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Thank you Chairman Ros-Lehtinen, Ranking Member Berman, and members of the Subcommittee for affording me the great honor of testifying before you today. My name is Desmond Lachman and I am a Resident Fellow at the American Enterprise Institute. I am here in my personal capacity and I am not here to represent the AEI's view.

In the testimony that follows I set out the reasons why I think that there will be a further significant intensification of the Euro-zone debt crisis in the months immediately ahead. I also lay out the reasons why I think that the efforts currently underway by European policymakers to address this crisis will fall short of what might be needed to resolve this crisis in an orderly fashion. Finally, I attempt to draw out the serious risks that the Eurozone crisis poses to the US economic recovery.

Desmond Lachman is a resident fellow at AEI.