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THE WEEKLY WORLD EDITION OF The Daily Telegraph AND The Sunday Telegraph
November 9 - 15 2011 No. 1059
DIRTY CRICKET Pakistan stars jailed for spot-fixing at Lord’s
:: SPORT PAGE 40-41
Carnage on the M5 Seven dead and 51 injured in horrific crash involving 34 vehicles
Rags to riches Abramovich tells High Court his life story :: NEWS P3
SEVEN people were confirmed dead and 51 injured after 28 cars and six lorries were involved in a multiple collision on a northbound section of the M5, in Somerset,
in what was the worst UK motorway accident for 20 years.
It had been expected that the number of dead would reach double figures but police said their “worst fears [had] not been realised”.
Some of the injured were unaware that they had lost family and friends. Many of the cars had been melted into the Tarmac by a fireball that engulfed a 100-yard stretch of the motorway. Four of the confirmed dead were in one vehicle.
Jaysen Sharp, who witnessed the incident from a nearby rugby club, said: “It was a horrific accident. There were
Continued on page 3
Florida Brits Millionaire couple charged after alleged sex tryst in lavatory :: NEWS P12
By Robert Winnett Political Editor, in Cannes THE British economy is getting worse “every day” that the euro crisis goes unresolved, David Cameron warned last Friday, as he told European leaders that the “world cannot wait” any longer for a rescue package to be agreed.
The Prime Minister condemned the “endless questions and changes” in the eurozone that led to the G20 summit of world leaders ending acrimoniously without a detailed plan. His warning that the crisis is having a “chilling effect” on the economy heightened fears that growth in Britain has stalled.
Following the two-day meeting in Cannes, Germany and France failed to explain how they intended to implement a €1trillion rescue package for the single currency after admitting that they were struggling to raise sufficient funds.
The US objected to proposals to increase substantially the money available to the International Monetary Fund (IMF), which could directly help countries such as Italy. President Barack Obama made clear that he wanted eurozone countries to do more to solve the single currency’s problems.
Cash-rich emerging economies such as China were also not willing to help finance the eurozone bail-out until the Europeans themselves did more. President Nicolas Sarkozy of France warned that a deal involving the eurozone and the IMF could take until February to finalise.
The failure of yet another “make or break” summit stoked fears in financial markets. The FTSE 100 index of leading British shares ended down 0.3 per cent. German shares closed down 2.7 per cent, while the Paris market fell 2.2 per cent.
Investors’ fears were sharpest in the bond markets, where governments borrow to finance their deficits. Italy’s borrowing costs hit 6.4 per cent last Friday, the highest since the euro was created in 1999. Similar rates had pushed Greece and Portugal into fullblown debt crises.
Government sources said the “pressure” was now on Germany to contribute more to help the euro, and Mr Cameron made clear his irritation with eurozone leaders, saying they must do more to solve their own problems. “This is having a chilling effect on our economy. Every day that it goes on unresolved is a day that’s not good for our economic prospects,” he said. “The world can’t wait for the eurozone to go through endless questions and changes about this.
“The world has shown it is ready to act, but I’m not going to pretend all of the problems in the eurozone have been fixed. They haven’t.”
Mr Obama said he expected the eurozone to do more before putting extra dollars on the line. “What is ultimately important is to have a strong signal from Europe that they are standing behind the euro,” he said.
The Prime Minister said the world was facing “profound and unprecedented challenges” and spoke of his fear that Britain could be plunged back into recession.
“I don’t make economic forecasts, they are made by the independent Office for Budget Responsibility,” he said. “[But] clearly this is having an effect on the British economy.”
Figures released earlier last week showed that the economy barely grew in the third quarter of this year. Experts fear the economy will shrink this quarter, raising fears of another recession. An economic crisis in Italy could knock “several percentage
Continued on page 2
Afghan push Army targets last of Taliban in Helmand :: NEWS P13
‘The euro crisis terrifies me. I’m going outside to watch the fireworks’