >> it's basically agreed upon in the leaders in the north. the dutch seem to be open to it and they'll find some sort of a solution. >> thank you. still to come, emerging markets have been the big one in the fed's decision not to taper. should the central bank consider that when deciding policy? >>> . >>> the fed surprises everyone by not tapering bond purchases. >> the data confirmed our basic outlook. we gained more confident in that outlook and we believe the three-part test that i mentioned is indeed coming to pass. then we could move later this year. >> stocks in europe continue the global rally. basic resources leading the way, as well. >>> currencies like the rupee and rand rallied back strongly. >> another bit of data out on of the uk, retail sales, it's the first bit of data for a wh

there's pressure from more european integration and the banking union and all the issues it's germany that has -- his country is described as europe's power, this parliament is crucial toll the big destpheugs descriptions in europe. it's.ing put on hold in the outcome of the german election. >>> the four years since the euro crisis eruptioned as countries like greece, german is financial aid joining prosperity in thaerps you have a public. it's likely to change including a member of the party whom says lit stay within government and she this is the large left. >> he's also a very committed european it's necessary now to safeguard the euro because it's important for all our economy. it is the possible to call far democrat. it might lessen the pain. but public opinions will have tough conditions in return of germany's help. >>> thank you for covering these elections. how's it going so far? >> well i'm standing outside a building center, a polling center, there's ban slowly trickle of people coming in to vote. we know the democratic parties has cast his ballot. we expect a chance for him

as we need. >> the person that responded to me on twitter said i'm keeping my money in the credit unions not the banks. we should remind people no person who had money deposited in the bank lost money. >> that's right, fdic and similar program for credit unions. very strong track records. nobody has lost a penny of insured deposits. it's a sad commentary people have to be fearful, businesses too. there is still a lot of uncertainty about the resiliency of the system, the future of our system. people don't commit capital, don't take out loans, don't take risks because they're not sure what's going to happen next. >> we have trouble with risks and capitol but the rest of the banking industry is getting better, you see home sales surging, because can you get loans, you see car sales surging because you can get loans. other than banks which need fixing is the system working properly, the system of barning and exchange working properly? >> right, it's work better. is it working as it should? no i don't think so. i think we made a mistake in 2009 without doing some fundamental restructuring and downsizing w

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers use their expertise in global finance to guide you through the business strategies and opportunities of international commerce. we put our extended global network to work for a wide range of companies, from small businesses to major corporations. what can we do for you? >> and now, "bbc world news." >> this is bbc world news america, reporting from washington. gunfire and explosions erupt from a mall in nairobi on a scene that has left more than 60 what do we know about the organization that said it carried out the attack. how we would all be better off if more women worked. christine lagarde explained why women are the key to global growth. women's -- wax women's a woman's>> contribution should be the next thing we look at. >> all day, we have been watching a dramatic scene play out in kenya as security forces launched an assault to gain control of the westgate shopping mall. it is in final stages and the interior minister said that he doe

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers use their expertise in global finance to guide you through the business strategies and opportunities of international commerce. we put our extended global network to work for a wide range of companies, from small businesses to major corporations. what can we do for you? >> and now, "bbc world news." >> this is bbc world news america, reporting from washington. gunfire and explosions erupt from a mall in nairobi on a scene that has left more than 60 what do we know about the organization that said it carried out the attack. how we would all be better off if more women worked. christine lagarde explained why women are the key to global growth. women's -- wax women's a woman's>> contribution should be the next thing we look at. >> all day, we have been watching a dramatic scene play out in kenya as security forces launched an assault to gain control of the westgate shopping mall. it is in final stages and the interior minister said that he doe

newman's own foundation, pursuing the common good for ver 30 years and union bank. >> at union bank, our relationship managers use their to understand the industry in which you operate in, helping to provide capital for key decisions. we offer expertise and key solutions in a wagering of injuries. hat can we do for you? >> now bbc world news america. > this is bbc world news america. french intelligence charges the -- just a key u.s. senator and a congressional vote on military action. >> if the congress were to reject a resolution like this after the president of the united states has already committed to action, the consequences would be catastrophic. nuclear plant and saying a final farewell. they are packed in dublin as they pay their respects to a famous native son. worry be welcome to our viewers on public television in america and around the globe. the syrian government stockpiled sarin and mustard gas, a claim made by the french authorities who released their docier on chemical weapons in syria. president obama is trying to drum up congressional support for a military strike.

