Abstract
In order to clarify the status of direct CP violation (in transition amplitudes), we study short-distance contributions to K 0( K 0 )→γγ within the standard model for large m t , including QCD corrections. Owing to a relaxed GIM suppression, CP violation in the decay amplitude turns out to more important than previously thought, namely of order 100 times direct CP violation (ε') in K L → ππ decays. This leads to the rare K L, S → γγ decays as potentially interesting candidates for testing direct CP violation at LEAR and φ factories. Still, it does not seem to be achievable by luminosity foreseeable for forthcoming φ factories.
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