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Citigroup’s Buiter says a European default could occur within days

Buiter warning comes as Fitch Ratings says US banks are exposed to further contagion from Europe

Willem Buiter, Citigroup's chief economist, has warned it could be just a matter of days before there is a material risk of a default by Spain or Italy.

In an interview with Bloomberg Television's Tom Keene yesterday Buiter said that time is running out for Europe' sovereign debt crisis.

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