Joining us now for the next two hours a good friend of the program, wilbur ross. great to have you here, wilbur. good morning when it feels a little bit like groundhog day when it relates to greece at least. we have had some news out of portugal.
I don't know if you think the story is moving. i was reading through some of the notes and you suggest that the way they are approaching some of these bailouts and restructuring is setting a very bad precedent. why do you say that? i feel that because greece is being rewarded for failing to live up to its commitments. every time they fail to live up to their commitments they get more concessions out of the eu or out of the private-sector lenders and i think that's a message that won't be lost on spain, portugal, italy, whoever comes next. if our on the other side of that trade what's the alternative? if you're germany, do you have a choice in i think at the end of the day they make a deal with greece and i don't think you have the disorderly disruption. i agree with that. i just think that greece is outmaneuvering everybody else. outmaneuvering, makes it sound like they are getting a great deal. if you look at the nation they have dealt with some really big set backs. it shrunk by 7% just in the fourth quarter.
I don't know if you think the story is moving. i was reading through some of the notes and you suggest that the way they are approaching some of these bailouts and restructuring is setting a very bad precedent. why do you say that? i feel that because greece is being rewarded for failing to live up to its commitments. every time they fail to live up to their commitments they get more concessions out of the eu or out of the private-sector lenders and i think that's a message that won't be lost on spain, portugal, italy, whoever comes next. if our on the other side of that trade what's the alternative? if you're germany, do you have a choice in i think at the end of the day they make a deal with greece and i don't think you have the disorderly disruption. i agree with that. i just think that greece is outmaneuvering everybody else. outmaneuvering, makes it sound like they are getting a great deal. if you look at the nation they have dealt with some really big set backs. it shrunk by 7% just in the fourth quarter.