issues like the banking union to help the euro, and bailout measures.teinbrÜck and his party talk about measures to spur growth in europe. it's not a new policy because both his party and anglega merkel both voted or austerity, and asked merkel if she continues to act as chancellor will continue to push austerity. no matter who takes over here in the new government, policies like those on europe aren't likely to change. that's because of strong constitutional checks and balances in this country, and of course, strong public opposition to the idea of helping european more than this country already is. a new poll, a recent poll suggested 52% of germans were against further loans to crisis-hit southern europe. so they're holding their breath, they're likely not to find anything new in any new government, nor are they going to find peer steinbrÜck in charge because his hopes are not looking particularly strong. he has made a series of blunders in the campaign. his party is likely to end up in another grand coalition with mrs. merkel's party. he said he want

it needs a credit line and the portuguese government is panicking over missed deadlines on top of all of that there are deep reservations over europe's proposed banking union brussels the power to shut down any bank. reports. these days may be calmer for europe be able to june period saw the eurozone come out of recession after the longest period of economic misery since records began back in one thousand nine hundred five but the crisis is far from over and the cost in millions of lost jobs and economic stress remains a major concern economic recovery is at best fragile now output from the euro zone's factories had fallen by a much more than expected in july unemployment remains a dramatic levels and some of the southern countries what's more a number of members and nations still are struggling to balance their finances raising fears that more bailouts will be needed in the future now while more loans have been ruled out for the moment bailouts were still very much at the top of the agenda at the recent meeting of euro zone ministers let's take a closer look at where the actual concerns lie today bailed out twice and still not in the clear greece is likel

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers use their -- work hard to understand the industry that you operate in. working to nurture new ventures and provide capital for key strategic decisions. expertise and tailored solutions in a wide range of industries, what can we do for you? >> and now, "bbc world news america." alexa this is bbc world news america. i am katty kay. is bbc world news america. i am katty kay. a meeting over syrian chemical weapons. with sharp words, this is not a game. >> this is simply not enough which is why we come here, and why we work with the russians. >> divers search of this river for the body of a one and a half-year-old daughter of a man who threw her in because she was a girl. and the voyager one goes where no object has gone before, the first man-made object to leave the solar system. >> welcome to our viewers on public television and around the globe. diplomacy is underway to solve the syrian crisis. tonight, the american and russian foreign secret

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers use their work hard to understand the industry you operate in, working to nurture new ventures and help provide capital for key strategic decisions. offer expertise and tailored solutions in a wide range of industries. what can we do for you? >> and now, "bbc world news >> this is bbc world news, reporting from washington, i'm katty kay. obama's language signaling and opening to meet with the president of iran. it can serve as a major step down a long road. >> kenya says the shopping mall siege is over. the president announces three days of mourning for the victims of the terrorist attack. and could the fuel of the future be found in our trash cans? norway is meeting -- leading the way in making sure nothing goes to waste. welcome to our viewers on public television in america and around the globe. in a speech at the united nations this evening, iranian president rouhani says his country's nuclear program is for peaceful purposes and not fo

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank>> at union bank, our relationship managers work hard to understand the industry you operate in, working to nurture new ventures and help provide capital for key, strategic decisions. we offer expertise and tailored solutions in a wide range of industries. what can we do for you?♪ >> and now, "bbc world news america." >> this is "bbc world news america." >> reporting from washington, i am katty kay. syrian forces are trying to retake a christian city. our bbc reporter is there. united nations powers try to putting syrian chemical weapons under international control. and why just did the woolly its demise? scientists have an answer, and we will let you in on the new research. public to our viewers on television in america and elsewhere around the globe. members of the united nations security council have been meeting tonight to discuss the russian plans to dealing with the syrian crisis, including putting their chemical weapons under international control, but while the world and libera

