90 seconds at 9am: South Canterbury pleads; France abandons Greece too
24th Mar 10, 8:47am
Watch on our video page here Watch on YouTube here Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news that South Canterbury Chairman Allan Hubbard has written to investors asking them to stick with the troubled Timaru finance company. He says South Canterbury is looking to raise further capital and is hopeful of an extension to its government guarantee shortly. The fate of South Canterbury now rests in the hands of the Treasury and the government The question is now the risks for the taxpayer vs the risks to the South Island rural economy of a receivership Meanwhile, France has agreed with Germany that Greece should approach the IMF for extra funds if necessary. This appears to seal Greece's fate and opens up the prospect of volatility for the euro. Meanwhile UK Chancellor of the Exchequer Alistair Darling is set to deliver his budget 10 weeks before the election. It will detail a deficit of 12% of GDP halving by 2014. But will it be enough?. will the May election result further weaken the UK. Also later today, Fonterra will release its profit result.