It was during a weekly economic briefing at the bank in early 2008 that I first heard the phrase. A sterling swaps trader told the assembled economists and managers that "Libor was dislocated with itself". It sounded so nonsensical that, at first, it just confused everyone, and provoked a little laughter. Before long, though, I was drawing up presentations to explain the "dislocation of Libor from itself" for corporate relationship managers. I was deciphering the subject in emails, internally and externally. And I was using the phrase myself openly with customers of the bank.

What I was explaining was that the bank was manipulating Libor. Only I didn't see it like that at the time. What the trader told us was that the bank could not be seen to be borrowing at high rates, so we were putting in low Libor submissions, the same as everyone. How could we do that? Easy. The British Bankers' Association, which compiled Libor, asked for a rate submission but there were no checks. The trader said there was a general acceptance that you lowered the price a few basis points each day.

According to the trader, "everyone knew" and "everyone was doing it". There was no implication of illegality. After all, there were 20 to 30 people in the room – from management to economists, structuring teams to salespeople – and more on the teleconference dial-in from across the country.

Looking back, I now feel ashamed by my naivety. Had I realised what was going on, I would have blown the whistle. But the openness alone suggested no collusion or secrecy. Management had been in the meeting, and so many areas of the Treasury division of the bank represented, that this was clearly no surprise or secret. Libor had dislocated with itself for a very good reason – TO HIDE THE TRUE ISSUES WITHIN THE BANK.

The interest rate rigging scandal that has engulfed Barclays was the result of a coordinated attempt at collusion by traders working for a coterie of leading banks over at least five years, according to a series of lawsuits and legal rulings filed in courts in Asia and North America.

The lawsuits allege the fraud was extensive, spanning at least three continents and involving trades worth tens of billions of pounds. The allegations raise further serious questions about the banks' ability to police themselves and the role of senior management in monitoring the activities of their employees.

In a 28-page statement of facts relating to last week's revelation that Barclays had been fined a total of £290 million, the US Department of Justice discloses how a network of traders working on both sides of the Atlantic conspired to influence both the Libor and Euribor interest rates – the rates at which banks lend to each other. It was, in effect, a worldwide conspiracy against the free functioning of the market.

The size of the fines was significant and the opprobrium heaped on Barclays unremitting. "This is the most damaging scam I can recall," said Andrew Tyrie, chair of parliament's Treasury select committee. "It appears that many banks were involved and Barclays were the first to own up."

Even business leaders turned on the City and demanded a cull at the top of British banks, with some investors at Barclays agitating for a management change after its £290 million fine for trying to fix Libor, the rate banks charge to borrow from each other.

The Bank of England Governor, Sir Mervyn King, launched a scathing attack on the banking industry and demanded a "real change in culture".

Bob Diamond, the chief executive of Barclays, could be called before Parliament as early as Wednesday to answer questions about when he first became aware of the practice. The bank's chairman, Marcus Agius, will probably also be called to appear "if he is still in a job," sources on the Treasury Select Committee said.

Ed Miliband, the Labour leader, called for a judge-led inquiry into the industry, asserting that the problem "goes far beyond individuals". But he also singled out Mr Diamond, adding to the pressure on him to resign: "I think it's pretty clear that change is required at Barclays. It's very hard to see that being led by Bob Diamond."

He added that while “a referendum will be vital”, he believed that holding one now would be “a huge error with enormous tactical risks” because the fear of damage to Britain’s economy would mean that Eurosceptics would lose. Dr Fox’s intervention came just hours before Mr Cameron was due to make a statement on Europe in the Commons, when he is likely to be pressed for more details about his plans for the referendum.

The comments in Dr Fox’s first major speech since being forced out of office before Christmas will pressure David Cameron to set out a clear timetable for Britain to hold a referendum on the UK’s membership of the European Union. Dr Fox, who quit as defence secretary in November over his links with his friend Adam Werritty, said that Britain’s disaffection with Europe could be traced back to the moment in the 1980s when the European Union ceased to be merely a trading area.

He told an audience in Westminster: “There remains a strong resentment among large parts of the British people that they voted for one thing and were delivered into another. Worse, there is a suspicion that those who persuaded them to do so were all too aware of this deception. Not only were they sold a pup but they were intentionally sold a pup.” Dr Fox said: “I do not believe that Britain’s national interest is served by its current relationship with the EU.”

Last month, Syrian forces shot down a Turkish jet in the border area.

The incident further strained already tense relations between former allies. Turkey's government has been outspoken in its condemnation of Syria's response to the 16-month anti-government uprising, which has seen more than 30,000 Syrian refugees enter Turkey.

James Reynolds BBC News, Antakya, southern Turkey, writes: Turkey's military has more than 500 miles of border with Syria to defend. It has now decided to treat everything that happens on the Syrian side of the border with extreme suspicion. The scrambling of the jets is a sign of continuing tensions.

