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pacific. now my take. the european crisis you have been reading about in the newspapers is worth watching carefully. it has now morphed into something much bigger than a european crisis. it could batter the entire global economy which is pretty fragile anyway. you read a lot about greece. the real problem is italy. you see, greece is a nano state and makes up 2% of the european union's gross domestic problem. italy is one of the seven or eight largest economies in the world. its debts are greater than those of spain, portugal, ireland, and greece combined. it has long been governed...

Constitutional dialogue and process. how does that resonate in cairo? >> reporter: well, i think that's what they're going to be doing tomorrow. it's already tomorrow here. is trying to explain what just happened over the last several hours to the demonstrators. trying to build confidence, to tell the demonstrators, look, you wanted mubarak to step down, he's transferred all of his authorities. they are trying to put him out to pasture so to speak. i wouldn't be surprised if president mubarak actually ends up in a fairly short amount of time in sharmel sheikh, hoping out of sight is out of min...

What the ambassador said, holding fast to the government's line that there will be essentially a slow process of reform and investigation and constitutional dialogue and process. how does that resonate in cairo? >> reporter: well, i think that's what they're going to be doing tomorrow. it's already tomorrow here. is trying to explain what just happened over the last several hours to the demonstrators. trying to build confidence, to tell the demonstrators, look, you wanted mubarak to step down, he's transferred all of his authorities. they are trying to put him out to pasture so to speak. i wou...

What the ambassador said, holding fast to the government's line that there will be essentially a slow process of reform and investigation and constitutional dialogue and process. how does that resonate in cairo? >> reporter: well, i think that's what they're going to be doing tomorrow. it's already tomorrow here. is trying to explain what just happened over the last several hours to the demonstrators. trying to build confidence, to tell the demonstrators, look, you wanted mubarak to step down, he's transferred all of his authorities. they are trying to put him out to pasture so to speak. i wou...

Policy. many me -- here's mohammed elbaradei talking to anderson cooper monday. >> your message to president obama is what? >> my message to president obama, i have lots of respect for him. i work with him in the last year of my tenure and i have a lot of admiration for him but i tell him, you need to review your policy. you need to let go of mubarak. you shouldn't be behind the curve. build confidence with the people and not with the people smothering the people. >> well, let's take you right now to cairo and cnn's fred pleitgen watching the crowd swell in tahrir square. we want to talk about...