Standard and Poor's slash growth forecast

Standard and Poor's has slashed its eurozone growth forecasts and now expects a slightly stronger economic contraction this year.

The international ratings agency says business activity is likely to decline by 0.8% across the 17-nation bloc, rather than by 0.7% - its previous forecast issued in July.

For 2013, the ratings agency expects the eurozone economy to record no growth, revising the earlier outlook for a slight expansion of 0.3%.