A good day for bankers
Will the real Britain please stand up? While such august institutions as the IMF declare that the United Kingdom is one of the hardest hit by the global crisis, with the economy set to contract further and unemployment to soar to 3m in 2009, the City is celebrating record first-half gains. Today’s Independent reports that Barclay’s bank has posted pre-tax profits of £2.98bn, up 8% on 2008, while HSBC has managed to score £2.8bn out of such uncertain financial times.
On the London daily’s front page, Barclay’s head Capital Bob Diamond, who earns a mere £50m a year, promises that bonuses for staff will hit seven figures, arguing that “high-calibre graduates” would not be “interested in our industry” for less. No less than Conservative party’s George Osborne, the Shadow Chancellor, has reacted by saying "Banks should watch out that they do not misuse taxpayer support.” Meanwhile, Northern Rock, the first bank to collapse at the outset of the crisis in 2008, has posted losses of £724m. And this despite the £10.9 billion the government has invested in it.
Two camps, two theories, and two visions of France: 18 years after the massacre of 800,000 Tutsis, the precise role played by Paris is still the subject of heated debate, fueled by the findings of successive criminal investigations. 
Agree to new austerity measures or risk being kicked out of the eurozone: that’s the alternative presented to Athens on the day the euro group is meeting. It’s a situation Greek politicians have failed to avoid, regrets To Vima. 
At a time when Athens is still involved in debt restructuring negotiations with its private creditors, Neelie Kroes’ recent allusions to a Greek exit from the euro are a sign that European leaders are intent on preparing the terrain for such an eventuality.