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Thank you both from Europe to Washington to the US accounting investors are being met with -- -- left and right.
One of the top managers on the street is here with a roadmap to help you steer through all the far.
Tony presents he is executive vice president and portfolio manager at Pimco he's also the author of the new book.
Beyond the keynesian and appoints.
First to the news that the days that is what was going on in Italy people and the big talk around here for -- the rest of her out there who don't hear all the chatter on Wall Street.
But Tony certainly does was that Italian bonds are spiking and at six point 71% and that the key number is 7% that's when everything -- -- Did we avoid that or is there still this possibility.
That we could see I guess you would call it contagion start.
Well as with Greece we see a unity government likely be placed in Italy that'll keep things going to satisfy the international community to satisfy investors in the short run you could say that.
So called left tail -- might have been cut in short run so for example increase it won't be an immediate.
Defaults -- there won't be run on banks and that sort of thing as people fear the return of trochmann won't be fearing it and running to the bank to take out they euros and so.
In both cases unity government all it does is take take the place of a government for temporarily with these so called technocrats.
Which are non elected officials which ultimately will give way to.
Elected officials and ultimately therefore what happens in Greece and in Italy will be determined from the ground up -- to say.
The citizens will get their say and politicians will be swayed by.
Citizens and right now they won't be so in the short run there's some alleviation of worry about the most near term risk and it will be adherence to agreements that the Europeans are making with the Italians and with the Greeks but ultimately.
Implementation of this austerity is very painful of people colorfully say no if they choose to.
And turn back politicians to tell them to do something different saint forgive my career I think what we do have some breaking news --
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