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The OFT has criticized payday loan companies for competing not on costs, but on the speed of approval and using certain unapproved tactics as part of their advertising. The selling point of such companies is that you can have the money in a very short time period.

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The Nobel Prize-winning Op-Ed columnist Paul Krugman comments on economics and politics.

Greece is following the road taken by several other crisis-ridden emerging economies over the past 30 years. Indeed, as I argued earlier this year, there are stunning similarities between this once-proud eurozone member and Argentina prior to its default in 2001.

The European commission on Thursday strongly defended its handling of the Greek crisis after the withering criticism in a report by the International Monetary Fund.

Greece debt crisis: Get in depth coverage of Greece's fiscal crisis and the Socialist government's attempts to reduce the budget deficit and the level of sovereign debt, from FT.com

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