European morning wrap:

Fitch places major Australian banks on rating watch negative ECB's Makuch: Certain possibility of euro zone falling into recession exists We're on the brink, warns Greece ahead of summit - The Telegraph Irish Minister: If voters rejected fiscal treaty would be hard for country to remain in euro French FinMin:  Crisis is of "violent,", "unprecedented" kind Italian auction ECB said to have bought Italian bonds this morning Euro zone economic sentiment rises to 93.4 in January, up from revised 92.8 in December, but marginally weaker than Reuter's median forecast of 93.8 Spain prelim Q4 GDP -0.3% q/q, +0.3% y/y, pretty much in line with Reuters' median forecasts -0.3%, +0.2% respectively Italy January business confidence falls to 92.1 from 92.5 in December, weaker than Reuter's median forecast of 92.8 and lowest read since November 2009