M&A bankers tend to be, by their nature, a bullish bunch. But even their endless optimism has been ground down by the incessant bad news emanating from Europe in the first six months of the year.

Over the past 18 months, bankers have pored over the facts and figures, and produced charts, tables and presentations explaining why the conditions are ripe for activity. Interest rates are low, they point out, while there is not much organic growth on offer.