Europe's Macroeconomic Decline Spills Over To Corporate Financing

It seemed like the worst of the recession was over and recovery was well on its way. But this week has seen a combination of bearish developments, which raises significant doubts as to the sustainability of the recovery. Chief amongst them are S&P's downgrades of Greece and Portugal, the continued uncertainty regarding Germany's handling of Greece's bailout and fears for the euro. In this context, the prospect of a serious deceleration in H210 global growth is not far-fetched. The risks to M&A activity are straightforward: what already seemed to be a half-baked global M&A recovery with flows only up 13%

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