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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Eurozone recovery stalls amid Greek rescue doubts AFP - Saturday, February 13 Send IM Story Print BRUSSELS (AFP) - – The German economy has ground to a halt as recovery stalls in the eurozone, new figures showed Friday, deepening investor unease over the EU's tepid response to the Greek debt crisis. Economic growth in the 16-nation bloc was a meagre 0.1 percent in the fourth quarter of 2009, far slower than the growth of 0.4 percent seen in the third quarter, data agency Eurostat said. "The news that the eurozone recovery lost what little momentum it had in the fourth quarter will add to markets' fears about the region," warned Jennifer McKeown, an analyst at Capital Economics research group in London. IHS Global Insight said: "There is still little real feeling that the economy is kicking on. Indeed, we suspect that the eurozone's recovery will remain gradual and prone to losses of momentum for some time to come." The figures showed that recovery in Germany, Europe's biggest economy, has stopped, while the Italian economy went back into contraction. Economic growth in France, however, accelerated. Further bad news came for debt-laden Greece, where recession deepened to shrink by 0.8 percent compared to a 0.3-percent contraction in the third quarter. Facts: Greece, the EU, deficits and debt A pledge by EU leaders to help Athens battle its debt meanwhile failed to convince currency markets, with the euro plunging to 1.3616 dollars in trading in London, from 1.3695 in New York late Thursday. While commentators cast doubt on whether Greece has the stomach for the fight, markets appeared dubious about whether its European partners were ready to give real help. At a summit on Thursday, EU leaders pledged solidarity but stopped short of offering an immediate injection of hard cash, saying that Athens had not requested any. New EU President Herman Van Rompuy said an expression of "crystal clear political will" had been set down, one that translates into monthly policing by Brussels of Greece's deficit reduction. Greek Prime Minister George Papandreou bemoaned that the EU action lacked punch. "My feeling is that Europe has still not understood its capacity to draft rules and policies to confront international markets," he told a cabinet meeting Friday. Europe had thrown its "political support" behind Greece's efforts but "the struggle against the impressions and psychology of the markets lacks punch, to say the least," he added Credit Agricole analyst Mitul Kotecha agreed: "Markets had nothing concrete to digest aside from a general agreement to provide assistance if needed." While other eurozone members, notably Spain, Portugal and Ireland, are struggling under a debt mountain, most fears centre on Greece, which had a deficit of 12.7 percent of output in 2009 and debt of 113 percent. As confidence waned, the European Commission said it was preparing new measures to boost coordination among eurozone countries and supervise their economic policies. "The critical lesson from this crisis is that we urgently need deeper and broader surveillance of economic policies," EU Monetary Affairs Commissioner Olli Rehn said. Papandreou underlined "a lack of coordination among the different components of the commission, the European Union and the European Central Bank. There are even differences among them." His government intends to cut the deficit to less than 3.0 percent of GDP in 2012 and has ordered spending cuts that have triggered protests. But commentators doubted whether Athens would live up to its pledges and whether eurozone partners would really crack the whip if it reneges. The European Central Bank's chief economist warned Athens to "put its own house in order". Austerity measures unveiled so far "are a strict minimum, which must now be put into practice, and more will be needed given the clear deterioration of the situation," Juergen Stark told Germany's Der Spiegel magazine. While Europe's three biggest economies -- Britain, France and Germany -- have crawled out of recession, growth data showed they are not out of the woods and economies in other parts of the continent are still shrinking. 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