Stephen Fidler: On the face of it, the Greek government and representatives of bondholders are close to an agreement that they like to describe as voluntary. In fact, a range of debt-restructuring outcomes is still possible—from the truly voluntary to the truly chaotic.

Spain's jobless claims shot up 4% in January from December to 4.59 million, a sign that the euro zone's fourth-largest economy is still shedding jobs at a record rate.

The Irish Central Bank cut its growth outlook, saying that slowing demand for the country's exports and weak consumer spending will weigh on the Irish economy.

Munich Re said fourth-quarter after-tax profit, including minorities, rose 31%, helped by a higher contribution from investments which more than offset claims costs from one of the insurance sector's costliest years.

Spain's treasury benefited from market confidence, raising slightly more than its planned amount of cash via a government bond sale at lower borrowing costs.