90 seconds at 9am: Greece thrown to the IMF; US bond yields rising

Watch on our video page here Watch on YouTube here Bernard Hickey details the key news overnight in 90 seconds in 90 seconds in association with the BNZ, including news that France's President Sarkozy has agreed to a German plan to send Greece to the IMF for a budget bailout. This ends months of agreement among the Eurozone countries that Euro zone countries would contribute to any bailout. This has driven the euro sharply lower overnight. The New Zealand dollar rose to a 2 year high vs the euro and a record high versus the pound. The NZ dollar rose to a 3 month high vs the TWI This is bad news for our exporters Meanwhile, US interest rates rose overnight on fears about blowouts in government debt. The bond vigilantes are back in charge. This meant the 10 year US bond yield rose to 3.9% from 3.6% after the US government sold US$118 bln of bonds in less than a week. Financial markets should brace for trouble as bond yields start rising after 3 years of falling.