In return for the loans, Greece will make major austerity cuts which Prime Minister George Papandreou said involved “great sacrifices”.

The EU will provide 80bn euros in funding and the rest will come from the International Monetary Fund (IMF).

The deal is designed to prevent Greece from defaulting on its massive debt.

A study by accounting jobs provider Grant Thornton found that 303 M&A deals have been completed since the start of July, 32 per cent less than during the second quarter of this year when the total was 449.

It was 54 per cent lower than the 546 recorded in the third quarter of 2008.

Under the terms of the agreement, members of each body will be allowed advanced entry into the other’s professional examinations.  This means that ICMAP members who have completed all of their body’s professional examinations will have a fast track route to CIMA membership.

Aubrey Joachim, CIMA president, and Charles Tilley, CIMA chief executive, said: “This important collaboration with ICMAP will enable both institutes to highlight the benefits of a professional management accountancy qualification internationally, to share best practice and develop the global business leaders of the future.”

ICMAP members wishing to sit the November 2009 CIMA Gateway Professional Assessment have until August 31st to apply.

In a white paper, the ABA has explained that while the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are working on tackling the same issues, they are doing so in different ways and at different speeds.

Currently, the IASB plans to finalise a significant section of its new financial instruments standard in 2009.

If this happens before the FASB completes work on its rule, the US could have to adopt the IASB’s standard, meaning American companies would not have “appropriate due process for providing input” on the matter, the white paper warned.

In research by the British Beer and Pub Association, local pubs were the most vulnerable as communities were hit by the fallout of the economic downturn.  The report suggested businesses that provide food were far more resilient to the recession.

And branded pubs and cafe-style bars were opening at a rate of two a week, according to the BBPA. “Pubs are already diversifying, but unfortunately if you are a community pub, you can’t transform yourself into a trendy town-centre bar,” said an association spokesman.

“The biggest impact is the recession. There are fewer people out and fewer people spending money in pubs and bars, regardless of where they are,” he said.  The rate of closures was the fastest since the number of UK pubs began being tracked, in 1990.

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KPMG’s Fraud Barometer has revealed that more than 160 cases involving sums in excess of £100,000 passed through UK courts during this period - the highest number in the barometer’s 21-year history.

The total value of cases was £636 million and if this figure is replicated in the second half of 2009, this would lead to the highest value of fraud ever recorded by the index.

However, Hitesh Patel, partner at KPMG Forensic, warned that there is worse to come.

He said: “It will be a number of years before the impact of the recession fully feeds through into the fraud statistics.

“Hard times mean more people driven to fraud by personal pressures, and more investors willing to believe in cooked up investment schemes.”

Internal fraud also remains a major risk, Mr Patel added.

In an article on the CIMA website, a survey conducted by CFO Research Services on behalf of KPMG found that 80 per cent of firms think that the finance function should be given a greater say in strategic decision making.

It also revealed that 83 per cent of CFOs think the best way they can improve their standing with other executives is by improving planning, forecasting and budgeting.

Rodger Hill, head of financial management at KPMG in the UK, stated that he was pleased that so many firms recognise there is a need for change.

However, he also pointed out that the majority of businesses held the same opinion when the survey was last conducted three years ago.

Mr Hill said: “This tells you that plenty more companies have since realised where their shortcomings lie - but also that those who realised this three years ago appear not to have done anything about it.

“What a shame that it has taken a crisis of this magnitude to finally shake people into life.”

His father-in-law and partner Chris Hutcheson also pumped in £1.5m to help cope with mounting debts and tax bills.

Their woes in the year to August 2008 were blamed on ambitious expansion plans and the closure of key London restaurants like The Savoy Grill.

Ramsay said the company had “learnt some valuable lessons”.

The latest accounts showed that in 2007-08 pre-tax profits plummeted £3.05m to £383,325.

At the same time, net debt soared from £4.06m to £9.48m.

This MSc programme has been jointly developed to recognise the level and depth of the CIPFA accounting qualification and to further the knowledge of accounting and finance in a manner which provides a sound framework for those wishing to pursue further study, or to enhance employment opportunities.

It is focused on the accounting challenges that the people in public finance face today and how they relate to wider social, technical and economic environment. CIPFA qualified students undertake only three modules to achieve this masters degree. The three elements are practical and highly relevant to public finance professionals keen to advance their thinking and professional practice.

The sentence, which means Madoff will spend the rest of his life in jail, was greeted with cheers and applause in the packed courtroom.

US District Judge Denny Chin said he wanted to send a message that Madoff’s crimes were “extraordinarily evil”.

Madoff’s lawyer had sought a more lenient sentence of 12 years.

Judge Chin gave Madoff the maximum sentence on all 11 charges, which included securities fraud and money laundering.