The drama on Greece's rescue package drags on yet again after Greek Prime Minister Lucas Papademos failed to get full agreement from his coalition supporters on Wednesday on measures needed for a second aid package. The reduction of pensions has been cited as the area of contention.
On another front, there was somewhat more hopeful news for Greece. There are reports that the ECB may agree to exchange the Greek bonds it purchased in the secondary market last year at a price below face value provided that there is agreement on the debt-restructuring plan.
Economic data on Wednesday were mostly weak.
In Germany, exports fell 4.3 percent in December.
In France, the Banque de France's business sentiment indicator for industry was unchanged at 96 in January but the business sentiment indicator for services fell to 93 from 94 in December.
Outside of Europe, Japan reported mixed economic data on Wednesday.
Japan's current account surplus fell 43.9 per cent in 2011 as the trade balance fell into deficit.
This year has not started too well for Japan either. The economy watchers survey's current service sector sentiment index fell to 44.1 in January from 47.0 in December. However, the outlook index moved in the opposite direction, rising for the first time in seven months to 47.1 from 44.4.
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