90 seconds at 9 am: Greece needs third bailout; markets risk-off; RBA signals more rate cuts; dairy prices up 2.3%; new economic calendar; NZ$1 = US$0.798, TWI = 74.9

Here's my summary of the key news overnight in 90 seconds at 9 am, including news our dollar is sharply lower this morning.

But first, the Germans are conceding that Greece will need a third bailout.

That's on top of the €240 billion already provided and doesn't include the €100 billion haircut Greek bondholders had to take.

But this time, the Germans say, bondholders won't be asked to stump up more concessions. All this is necessary to keep Greece solvent and meet its current debt financing costs. By the way, the IMF disagrees with Germany on 'no more haircuts'; it says 'more debt forgiveness may be necessary'.

The emerging market sell-off is gathering steam and international investors have turned 'risk-off'. We are getting buffeted in a small way at the margin.

Yesterday's imposition of mortgage loan controls by the Reserve Bank had a small part to play; a bigger part were RBA minutes that signaled rate cuts across the ditch are still on the agenda there.

And so far, the relatively good Fonterra dairy auction this morning, which saw prices up 2.3% since the last auction two weeks ago - and up 62% on the year, while volumes sold in this auction were 30% higher than for the same time last year - this has had no effect on our currency, although it might have kept it from falling more. In NZ dollars however, the rise was only +1.4% above the previous auction. Still, it was a rise and a good result despite the recent tainting issues.

The NZ dollar starts today significantly lower at 79.8 USc, 87.8 AUc, and the TWI is down nearly a 100 bps at 74.9.

Finally, check out our new Economic Calendar tool. It is a great way to stay on top of the latest data releases, even if we don't run stories on them all.