At the annual meeting of Laureates on Lake Constance, the consensus among Nobel Prize-winning economists is that a recovery of the global financial system may not start for at least a year. "There is a tremendous amount of deleveraging still necessary in the United States and Europe," said Myron Scholes, co-founder of Long-Term Capital Management. "I'm not exactly sure when it's going to end. There are many financial institutions that need to add capital or sell assets, but it's getting more difficult."

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