A good default, like Portugal or Greece, would be very good for the private equity business.

Every deal is a regulated deal. Regulators will tell you how to take your money home.

Private equity capital in each of those markets Europe and Asia - while those markets have very different characteristics - fills a niche where either strategic investors or the public markets don't go, or don't want to go for some particular reason. I think that's going to continue to be the case going forward.

When governments are selling, you should be buying. And when governments are defaulting, we should look at that as an opportunity.

Prices are always lower when the troops are in the street.

The private equity world is a relatively small one. There are currently probably a few thousand professional jobs worldwide. In private equity, that's probably about all there is. So in the scheme of things, the firms are all relatively small.

A good default, like Portugal or Greece, would be very good for the private equity business.