Talk to a restructuring banker about green shoots, and they will smile and point to their heavy workload. Bankers believe the dozens of deals they have worked on so far are just the tip of the iceberg and they predict hundreds of distressed situations in Europe alone during a cycle that could last three years.

The deals initially came from the banks' own backyard, as the first phase of the financial crisis led to the collapse of structured investment vehicles and hedge funds. Then came the government bailouts and the emergency rights issues. Now, banks believe they are at the sharp end - working for companies, whether listed or backed by private equity, in need of quick solutions to a refinancing crisis.