Why Greece will default. Martin Feldstein, Project Syndicate. See also, Europe must integrate or disintegrate. Wolfgang Munchau, FT.

Only Nick Clegg can save Labour. Will Hutton, Guardian. Strange times.

Self-criticism at Goldman Sachs. Lucy Kellaway, FT. The firm's mortgage securities traders review their own performace, and are pretty impressed. (The documents Lucy refers to are here.)

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