A little over a week ago, Syria shot down a Turkish warplane. Syria says that the aircraft was flying inside Syrian airspace - a charge denied by Turkey. Following this incident, the Turkish government announced that it had revised its military rules of engagement towards Syria. From now on, every military element that approached the Turkish border from Syria would be considered as a threat. The military has now acted on its new rules. Turkey is keen to show that it's protecting its territory.

Diplomatic sources in the Middle East told the paper that destroying the F-4E Phantom II was a split-second decision intended as a warning to NATO to stay out of Syria’s civil war. A source in Israel’s Air Force was quoted as saying “we would not be surprised if these Russian experts, if they didn’t push the button, at least were beside the Syrian officers who did it.”

The downing of the plane pushed Ankara closer to military intervention in Syria as Turkish troops and tanks were deployed near the border with Syria. Damascus responded by sending two tank brigades to the border. A long-standing client of the old Soviet Union, Syria has acquired sophisticated air defenses from Moscow over the past four decades and is seen as President Vladimir Putin’s last friend in the Arab world, opposition sources say.

Officers interviewed as part of the study said further disorder was likely, with many citing worsening social and economic conditions as the potential cause. There is considerable concern among police that their ability to deal with any future riots may be affected by the scale of the budget cuts currently affecting forces.

This blunt assessment of the country's preparedness for disorder comes from interviews with 130 police officers of all ranks who took part in the second part of Reading the Riots, a joint study by the Guardian and London School of Economics. The interviews, which are mostly anonymous accounts of the riots in five English cities, give an unprecedented insight into what thousands of officers – both on the frontline and in control rooms – experienced during the most serious bout of civil disorder in a generation.

The study comes at a time when the police service is engaged in a bitter dispute with the home secretary, Theresa May, over proposed budget cuts and her controversial appointment of a new chief inspector of constabulary, Tom Winsor.

Bahmani said Iran would take action against the sanctions, but did not specify what it had in mind. "We have not remained passive. For confronting the sanctions, we have plans in progress," he said.

The remarks by Bahmani, carried by the semiofficial Mehr news agency and quoted by the Associated Press, are the first reaction from a senior Iranian official on the day that the new sanctions go into effect.

According to the EU, all contracts for importing Iranian oil are halted as of Sunday, and European companies will no longer be involved in insuring Iranian oil. Previous sanctions by the US have cut exports of Iranian crude from about 2.5 million barrels a day last year to between 1.2 and 1.8 million barrels now, American officials said.

China, India, Japan, Malaysia, Singapore, South Africa, South Korea, Sri Lanka, Taiwan and Turkey have been given waivers from the US regarding a complete boycott but pledged to "significantly reducing" oil imports from Iran.

Similar weather back in 1988, creating one of the most damaging droughts in US history and cut the country's corn production by more than 30per cent. Food price inflation is already a headache for policymakers around the globe, faced with the pressures of growing populations, rising urbanisation and changing diets. That means the latest surge in crop prices state-side, with the US producing more than 40 per cent of global corn exports, is causing some concern. The dry weather is also affecting the Black Sea producers, as well as those on the North China Plain.

High levels of planting by farmers had stoked hopes for bumper US supplies this year, to replenish inventories that are near record lows and ease pressures on food prices. But when corn plants are stressed by drought conditions, the result is lower yields from the fields. "The corn crop is entering the key pollinating and yield-setting period and continued dry weather is a big concern for yields," said analysts at Barclays Capital. "The optimistic scenario of agricultural surpluses that 2012 was supposed to herald may not transpire."

As a result, investment bank Goldman Sachs on Friday raised its price forecasts for corn futures contracts to $6.25 per bushel, up from $5.25. There are knock-on effects on other agricultural commodities – when corn prices go up, wheat prices move in tandem as demand increases for the commodity to replace corn in animal feed.

The Bank of England is preparing to unleash a £200 billion stimulus package for the economy by printing more money this week and relaxing financial regulations. Rate-setters on the Bank’s Monetary Policy Committee are also expected this week to unveil a further £50 billion of quantitative easing (QE). Last month, the Governor Sir Mervyn King voted to increase the £325 billion of completed QE by £50 billion. He was narrowly outvoted, with the committee split 5-4 in favour of leaving policy unchanged.

Philip Shaw, UK economist at Investec, said the eurozone crisis and the recent sharp fall in energy prices had made it “easier to justify easier policy”. He added: “Given these various dynamics we expect the MPC to restart another £50 billion of QE.” Others at Citi and Capital Economics believe the Bank could add as much as £75 billion.

Increasing QE would be the just latest attempt by the Bank to push a wall of money at the economy to restore growth and end the double-dip recession. Earlier this month, the Governor unveiled a “funding for lending” plan which the Treasury hopes will deliver as much as £80 billion of extra credit to the economy.