dr. buiter, please set the stage for us. >> good morning. it's really a pleasure to be here. europe continues to be in a dreadful mess. it won't get any better soon. but we'll probably be spared the worst. everybody is focused on greek at the moment. it is an important issue. but i personally am much more concerned what is going on in spain and the lack of progress in italy. europe still struggles with a -- the need to address three, maybe now four crisis that are distinct but interrelated. first is a sovereign/solvency crisis. a number of sovereigns will have to be restructured or rerestructured in the case of greece. expect portugal to follow some time into 2013. both will need new programs or extensions of their existing programs before long because the sums don't add up. ireland in my view either will need a lot of additional osi, official sector involvement, or they too will be pushing on the psi, the private sector involvement button. and that brings us to spain, where i'm of the opinion that the consolidated banking sector and sovereign probably cannot be kept whole, a