07.08 Most Asian markets are still close for the Chinese New Year today, but Japan's Nikkei is trading, and it's up just 0.2pc. But with the FTSE 100 expected to open down 0.2pc today, eurozone fears are obviously still weighing on investors' minds. 07.06 The head of the eurogroup, the group of eurozone finance ministers, Jean-Claude Juncker (pictured below centre with George Osborne in Brussels) also gave a press conference last night. He said the future of Greece is in the eurozone, that the finance ministers reviewed the plans being drawn up between Greece and its private sector creditors (ie. banks and hedge funds) and that they call on Greece to "reach agreement as soon as possible" Mario Monti, the Italian prime minister, was also speaking last night - he said no decision has been reached on the treaty on the permanent bailout mechanism the ESM. The Financial Times reported that German Chancellor Angela Merkel was ready to see the ceiling of the combined firewall raised to €750bn in exchange for agreement on tighter eurozone budget rules, but the report was immediately denied by her chief spokesman. It is not true. There is no such decision," Steffen Seibert told Reuters. Germany's position has been that once the ESM is up and running, the combined potential outlay of the EFSF and ESM should not exceed €500bn. 07.00 There was a flurry of late-night activity in Brussels, following a meeting of eurozone finance ministers. The ministers rejected a proposal from Greece and its bondholders on the cost of new debt to be issued to get the creditors to agree to losses on the Greek debt they already own. Greece and the banks and hedge funds have been ordered back to the negotiating table. Athens faces a March 20 deadline to repay €14.4bn in debt and the delays put a €130bn bailout package from the IMF at risk. Bruno Waterfield was on the scene and sent the full story: The offer, negotiated during tense talks that rattled markets last week, assumed an average coupon on new Greek bonds of 4pc. The IMF has insisted that the coupon rate must not exceed 3.5pc on average if the deal is to reduce the currently unsustainable burden of Greek debt to manageable levels. 06.58 Davos 2012 kicks off tomorrow with a speech by Angela Merkel. A lot of the delegates will be heading for Switzerland today. We'll have live coverage of the four-day event here in the eurozone debt crisis blog. 06.50 The Telegraph's Alistair Osborne has comented on Vince Cable's executive pay statement yesterday: 06.47 Spain is holding a bond auction today. France will unveil PMI manufacturing figures at 8am, Germany at 8.30am and the eurozone at 9am. UK public sector borrowing data out at 9.30am. 06.43 In the East, Japan's central bank expects the economy to shrink during the fiscal year ending in March because of the global slowdown. The Bank of Japan downgraded its growth forecast for the year ending March 2012 to a 0.4pc contraction from the 0.3pc expansion it gave in October. 06.40 As for today, talks will continue over a Greek debt deal and the IMF will release its latest World Economic Outlook at 3pm. 06.34 Yesterday, Business Secretary Vince Cable unveiled proposals to crack down on lavish executive pay packets. But the plans have drawn a mixed response from the business lobby, with some arguing the changes are unlikely to solve the problem of excessive remuneration. The CBI, which has warned that vetoing pay packets did little to tackle the heart of the excessive pay problem, said that binding votes could force investors to second-guess and "man-mark" directors, which "does not make for good corporate governance." 06.28 The business headlines today are: Daily Telegraph: Eurozone finance ministers reject Greek debt proposal The TImes: Cable aims to smash elite boardroom pay network The Independent: Takeover talk swirls as bosses quit ailing BlackBerry Financial Times: Cable outlines executive pay plans Guardian: Asil Nadir comes to trial - 22 years after Polly Peck collapse 06.25 Here's some of the front pages from this morning.