Citigroup’s Buiter Says Europe Must Stop Default Now: Tom Keene
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Europe has as little as days or weeks to act to avoid a default by a euro-region country, Citigroup Inc. Chief Economist Willem Buiter said today.
“Time is running out fast,” Buiter said in an interview on Bloomberg Television’s “Surveillance Midday” with Tom Keene. “I think we have maybe a few months -- it could be weeks, it could be days -- before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging down the European banking system and North America with it. So they have to act now.”