90 seconds at 9am: Greek deadlines loom; Dow up; NZ$ up to 70.6 USc

Bernard Hickey details the key news in 90 seconds at 9am in association with the BNZ, including news the European Union has issued Greece with two deadlines around its budget and debt crisis.

Firstly, it wants details of some swaps arrangements with Goldman Sachs by Friday. Many investors fear they were used to cover up the explosion in Greek govt debt. The EU also wants more detail on Greece's budget cuts by March 16 to reassure nervous markets. The euro fell again overnight on the fears the Greek sovereign debt crisis will spread through Europe and ultimately destroy the euro.

Meanwhile, the Dow rose 125 points by late trade after Barclays doubled its profit and a US Federal Reserve survey found manufacturing expanding, reassuring some of recovery.

Meanwhile, Britain's annual inflation rate surged to 3.5% after the reversal of a sales tax cut, higher oil prices and the weak pound. This was above the Bank of England's target of 2%, forcing the Governor to write a letter to the government explaining the temporary rise.

Also, China bought less Treasuries in the last 4 months, driving the US$ down. It sold US$34.2 billion in December alone. This helped push the US dollar down and push the New Zealand dollar up to 70.6 USc.

Category:

News & Politics

Tags:

• euro
• Greece
• China
• US dollar
• NZ dollar
• DOW
• 90 at 9

[joel1923]

The Greeks will probably blow them off. Afterall, if Greece defaults the whole eurozone will suffer. I think the Greeks are the ones in the driver's seat. The Greeks are just waiting for the EU bail-out...