The Eurozone sovereign debt crisis continues to deteriorate after news came out of an imminent Italian default coupled with the downgrade of two French banks. It will probably continue to plague the market over the next two to three years, industry analysts said.

Moody's Investors Service cut the credit ratings of Societe Generale and Credit Agricole on Wednesday because of their exposure to Greece's debt. The one-notch downgrade of the two banks came ahead of a conference were eurozone leaders were to discuss measures to hold off a potential Greek default.

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