Fund managers this morning warned that investors could start to flee Europe in the fear that measures to mend the continent's spreading debt crisis do not tackle root causes and that this may result in turmoil again.

Long-only equity and bond managers said that investors would be concerned that the root causes for the problems faced by European countries have not been tackled, despite a deal announced by the eurozone nations and the International Monetary Fund this weekend, which will make available €750bn ($975bn) to prevent a Greece-like debt crisis hitting other countries.