the scale of what is required i think is much, much bigger than even eba has so far allowed for. and of course it's getting bigger all the time because europe while technically not in recession in q-1, which is a bit of a surprise, because germany's performance was really quite strong, is nevertheless in deep recession in the weakest countries. and there the banks are shedding capital rather than accumulating it as a result of deterioration of regular loans to households, to nonfinancial corporates. finally we have the exit crisis. greece now looks to be on the way out. it's not impossible that it could stay in. after all, they can't legally technically be pushed out. the way they would leave is either in a haze of nationalistic populist rage following the next election, or a refusal of the troika to continue funding the sovereign because of noncompliance, injecting the memorandum understanding, and not achieving a compromise open to both sides. and the other -- sorry, i seem to be losing my thread here. >> easy to do when you're talking about europe. >> okay. so greece will exit

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there was an eba report suggest 2g.6 trillion euros of deleveraging required to meet the new capital and deleveraging. the pace is what's adding to the stress in the european markets. so i think it needs a much more coherent and regulatory change. >> i a presume the europeans have to be careful. capital can be redirected anywhere globally and your aspirations is great example of how capital can go elsewhere. yo even got great hopes for africa. >> yes. so we have a business where we have many choices where we can invest, both capital and understood lying cost investedment in the infrastructure of our business. we're accelerating investment into africa and china, exc accelerating in hong kong and indonesia and malaysia. so i think there is a clear evidencing of higher appetite for asia involvement by many businesses including actually many banks. the competitive challenge to our positioning in asasia, actually there's more coming now which is interesting. >> richard we're going to leave you but i can bet you your bottom dar lar your fire alarm will end as well. we got what we needed ou

but the black rock stress test is a big difference between the black rock test and the eba test we need the test done as soon as possible but it might not be for the next three, four months p. >> and talking about stress tests and bazookas, you have a note buy the dip. you're expecting some action that is going to make record low yields we have on bunds and get gilts -- >> if you think about the political dynamics, politicians move slower than the market. so you're going to see actions where they try fight the crisis over and over again as we saw last summer and in 2008. so you're going to have multiple rips and dips. last summer we had in the s&p and financials, we had like accept different moves in the financials of 7% or more up and down. but until you get the bazooka, you have these moves. you have to trade those moves. >> okay, larry will stick with us. >> nice shot of the background there. >> he's in new york. we'll get to connecticut and be joined by the ceo to find out how he'll turn around the pizza company. >>> welcome to "worldwide exchange." >> these are the headlines from a

then puts in to question mark whether they can then hit will the capital requirement targets of the eba, which suggests that they would have to raise more money. are they in a position to do so? >> no, that's the problem and likely the government will have to help some of the banks. the announcement of this new set of measures will come in less happen three hours. the first announcement is the creation of a bad bank, each lender in spain will have to set up a separate structure to put all the problematic assets. and this could be quite significant because the spanish banks have an exposure of nearly 300 billion euros to the real estate sector and more than half, 184 billion, is considered problematic. the second announcement is this new requirement, this new provision, 35 billion euros probably on top of the 54 billion that the banks are already provisioning againsts. needless to say some banks won't be able to reach this target, in that case the government will have to inject public money. >> this is how the picture is looking as far as asia is concerned. risk aversion across the scree

ahead of plan, ahead of the target of the eba. also the loan loss provisions were less than expected. trading profits were above expectations. also no credit concerns. the first quarter was very easy environmental for them to raise any kind of capital, which is good. they gave us details on ltro money, they took part in both of them and they took about 16.2 billion. and there's no exposure to greek debt. so all in all, it's actually really quite good news and at the moment they're celebrating. lanxess as you mentioned, i would say from quarter to quarter to quarter they're beating expectations and they're not lowballing on their outlook either but they seem to be able to have the pricing market. earlier we asks the ceo about it and here's what he had to say. >> we want to come out this year with an ebita growth versus the record year of 2011. >> also the numbers coming through allianz. e.on is an interesting one. must stronger than expected. rising. but at the same time the debts are also up. back to you. >>> other earnings out to

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