Self-regulation stands in relation to regulation the way self-importance stands in relation to importance.

— Willem Buiter

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Time is running out fast. 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 the European banking system and North America with it. So they have to act now.

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