Excerpt:

The Europeans have declared they're going to try to keep the agreement.  Keeping the agreement, and Russia has said the same thing, means doing business with Iran, because that was the quid for the quo.  And right now doing business with Iran would run into the United States secondary sanctions, which would affect European investment in European countries -- telling the Europeans that in effect if you trade with Iran you can't trade with the United States.  That is a very, very serious strategic error.  And I think it is going to do more damage to the alliance unless it's turned around than anything we've seen in many years.

 For the full video clip, visit the Bloomberg TV website.