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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.

    "New Italy PM fails to calm financial markets". "AM" with Sabra Lane, www.abc.net.au. November 17, 2011.