France

The past three years have been a tumultuous time for the financials sector, which has seen a phase of deleveraging, rights issues and balance sheet repair which continues to this day.

ON JAPAN

French President Nicolas Sarkozy has unveiled plans to introduce a tax on financial transactions.

Standard & Poor's has cut the counterparty credit ratings on three French banks, following its removal of France's AAA rating earlier this month.

Neptune founder and CEO Robin Geffen has ruled out the possibility of a eurozone breakup following a meeting with Italian Prime Minister Mario Monti.

MAPPING THE DEBT CRISIS

EQUITIES

The decision by Standard and Poor's to strip France of its prized AAA-rating came as no surprise to a number of fund managers.

The UK fund management industry faces complete transformation if the financial transaction tax - or Tobin tax - is implemented, commentators have warned.

The financial crisis engulfing the eurozone took a fresh twist on Friday after Standard & Poor's cut the credit rating on nine eurozone countries, including France's prized AAA, and Greece's debt talks collapsed without agreement.