90 seconds at 9am: Fallout rains down on Key tax plan; Germany may bail out Greece

Watch on our video page here. Watch on YouTube here. Bernard Hickey details the key news overnight in in 90 seconds at 9am in association with the BNZ, including reaction to John Key's big tax plan unveiled yesterday, which included a potential increase in GST to 15% and tax cuts across the board that could cost NZ$3-4 bln. However, depreciation changes and the GST increase may only net NZ$1.5 bln after compensation. Where is the rest coming from? It's not the step change John Key promoted it as. See more detail and reaction here. Meanwhile German officials have said Germany may bail out Greece to save the euro. The Euro and NZ$ rallied on hopes the European crisis may ease. However, an emergency EU summit has been called for Thursday and the head of the European Central Bank Jean Claude Trichet has left Australia early to return to Europe to deal with the crisis.