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. at union bank, our relationship managers work hard to understand the industry you operate in, working to nurture new ventures and help provide capital for key strategic decisions. we offer expertise and tailored solutions in a wide range of industries. what can we do for you? now, "bbc world news america." >> this is "bbc world news america." getsbama administration support from key members of congress. top officials at capitol hill make the case for military action. >> this is not the time to be spectators to the slaughter. neither our country nor our conscience can't afford the cost of silence. >> microsoft makes a big bet, snapping up gnocchi a -- nokia's phone operation, but will the investment pay off? .alk about hot real estate this london building is heating up so much they are literally melting. welcome to our viewers on public television in america and also around the globe. u.s. secretary of state john kerry appeared before a senate panel appealing for military action in se

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers work hard to understand the industry that you operate in, working to nurture new ventures and provide capital for key strategic decisions. we offer expertise and tailored solutions in a wide range of industries. what can we do for you? >> and now "bbc world news america." >> this is "bbc world news america." beginsian government sending details of its chemical weapons to an international court in the hague, boiler be enough. awaiting a verdict in china, a leader ismmunist scheduled to hear his fate. and meet the german singing sensation who is trying to take america by storm. tonight, we sit down with the artist who counts bono as a act singer.r -- as a backup welcome to our viewers on public television and around the globe. our viewers on public television and around the globe. syrian government began sending details of its chemical weapons to an international watchdog in the hague. the agency known as the organization of prohibition of ch

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers use their work hard to understand the industry you operate in, working to nurture new ventures and help provide capital for key strategic decisions. offer expertise and tailored solutions in a wide range of industries. what can we do for you? >> and now, "bbc world news >> this is bbc world news, reporting from washington, i'm katty kay. obama's language signaling and opening to meet with the president of iran. it can serve as a major step down a long road. >> kenya says the shopping mall siege is over. the president announces three days of mourning for the victims of the terrorist attack. and could the fuel of the future be found in our trash cans? norway is meeting -- leading the way in making sure nothing goes to waste. welcome to our viewers on public television in america and around the globe. in a speech at the united nations this evening, iranian president rouhani says his country's nuclear program is for peaceful purposes and not fo

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers work hard to understand the industry you operate in, working to nurture new ventures and help provide capital for key strategic decisions. we offer expertise and tailored solutions in a wide range of industries. what can we do for you? >> and now, "bbc world news >> this is "bbc world news america." battles have rocked an egyptian town as security forces tried to round up forces of the ousted president. the bbc team is caught in the fighting. i ran's president says his country would never develop nuclear weapons. could this pave the way for talks with the u.s.? and john f. kennedy's daughter caroline comes back to washington. this time to reveal if she will be america's ambassador to japan. welcome to our viewers on public television in america and also around the globe. there were fierce gun battles and a town just outside the egyptian capital cairo today. security forces were trying to round up supporters of the ousted president. armored

what we can and must do, let's be concrete -- is delivering the banking union. way to map out the blueprint presented last autumn. step is the ecb independent evaluation of bank s.fort we must turn to the single mechanism. the proposal is on the table since you live. since july. to ensure way taxpayers are no longer on the front line. progress,ay to make the way to remedy one of the most alarming and unacceptable results of the crisis, even an implicit renationalization. is the way to restore the because credit is not yet sufficiently flowing across the euro area. this needs to be addressed resolutely. growth,ly, it's about which is necessary to address unemployment. of current level unemployment is unsustainable, untenable, and socially unacceptable. all of us want to work with you as muchely to deliver of our sustainable growth agenda as we possibly can. we are recognizing all the issues. not all instruments are at european level. some are at national level. on youth focus employment and financing the .conomy we need to avoid a jobless recovery. is recommendati

