Morning papers: Greece votes for austerity amid protests

Greek lawmakers on Sunday approved a tough austerity package aimed at averting a default, but the vote was overshadowed by violent street protests in central Athens and dozens of arson attacks against shops and banks, according to the Financial Times.

The legislation passed by 199 votes in favour to 74 against, a convincing majority for Lucas Papademos, the caretaker prime minister who has been given the job of pushing through painful reforms demanded by the European Union and the International Monetary Fund in return for a second €130bn (£109bn) bailout.

Britain to avoid double-dip recession, says CBI

Britain is narrowly to avoid plunging back into recession, the Confederation of British Industry (CBI) has forecast - as it warned that the fate of the UK economy was tied to that of the eurozone, reports The Telegraph.

China tells banks to roll over loans

China has instructed its banks to embark on a mammoth roll-over of loans to local governments, delaying the country’s reckoning with debts that have clouded its economic prospects, reports the Financial Times.

City attacks ‘flawed’ EC analysis of transaction tax merits

An Alliance of bankers and city trade associations today attacks “flawed” analysis by the European Commission of the merits of a financial transactions tax and highlights an apparent contradiction in the commission’s stance on derivatives trading, reports The Telegraph.

Bankers arrested in UK tax fraud probe

Tax authorities have arrested a number of investment bankers at Royal Bank of Scotland and other banks in an inquiry into alleged fraud. Investigators arrested four current and one former RBS employee at their homes, as well as several bankers at two other banks, on allegations that they used investments in film productions to evade taxes, reports the Financial Times.

Job losses in City hit rental market

Thousands of City job losses are hitting London’s top-end rental market as bonuses are slashed and banks cut back on accommodation budgets, according to the estate agency Knight Frank, reports The Independent.