That, it seems to us, is a far direr diagnosis, one whose treatment is likely to be radical and risky.

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First quarter results appear even direr as there seem to be no market forces in place to slow the decline.

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There was some unexpected good news from its media division, but the cloud inside that silver lining was that the better-than-expected results were a direct reflection of the direr-than-expected global economy.

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And if the Tories do win the next election (which must be held by June 2010) despite the government's spending wheeze, they may find the public finances in even direr shape than now looks likely.

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