Greeks sans gifts. Time is running out for Greece and its creditors to get the debt relief talks back on track this week and a deal reached so it can be approved by the end of June. The Greeks walked out of talks in Brussels overnight Sunday -- a sort of Aegean tit for tat for the walkout last Thursday by the International Monetary Fund. The IMF departed because it felt the Greeks were not being serious, and the Greeks departed overnight because they felt the Europeans were being too tough. Does a new crisis loom? Maybe not -- time might not be running out if someone, such as German Chancellor Angela Merkel (who will decide what sort of deal is finally acceptable), wants to kick the retsina bottle down the road a bit more and into July or August. It is clear Greece is not being serious in not offering cuts in the public sector on employment levels and pensions -- and that has been the key sticking point. The Greeks need the 7.2 billion euros remaining from the second bailout -- the country has a 1.5 billion euro repayment to the IMF on June 30, and billions more in loans to the ECB and IMF in July. Eurozone finance ministers are due to meet Thursday night, so more talk of a Grexit. -- Glenn Dyer

RBA watches. The Reserve Bank will be watching the US Federal Reserve's two-day meeting this week closely because a rate rise in the US will take some pressures off it for another rate cut here, especially if the Aussie dollar slides under 75 US cents. But before then we get the minutes of the June meeting of the bank tomorrow, which won’t give us much more enlightenment than we got last week from governor Glenn Stevens in one of his most forthright speeches and commentaries of his nine years leading the bank. Apart from the minutes there are speeches by the RBA's assistant governor of economics, Christopher Kent (later today), and assistant governor of financial markets Guy Debelle (tomorrow). These will be watched for any more clues regarding the outlook for interest rates. The RBA will be watching Greece’s twists and turns in its dealings with the EU -- a default or other major crisis of confidence will likely bring a run of foreign money into the Aussie, pushing it higher. But the biggest surge of money into the greenback from the euro will offset that, leading to a sharp increase in volatility. It could be a big week.-- Glenn Dyer