We Need a United States of Europe: CEO

Wednesday, 27 Jun 2012 | 2:30 AM ET

"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.