"Spain is the key country about which I'm most worried"
- Willem Buiter, a former Bank of England policy maker
Citigroup Inc. chief economist Willem Buiter said Spain is close to default and Portugal, Ireland and Greece may need additional financial rescue packages.
"Spain is the key country about which I'm most worried," said Willem Buiter, a former Bank of England policy maker. "It's really moved to the wrong side of the spectrum and is now at greater risk of sovereign restructuring than ever before."
European stocks closed little changed on Wednesday.
The Stoxx Europe 600 Index retreated 0.11 per cent to 268.67. Germany's DAX Index gained 0.23 per cent and France's CAC 40 Index erased 0.10 per cent. The U.K.'s FTSE 100 Index rose 0.01 per cent to 5,891.95.
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