What the papers say

Journalist Fionola Meredith takes a look at what is making the headlines in Tuesday's morning papers.

More "market mayhem" on the front pages.

UK shares suffered their biggest one day fall for 21 years, and global markets plunged.

As the Independent puts it, "no-one wanted to buy shares and, yet again, no-one much wanted to lend money".

As the Times points out, the sell-off came as politicians desperately tried to soothe bank nerves, but came up with no immediate new measures.

But who is to blame?

'Financial freefall'

The Daily Telegraph has a go at Alistair Darling, criticising his "lack of urgency and apparent indecision".

"He cannot keep promising to do whatever it takes - he must do it," the paper says.

As Simon Hoggart, in the Guardian, points out: "Alistair Darling could discuss the Apocalypse in the same tone of voice as a 5p rise on a packet of cigarettes, but the trouble with the chancellor's reassuring manner is that it doesn't actually reassure anyone."

But the Times widens out the blame to European leaders as whole.

It says they "under-estimated the extent to which the Continent's banking system is tethered to the wreckage of the US sub-prime lending market - and showed a serious failure of leadership".

Meanwhile, the Irish Times strikes back against the "fit of recrimination and whingeing" that Ireland has been subjected to from the British, German, French and Dutch - the Republic's bank rescue plan could turn out to be the model for others, it says.

The "financial freefall" is top story in the Belfast Telegraph too.

Over at the Irish News, the Protestant minister who was forced out of Limavady for wishing his Catholic counterpart a happy Christmas 25 years ago, tells the paper that the then Catholic primate gave him money to help him resettle.

The Reverend David Armstrong reveals that Cardinal Tomas O Fiach told him not to reveal the gift until after his death.

Meanwhile, the News Letter describes how a Tyrone lorry driver accused of smuggling nearly £1m worth of cannabis into the UK has been cleared, with help from Ulster Unionist Lord Ken Maginnis and DUP peer Lord Maurice Morrow.

Aer Lingus jobs

The paper says that Tom Carson burst into tears after a jury cleared him at a court in Kent on Monday.

Baron Maginnis described the Carson family, from Tyrone, as "exemplary businessmen".

Apart from the financial crisis, the big story in the Dublin papers is the possibility of all-out industrial action on the part of Aer Lingus staff.

The Irish Independent says that employees are preparing to ballot after the company yesterday unveiled a survival plan - 1,500 jobs could face the axe, in a move aimed at achieving 76m euro in savings.

Unions representing the workers reacted furiously to what they called the "extreme and draconian plan".

And finally, it's official - Postman Pat has gone high-tech.

The Times reports that Pat now works in an ultra-modern sorting office, has a personal digital aide, a helicopter and a stunt bike. But the move has gone down poorly.

Postmistresses across the country - and even the Communication Workers' Union - are up in arms about Pat's departure from his Cumbrian village post office.

Even Peter Luff, chair of the Commons Business and Enterprise Select Committee, which has campaigned to save post offices, has got involved.

The accompanying cartoon shows a father bending over his bemused little son, explaining: "Granny Dryden and Mrs Goggins don't adequately reflect 21st century multiculturalism."