Unfortunately the proposed legislation announced by Jack Straw, the home secretary, bears all the hallmarks of a panic reaction.

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The most common incidents -- the slam of a door, a car backfiring, a surprise tap on the shoulder -- can cause a panic reaction.

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"There was a panic reaction, people fear a scandal like Enron or Parmalat as soon as they hear the term 'accounting problems', " said investment analyst Thomas Veillet of Swiss firm Dynacapital.

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But I think a panic and a reaction set in, which has actually now made me the best known MP in Britain.

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Its nuclear posture includes, he believes, separation of warheads from launchers to minimise mistakes and a response time calibrated to avoid panic reaction.

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My instant reaction to the Cyprus deposit levy was that it could trigger a panic among depositors in the rest of Europe but that it was also perfectly possible there would be no reaction.

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