Greece will ask for a six-month extension of its European loan agreement on Thursday, Greek government spokesman Gabriel Sakellaridis confirmed.
A deteriorating economic outlook, doubts about a pickup in domestic spending and weak China's demand for raw materials triggered the latest interest rate cut.
The Chinese economy may slow this year as the country is facing the risk of deflation and sluggish demand undermine economic performance.
Britain's inflation continued to fall, declining to record low since records began in 1989, driven down by a plunge in food and fuel prices.
Sentiment among US homebuilders dropped for the second consecutive month in February, but remained above the 50-mark threshold for an eight month in a row, indicating that more builders think that market conditions were favourable.
Investors in the Euro zone largest economy remained upbeat on Germany's near-term economic outlook in February, as the ZEW index reached the highest level in 12 months.
New Zealand retail sales jumped more than expected in the December quarter, led by increased vehicle sales, underscoring upbeat consumer confidence amid low inflation and a growing economy.
Japan has recovered from recession triggered by sales tax hike in April last year.
The Confederation of British Industry has revised upwards its UK growth outlook for this year in light of low inflation and falling unemployment figures.
As gas prices continue to decline, US consumers find themselves with extra cash in their pockets to spend this year.
European officials failed to reach an agreement over a new Greek debt deal after less than four hours of talks in Brussels, as Athens rejected an offer to ask a six-month extension of its international bailout package.
China's financial institutions issued 1.47 trillion yuan worth of new loans last month, the highest level in more than five years and compared with 697.3 billion yuan in December, according to the People's Republic of China.
Manufacturing sales in Canada surprised to the upside, led by auto industry sales. Canadian factory sales increased 1.7% to C$52.4-billion on month in December as a decline in the sale of petroleum and coal products was compensated by rise in transportation equipment, machinery, and food sales, Statistics Canada data showed.
The UK construction sector's activity slowed at the end of the last year, due to less maintenance and repair work as well as slower house building.
US import prices posted the biggest decline in six years in January, adding to signs that domestic inflation could remain subdued for a while.
Growth in Germany accelerated in the final quarter of the year, benefiting from falling oil prices and a weaker Euro.
Euro zoneThe closely watched event of the previous was the negotiation between the Eurogroup and Greece's officials, as European leaders have been trying to avert the worst-case scenario of Greece defaulting on its debt. Unfortunately, the agreement was not reached after seven hours talks in Brussels, but both parties hinted that there was still hope for a deal, with negotiation
Speaking at a bi-annual appearance before the House of Representatives standing committee on economics, Reserve Bank of Australia Governor Glenn Stevens warned that interest rate cuts may not be as effective as they used to be in the past.
Food prices in New Zealand climbed in January, signalling stronger inflationary pressures at the beginning of the year, which could be offsetting a precipitous decline in oil prices, triggering an earlier-than-expected RBNZ's move on interest rates.
The Bank of England revised its short term inflation forecast, saying that there is a high probability that consumer prices will slid to the negative territory shortly but highlighted that there is no risk of persistent deflation in the country.
US retail sales declined more than expected in January, suggesting growth in the world's number one economy lost some traction at the beginning of the year.
While Greece is within a hair's breadth of a massive default and European finance leaders are trying to avert the worst-case scenario, the unemployment rate in Greece remained at an unhealthy high level.
Consumer confidence in Australia rose in February to the highest level in a year after the Reserve Bank of Australia cut its official cash rate to a new record low of 2.25% last week, providing home owners with another boost in spending power.
Japan's machinery orders increased more than expected in December, suggesting that companies are willing to spend following the April sales tax hike that drag the nation's economy into recession.