Here's my summary of the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news a deal was finally done late yesterday to bail out Greece for the second time in three years.
European leaders announced the deal after 14 hours of talks that eventually saw private holders of Greek bonds agree to a 70% haircut.
The deal was done at the very last minute, given the debt restructure needed to avoid a default on March 20 had to start tonight. However, there are plenty of hurdles. Creditors still have to agree fully and European parliaments still have to agree to the bailout measures.
There also remain major doubts about whether Greece's economy can pull out of its debt-death spiral where austerity contracts the economy, thus increasing the relative size of the debt load. One official analysis leaked yesterday showed Greece's debt could blow out again to 160% of GDP from 120% if its economy does not rebound. Many believe default is inevitable.
This meant there was little celebration on European markets, where stocks fell around 0.3%.
US markets were, however, more upbeat, with signs of consumer spending strength emerging in positive results from some retailers. The Dow briefly rose over 13,000 for the first time since May 2008.
Closer to home, the National Bank regional economic performance survey showed Auckland performed best in the December quarter from a year ago, with large parts of the South Island also growing.
Auckland is benefiting from a surge of real estate activity around central Auckland and received a boost during the Rugby World Cup. Large parts of the South Island (but not the West Coast) is doing well as the Christchurch rebuild begins to gear up and dairy, beef, and lamb prices remain high.
However, the Wellington, Nelson/Marlborough and Northland economies contracted, as did Christchurch's.
The New Zealand dollar edged back from its highs overnight as any relief over the Greek deal dissipated. It was around 83.5 USc in early trade, having hit 84 USc late yesterday. Lower inflation expectations in New Zealand were also a factor, keeping expectations for any OCR hike out around the end of the year.