“I have learned through the years that after a good run of profits in the markets, it`s very important to take a few days off as a reward. The natural tendency is to keep pushing until the streak ends. But experience has taught me that a rest in the middle of the streak can often extend it.”– Martin Schwartz

1. Greek Debt Talks Break Down — MarketWatch, talks among eurozone finance ministers over a new financing arrangement for Greece broke down abruptly. The breakdown came after Greece rejected an extension of its current 240-billion-euro ($272 billion) bailout program under the conditions being offered by other ministers.
2. Oil Tanker Derails, Explodes in West Virginia — a CSX (NYSE:CSX)train carrying more than 100 tankers of crude oil has derailed and burst into a huge fireball in West Virginia, igniting at least 14 tankers. One tanker car and perhaps more fell into the Kanawha River, prompting concerns about potential contamination of water treatment facilities that serve local communities.
3. BOE Keep Interest Rates Unchange — Bank of England officials voted unanimously to leave the central bank’s benchmark interest rate unchanged at 0.5% this month and the stock of assets purchased under its bond-buying program unchanged at £375B.
4. Germany Rejects Greece’s Loan-Extension Proposal — MarketWatch, Germany has rejected Greece’s request for a six-month loan-extension agreement, saying the letter is not a “a substantial proposal” for a solution.” The Greek PM had ask the eurozone ministers to extend by 6-months its 240-bil-euro bailout, without austerity terms.
5. Moody’s Downgrades Russia Sovereign Debt to Junk — CNBC, Moody’s Investors Service downgraded Russia’s sovereign debt to junk status last Friday, citing the crisis in Ukraine and the falling price of oil. Moody’s cut Russia’s rating to Ba1 from Baa3, with a negative outlook.

The week ahead — Economic data from Econoday.com: