The International Monetary Fund (IMF) has warned the world faces a credit crunch similar to that of 2008/09 as the euro crisis forces banks to cut their balance sheets.
The Italian government has dramatically cut its growth economic growth forecast for this year, according to an official document seen by Reuters.
Several major European banks will do rights issues this year in a bid to downsize their balance sheets to meet Basel III requirements, said Neptune's Rob Burnett.
European markets have paused for breath in early trading after yesterday's heavy sell off, as contagion fears in the eurozone resurfaced.
Investec's Ken Hsia is taking over management of its onshore and offshore European equity funds as part of a reshuffle of responsibilities at the group.