For me, the other striking thing that Mr Diamond said was that the eurozone would continue to be prone to "chronic event risk" in respect of the ability to finance themselves of the weaker peripheral economies - which many now see as including Italy and Spain, along with Greece, Ireland and Portugal.

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It was weaker in that respect, they said, than the authority given to Mr Bush.

ECONOMIST: Does it matter?

The compromise measure lawmakers take up Wednesday is somewhat weaker in that respect, giving it a chance to win support from Senate Democrats.

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