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Archive for July 20th, 2011

Meltdown: Failure of eurozone countries to get control of their debts could lead to billions being wiped off the global economy, experts have warned

By James Chapman, Becky Barrow and Jason Groves
Daily Mail, 20th July 2011

While Westminster fiddled over the phone-hacking frenzy, the European economy was burning last night.

World financial watchdogs issued an extraordinary warning of a global economic ‘earthquake’ triggered by the failure of many countries to get to grips with massive debts.

To add insult to injury, it emerged yesterday that those largely responsible for bringing Britain’s economy to its knees – bankers and finance workers – have scooped bonuses totalling £14billion this year.

While the phone-hacking scandal will be investigated by a public inquiry led by a senior judge, there has been no equivalent investigation into the actions of bankers and the Government’s failure to hold them to account for triggering the financial crisis.

There were growing calls for Westminster to lift its gaze from phone-hacking and focus on the threat to the livelihoods of millions.

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Phone hacking: ‘Humbled’ Murdoch rejects blame

BBC, 20 July, 2011

Rupert Murdoch has said he cannot be held responsible for the scandal at the News of the World, saying he was let down by “people I trusted”.

The News Corporation boss said he was not aware of the extent of phone hacking there and had “clearly” been misled by some of his staff.

His son, James, apologised to victims, saying hacking was “inexcusable”.

The hearing was the first time Rupert Murdoch has faced direct scrutiny by MPs in his 40-year UK media career.

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Paper review: Murdoch splashed across papers

BBC, 20 July, 2011

“Murdoch eats humble pie,” is how the Daily Telegraph and the Daily Express sum up the News Corp chief’s appearance before the Culture select committee.

Rupert Murdoch’s opening that it was the most “humble” day of his life also gives the headlines for the Financial Times, the Sun and the Guardian.

Tuesday’s events at the Wilson Room in Portcullis House make the front page of every single paper.

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