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers work hard to understand the industry you operate in, help provide capital for key strategic decisions. we offer expertise and tailored solutions in a wide range of industries. what can we do for you? >> and now, "bbc world news >> this is bbc world news america, reporting from washington, i'm katty kay. a key senate panel votes to give president obama the authority to use military force in syria, paving the way for of will and rational decision. it is being met with defiance in damascus, where civilians are lining up to become human shields. telling the just time. the smart watch could do the same with just the flip of her wrist, if you really want it. welcome to our viewers on public television in america and also around the globe. tonight the u.s. congress moves one step closer to authorizing the use of force in syria, but it was just one small step in one long difficult process. the senate foreign relations committee approved the measure

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers use their expertise in global finance to guide you through the business strategies and opportunities of international commerce. we put our extended global network to work for a wide range of companies, from small businesses to major corporations. what can we do for you? >> and now, "bbc world news." >> it is a tough sell at the g 20. president obama tries to drum up military support. busy hearing from their constituents. john mccain gets an earful on the people of arizona. hitler's as adolf bodyguard. we look back at the life of rochus misch. welcome to our viewers on public television in america and around the globe. world leaders are heading home from the g 20 summit in russia with decisions whether to take military action against syria. despite private talks between president obama and president hooton, america and russia came no closer to resolving their differences. this contains some disturbing images. more divided than ever over syri

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers use their -- work hard to understand the industry you operate in. working to provide new ventures and capital for strategic solutions. we offer solutions in a wide range of industries. what can we do for you? >> and now, "bbc world news." abc world news america" reporting from washington. ." "bbc world news america the fate of a russian proposal to stop military action and serious unclear as the president prepares to address the nation. we are inside of syria where it is reported that the army is stepping up its bombardment of rebel held areas. has been some fairly bitter fighting in this particular area over the past four or five days. there has been heavy shelling. has a new phone that costs only $99. will consumers be buying? welcome to our viewers on public television in america and also around the globe. president obama will address the american public on the situation in syria in a few hours time. his speech is bound to have gone thro

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for united healthcare, and union bank. >> at union bank, our relationship managers work hard to understand the industry you operate in, working to nurture new ventures and help provide capital for key strategic decisions. we offer expertise and tailored solutions in a wide range of industries. what can we do for you? >> and now, "bbc world news >> this is a report from washington. i am katty kay. america and iran hold unprecedented top level meetings as president romani says nuclear disarmament is his country -- rouhani says nuclear disarmament is his country's number one priority. and his pictures capture the faces of a generation. tonight, we hear about a photojournalist known simply as l'americain. welcome to viewers on public television and around the globe. the president of iran has told the united nations that nuclear disarmament is his first priority. this can shortly before the american secretary of state and american foreign minister -- and iranian foreign minister held a meeting, the highest level encounter in f

honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers use their -- to understand the industry that you are working in, helping provide capital for key strategic to citizens. offer expertise and tailored solutions in a wide range of vendors streets -- in a wide range of industries. what can we do for you?>> and now "bbc world news." america." >> this is bbc world news "bbc world news america." president putin is all smiles for the g 20 summit, but mentioning syria and things get tense. the first high-profile assassination attempt in egypt after the military took power. the interior minister a car bomb attack. and 30 years ago, three men shot down the beautiful colorado river at record speeds. would you do this? welcome to our viewers on public television in america and around the globe. tonight, in st. petersburg, russia, world leaders were supposed to be discussing the global economy. instead, they are focused on the prospect of american airstrikes against syria. china, argentina, brazil, and

the banks. so that's what i'm saying. it's the -- it's the worst of both worlds. as far as german policy towards the banking unionelection is still -- is still up in the air. i can't recall a major election in an important country in which the dominant party was so far ahead and yet still none the wiser as to how it's actually going to govern. >> these are the -- these are things we're going to have to come up. greece looks like it's going to have to have another bailout. portugal looks like they're going to have to have another bailout. >> absolutely. there's a plethora of risks. as far as the markets are concerned, the world is -- the world has moved on. the eurozone crisis as we know it in terms of the debig tating bond market routes has ended. the focal point for market anxiety has shifted dramatically away from the eurozone and towards the emerging markets, essentially towards which had a balance of payments weaknesses. but the eurozone is still in crisis. the economic and the politics have actually soured. >> and let's just talk about italy, as well. the former italian prime minister sylvia burl scone fee d