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Europe Needs to Allow 'Freedom to Fail'

Friday, 1 Jun 2012 | 11:30 AM ET

"We need a huge purge of insolvency of the banking sector, financial sector right across the European Union," Declan Ganley, Libertas chairman, told CNBC. "We need to let capitalism work once again. For the freedom to succeed in the European Union in business you have to allow and guarantee the freedom to fail."