City fears of second Great Depression - papers

MARKETS on both sides of the Atlantic dipped to fresh lows as fears surrounding the fate of the euro project transmuted into worries about the wider global economic system, reports The Telegraph. Bill Gross of bond fund Pimco said that hedge funds were starting to liquidate their positions in a bid to preserve their capital - a worrying "mini relapse" towards 2008 territory. Andrew Roberts, head of European rates strategy at RBS, says "Great Depression II" could now be approaching, adding: "It now has potential to speed toward its conclusion; a European $1trn package which does little...