Virt-Manager: cannot start VM: host doesn't support invariant TSC error

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Issue

Cannot start Virtual Machine
Following error is shown when starting VM in virt-manager:

Error starting domain: unsupported configuration: host doesn't support invariant TSC

Environment

Red Hat Enterprise Linux 7
virt-manager-1.1.0-12.el7
libvirt-1.2.8-16.el7_1.5
qemu-kvm-1.5.3-86.el7_1.8

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