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OK Sean let me -- -- Europe real quick because that is the other big top story -- -- is we are watching you know spreads in Italy.
You -- get wider -- watching their credit situation there get more perilous even though we thought we had solved the -- well you know taken steps to solve this -- situation over the weekend.
What is your outlook on Europe right now and are you thinking that you may be downgrading any of that debt further either sovereign or banking.
Not we said as of last year they Greece is going to have to restructure and that the recoveries were going to -- -- -- we said the recoveries would be between five.
The first go around is that it they had recoveries of 25% we think there's going to be another restructuring.
And we think that is going to be down around.
-- -- the ultimate recoveries are going to be around 10% perhaps the last.
About the latest that country is obviously Spain it's extending to Italy.
Yet the exact same problem -- by the yacht credit quality of this sovereign countries and the banks are joined.
And did that there was weakness with both in the cases Spain they say that the money is for they have been banking institutions but the banks have a lot of sovereign paper -- And south one is weak the other is weak Italy the exact same case in Portugal.
It begs a question of whether or not this problem is solve a ball.
We have some bomb material -- -- one is sent out to our clients addressing just that issue.
We think that over the next couple weeks.
Spain Portugal and Italy are going to be in the news and at least a daily basis.
And it's going to be they're going to need says significant amount of additional support.
The sounds like your outlook is getting even more debt negative.
While the problem is that there is that the capital of the best way to solve yeah -- in that sovereign crisis is not how it's being handled right now.
OK David real quick we got to go -- you agree with that.
-- -- now actually disagree I don't think there's plenty of sources for capital this you know for all the problems of Europe.
There are solutions in the private sector private companies have better balance sheets and they've ever had in a long time.
What are they doing with their cash they're distributing it to shareholders right now there could be better uses for corporate cash and may be -- Europe as a way to do that.
David bars thank you so much Sean Egan thank you so much we had a lot of breaking news there -- both reacted to -- we really appreciate it.
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