Fourth quarter economic figures show that two more of the eurozone's biggest economies, Italy and the Netherlands,  have now also fallen into recession, while Germany had its first negative quarter since 2009 with a decline of 0.2%. France, however, had a surprise growth of 0.2%. It isn't thought that Germany will fall into recession with figures showing that during 2011 as a whole the German economy grew by 3%.

Italy and the Netherlands join Greece, Portugal and Belgium in recession. Problems continue in Greece with the country's public order minister, Christos Papoutsis, saying that the Greeks have aready been pushed to their limits by the austerity measures demanded by the EU and IMF. Eurozone officials have cancelled a planned meeting with Greek officials after making demands for additional cuts and reassurances. Although the Greek parliament approving an austerity package at the weekend, despite violent protests sweeping the country, the eurozone ministers have demanded a further 325m euros of cuts.