Time is running out for an agreement between European finance ministers and the Greek government, after Greece rejected an extension of its existing bailout arrangements past the upcoming deadline of Feb 28. The collapse of talks in Brussels have further heightened concerns that Greece is heading for an exit (Grexit) from the single currency.

In an article in the New York Times, Greek finance minister Yanis Varoufakis writes:

Our government is not asking our partners for a way out of repaying our debts. We are asking for a few months of financial stability that will allow us to embark upon the task of reforms that the broad Greek population can own and support, so we can bring back growth and end our inability to pay our dues.

With Varoufakis being a former academic specializing in game theory, the FT’s economics correspondent Ferdinando Giugliano looks at how that might apply to the current negotiations:

* WORLD * The ceasefire in Ukraine appears shaky at best, with some pro-Russian rebels openly ignoring the weekend’s truce. The EU and US are pressing for adherence to the deal, which requires both sides to pull back their heavy weapons. The former head of Britain’s MI6 told the BBC that the crisis was now part of a “much bigger and much more dangerous” conflict between Russia and the West.

Egypt said it had launched airstrikes against ISIS targets in Libya in retaliation for the murders of 21 Egyptian Christians in a video released over the weekend. Amid the anger and fresh outrage, Mary Dejevsky at The Guardian says Islamic State’s “real power should not be exaggerated” while Graeme Wood has a fascinating, thoughtful piece at The Atlantic on What ISIS really wants.

A huge crowd turned out in Copenhagen for a vigil remembering the victims of the weekend’s terror attack. Two men were arrested, accused of aiding the gunman who killed two people and was later shot dead by police.

 (image: ITV News)

There was a strong earthquake off the northeastern coast of Japan, with a tsunami advisory issued after a 6.9 magnitude shock.

With much of the US east coast still in the grip of another winter storm, some cities could see record-low temperatures, as cold weather sweeps through the south and mid-Atlantic, with federal offices in the nation’s capital closed on Tuesday.

* BUSINESS *  Labor Secretary Tom Perez will meet on Tuesday with both sides in the dispute at the 29 west coast ports, as a line grows of ships backed up offshore.

The CEO of Transocean is stepping down. Steven Newman took over in 2010 just before the Deepwater Horizon rig explosion.

After the FAA issued proposed rules governing small commercial drones, Amazon said it “remained committed” to using the equipment as part of its proposed “Prime Air” delivery service.

* POLITICS * “There will be times where I will say things that will make you shake your head,” New Jersey Governor Chris Christie told a crowd in New Hampshire, as his approval rating in his home state slipped to a record low.

Nigel Farage, leader of Britain’s UKIP, is to appear alongside Sarah Palin and the NRA’s Wayne LaPierre at next week’s CPAC conference in Washington.

Australia’s Foreign Affairs Minister Julie Bishop gave an interview to BuzzFeed and conducted it entirely in emoji.

* SPORTS * The Uefa Champions League returns on Tuesday with the first games in the last 16 knockout stage. As Joshua Robinson writes at the Wall Street Journal, the tournament has become something of a vicious cycle, with Europe’s “blueblood” clubs keeping a tight rein on the riches it provides:

The consistency among the superclubs drives the wedge further between the elite and the rest. Winning the tournament last year was worth $65.6 million to Real Madrid in prize money, according to UEFA, while the runner-up picked up $57 million.

Journalist Alison Gordon, who became the first female beat writer in Major League Baseball when she covered the Toronto Blue Jays for the Toronto Star in 1979, died over the weekend aged 72.

* CULTURE * The Verge has the “best and the worst” of SNL’s 40th Anniversary Special, while the after-party seemed to be something else as well. Among TV viewers, the SNL show easily beat out the NBA’s All-Star Game.

Three killings over the weekend brought New York City’s stretch without a reported murder to an end at a record twelve days.

It’s the Westminster Kennel Club Dog Show at Madison Square Garden Monday and Tuesday. In this New York Times quiz, try and match the dogs to their owners…

Finally, Monday was Presidents’ Day and, as every year, there was plenty of discussion on ranking the occupants of the highest office. The Washington Post says the day is “a patriotic excuse for retail discounts and an irresistible occasion to engage in armchair analysis of the nation’s presidents.” The Post reports on the opinions of 162 members of the American Political Science Association, finding “Lincoln #1, Obama #18, Kennedy most over-rated.”

Of course, all of the Presidents have run a tough race in their own way.