Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news that stress results from Ireland's banks show they need another 24 billion euros of capital survive.
This brings total bank bailouts in Ireland by Irish taxpayers to 70 billion euros or 17,000 euros per capita. See more at BBC.
The European and British banks that have lent money to the Irish banks through junior and senior bond issues are now worried that the state-controlled banks will force them to take haircuts or losses on those bond issues. Irish politicians have begun talking about the need for restructuring or default on this debt.
That would cause more turmoil in European financial markets and effectively make it more difficult and expensive for New Zealand's banks and government to roll over their foreign debts. Those higher costs would be passed on to New Zealanders in the form of higher mortgage rates than would otherwise be the case.
Elsewhere in Europe, Portugal revealed its government borrowing had hit 8.6% of GDP, much higher than its official target of 7.3%. See more here at BBC.
Portugese bond yields hit record highs on talk of a bailout now Portugal has a caretaker government and has run out of cash to make interest payments due in June.
Meanwhile, back in New Zealand, Terry Serepisos' holiday home in Queenstown has been put up for sale as a mortgagee sale and he faces a bankruptcy petition.
Serepisos is confident of a loan to pay off his creditors from a shadowy figure in Dubai. See more here at Stuff.
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