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We Need a United States of Europe: CEO

2:30 AM ET Wed, 27 June 2012

"If we are going to have federal institutions and a federal Europe it needs to be democratic, it needs to be accountable, it needs to be solvent and we need a pan European equivalent of chapter eleven bankruptcy law so we can purge this insolvency out of the system," Declan Ganley, chairman and CEO of Ganley Group, told CNBC.