Before the end of the year, Fitch raised concerns that debt woes in the euro area would continue in 2012 as it said on Monday the decisions announced in last week's EU summit, which Fitch described as incomprehensive, are not enough to ease pressure on the euro zone nations.

Fitch's outlook for the region's growth remains pessimistic as it expects significant economic downturn across the region in the short term with growth foreseen at 0.4% in 2012.

The rating agency sees the only solution to ease the debt crisis would come from the ECB that has to step up its actions in support of its sovereign shareholders.

Similar comments on the EU summit were given by Moody's Investors Service.