Uncertainty over economic rescue

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The global financial crisis is still dominating the headlines of all of the papers.

But the failure of the US government and banks to secure a $700bn rescue package came too late for the deadlines of many papers' first editions.

The Daily Telegraph had been looking forward to a frantic day of trading but the Daily Mirror's "Phew!" headline was maybe a bit premature.

The Times looks ahead and calculates what it all means.

It the deal is eventually approved, the paper calculates that Britain's five leading high street banks could put as much as $175bn of bad loans into the rescue plan.

But it says the prospect of the US central bank buying up the bad assets of UK banks may infuriate American politicians and taxpayers.

Cashflow

The economic downturn remains a theme for the Daily Mail but this time the focus is back on homeowners.

It says they will have to find an extra £450 a year after mortgage lenders decided to raise their rates.

The Independent gives a bit of insight into the financial might of Manchester City's new Middle Eastern owners.

The club stunned onlookers by paying Real Madrid their £32 million fee for Robinho upfront as one lump sum - not the usual method of payment at all.

The papers are all carrying warnings of some sort or another - the Daily Telegraph reports utility bills will rise by another 15% this winter.

Testing Times

The Guardian says Israel gave some serious thought to bombing Iran's nuclear sites this spring, but was deterred by a lack of American support.

Meanwhile the Sun finds out that looking good doesn't come naturally.

It reveals the answer as to why some girls put haemorrhoid cream under their eyes -apparently it prevents wrinkles.

The Daily Express claims a government report has confirmed millions are better off on benefits than in work.

It says the figures show Britain is breeding a culture of dependency which the middle class is forced to subsidise.

Meanwhile, The Guardian reports that hip hop star Busta Rhymes has been allowed to enter the country and play a charity gig at the Royal Albert Hall.

It was supposed to be a reward for young volunteers who received a concert ticket by giving up their time.

But the Daily Star is far more worried about X-Factor judge Cheryl Cole whose constant crying has supposedly been putting off viewers.