90 seconds at 9am; Big Otago gold find; UK 'highly toxic'; Greece cut loose

Watch on our video page here. Watch video on YouTube here. Bernard Hickey highlights the key news overnight in 90 seconds at 9am in association with BNZ, including news that Oceana Gold has announced another increase in reserves at its Macraes gold Mine in Otago. It has found an extra 754,000 ounces of gold in the last couple of months that may be worth more than NZ$1 billion with the gold price over NZ$1,000/oz. This extends the life of the mine for a further 3 years to 2016. Meanwhile, big fund manager Standard Life has warned that Britain's AAA credit rating is 'extremely vulnerable' because of the 'highly toxic' political and economic environment. Also, Dutch and German finance ministers have warned Greece that it will have to solve its own budget problems, Bloomberg reported. Greece needs to cut its 12% budget deficit if it wants to maintain its credibility within the euro. This will put immense pressure on the euro and on Greek's economy. Eventually its euro membership may come under threat, raising questions about a bailout, although these comments suggest a bailout is unlikely.