09.50 Here you can read more on Silvio Berlusconi's TV interview on Italian state broadcaster Rai Uno yesterday, where he boldy told Italians: "You need me".
Former Italian Premier Silvio Berlusconi appearing on Porta a Porta TV show
09.37 Holland is set to miss its 3pc budget deficit target for next year, according to government economic forecasters who predict it will rise to 3.3pc. This forecast, coupled with the Dutch central bank's gloomy prediction the economy would contract by 0.6pc next year, will likely lead to further budget cuts by finance minister Jeroen Dijsselbloem as he strives to maintain the country's prized AAA credit rating- one of only four in the eurozone.
09.04 Finland has been urged to curb its public borrowing by a top EU official as it risks government debt exceeding 60pc of GDP. Olli Rehn, in charge of economic and monetary affairs at the European Commision warned the Nordic country its debt was set to hit 60pc of GDP - the debt ceiling recommended by the EU - within the next five years. His caution came days after the Finnish central bank slashed the country's 2013 growth forecast from 1.2pc to 0.4pc.
Santa Claus reads letters coming in from the world in his office in Rovaniemi, Lapland, Finland
08.53 European markets have opened to a buoyant start in early trading, lifted by the S&P upgrade on Greek sovereign debt.
08.40 Silvio Berlusconi said Italy could be forced to exit the single currency unless the European Central Bank gets more powers to ensure lower borrowing costs. He has made similar remarks in the past about the possibility of Italy, or even Germany, leaving the euro, but has often at least partially rectified them later. Italy's former prime minister, who plans to stand for election in elections expected in February appeared on a talk show on state broadcaster RAI, saying:
If Germany doesn't accept that the ECB must be a real central bank, if interest rates don't come down, we will be forced to leave the euro and return to our own currency in order to be competitive.
08.34 French finance minister Pierre Moscovici said President Francois Hollande must review France's pension system, since previous reforms which included raising the pensionable age by two years to 62, did not go far enough. His comments came after French daily Le Monde leaked a government commissioned report forecasting the pension deficit will hit ?18.8bn in 2017. Asked if France needed a new pension reform, he told RTL radio:
It seems to me that we will have to return to this subject ... There will no doubt be a retirement (reform) but it will have to be fair.
08.17 An audacious bet on the eurozone debt crisis has paid off for hedge fund Third Point and its billionaire owner Dan Loeb, who reportedly sold a large part of a $1bn position in Greek debt that soared in value in the wake of the buy-back deal unveiled by Athens on Monday.
06.00 Good morning and welcome to our live coverage of the eurozone debt crisis.
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