Europe has had more bad news as the economic outlook looks very bleak.
The Bank of England has admitted there will be little growth in the UK economy this year as the double-dip recession intensifies.
The European Central Bank has warned that the debt crisis hitting the eurozone is causing the region's financial market to become increasingly fragmented.
France could also slip back into recession while Germany's exports are also facing problems.
Al Jazeera's Peter Sharp takes a look at the figures.