Greek benchmark October 2022 bonds stayed lower after Fitch downgraded the nation’s credit rating to C from CCC.

Lithuania's industrial output increased from last year in January, data released by the Department of Statistics showed Wednesday.

Industrial production increased 4 percent on an annual basis in January. Production in the manufacturing sector grew 5.2 percent year-on-year, while mining and quarrying output fell 6.8 percent during the month.

Bank of England's Monetary Policy Committee (MPC) decided to lift the asset purchase programme by GBP 50 billion in February through a split vote as two members called for larger stimulus, the minutes of the meeting showed Wednesday.

Governor Mervyn King and six other policymakers voted to raise the size of quantitative easing (QE) by GBP 50 billion to a total GBP 325 billion, while David Miles and Adam Posen sought a GBP 75 billion increase.

Fitch Ratings downgraded Greece's credit rating on Wednesday following yesterday's Eurozone agreement on a second bailout for the country and said a default is highly likely in the near term.

The agency cut Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'C' from 'CCC'. The Short-term foreign currency rating was affirmed at 'C'. Fitch also affirmed the euro area Country Ceiling at 'AAA', which is applicable to all euro area member states.

Italy's EU measure of inflation slowed as estimated earlier in January, final data released by statistical office Istat showed Wednesday.

The harmonized index of consumer prices (HICP) increased an unrevised 3.4 percent year-on-year in January, following the previous month's 3.7 percent increase.

Eurozone's industrial orders increased more than economists expected in December, after falling in the previous month, helped mainly by a sharp rise in new orders of capital goods.

Compared to November, industrial orders increased a seasonally adjusted 1.9 percent in December, faster than the 0.5 percent growth economists forecast, data from statistical office Eurostat showed Wednesday. In November, new orders decreased 1.1 percent month-on-month.

Eurozone private sector activity unexpectedly slipped back to contraction in February, fueling concerns that the economy may be sliding into a recession amid the region's prolonged debt crisis.

The composite output index fell to 49.7 in February from 50.4 in January. Economists expected the index to remain almost steady at 50.5.

Germany raised nearly the target amount at the sale of its two-year Federal Treasury notes on Wednesday.

The country sold EUR 4.282 billion of the new 0.25 percent March 2014 notes against a target of EUR 5 billion, Bundesbank said. The sale attracted bids totaling EUR 7.818 billion.