Here's my 90 seconds at 9 am summary of the key news over the weekend in association with Bank of New Zealand, including news Greece has yet to sign a debt restructuring deal with its creditors over the weekend.
Greece had hoped to do a deal with private lenders for a near 70% haircut, but has not finalised a deal, as of this morning.
It wanted to do the deal before a key meeting of European ministers later tonight.
Greece needs to find a solution well before it runs out of money on March 20.
Market nervousness about the euro crisis resurfaced late on Friday as the Greek talks with creditors dragged on, dragging European stocks down slightly.
Sources close to the creditors and the Greek government told Bloomberg that progress has been made, but a deal has not been finalised.
Some fear a default on March 20 would trigger an uncontrolled Greek exit from the Euro, triggering financial chaos across Europe's financial and banking systems.
However, Europe's banking system and its bond markets are in a more stable shape than they were before the European Central Bank printed €489 billion and lent it to European banks at interest rates of around 1% for three years just before Christmas.
Many of those banks, who had pledged government-guaranteed (but less than robust collateral) to get the loans, then promptly used the ECB money to buy Southern European bonds.
This pushed down European government bond yields and has been partly responsible for a rally on stock markets and in growth currencies so far this calendar year.
The New Zealand dollar remained firm over 80.6 US cents this morning, despite low inflation figures and talk of flat to falling interest rates in both Australia and New Zealand.
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