The demise of the investment banks, with their far higher gearing, as well as deleveraging among hedge funds and others in the shadow-banking system will add to a global credit contraction of many trillions of dollars.

ECONOMIST: When fortune frowned | The

"The Europe which is now on offer from the Convention, which when you add all the bits together is actually the creation of effectively a new country, " shadow foreign secretary Michael Ancram said.

BBC: Blair relishes 'big battle' over EU