Under pressure from the European Union and international markets to rein in the nation's €300bn debt, Greece announced last week that it would have to enforce tough deficit-cutting measures. But the coming austerity package is leading panicked wealthy Greeks to divert their savings out of the country. A staggering €8bn-€10bn may have been taken out of Greece by private investors since it became engulfed by economic turmoil in November.

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The founder of the Virgin group, whose rail, airline and travel companies are sensitive to energy prices, feels that the ¬coming oil crisis could be even more serious than the credit crunch.

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According to reports, the new feature will allow Gmail users to view a stream of status updates from people they choose to connect with. It will be tightly integrated with Google's video-sharing site YouTube and its photo-sharing site Picasa.

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