My numbers are a bit outdated ... ( Would appreciate some new if possible) but never mind the combined exposures/Tier one capital to Greece, Spain and Italy comes up to 36% had reported OECD so even if banks have done a lot to overcome the weaknesses showed when Lehman went down, I doubt the we don't need capital can stand an uncontrolled default spreading. It is true no capital need as long as there is no default.