Still, Luxembourg's banking sector consists largely of subsidiaries and branches of foreign banks, so that significant support might be expected from mother banks and, ultimately, the governments of those mother banks, in the event of a crisis.

WSJ: Luxembourg, Malta Stress Distance from Cyprus

And the bit of PwC in the UK that remained attached to PWC's overseas network would still have a massive advantage over competitors, because PWC's British-based multinational clients - the likes of Barclays, Tesco and BT - would presumably stick with the international network able to audit all their subsidiaries and branches, rather than employing a British firm without global capability.

BBC: Can the stranglehold of Big Four auditors be broken?

Also, Ssangyong has a global network with 53 subsidiaries and 90 branches in 120 countries around the world.

ECONOMIST: Strategic alliances

For decades, a network of Soviet foreign-based subsidiaries, branches and representative offices have operated in a highly suspect manner around the globe.

CENTERFORSECURITYPOLICY: Center For Security Policy

Indian banks have 141 foreign branches and 21 subsidiaries.

ECONOMIST: India is caught in two minds about financial globalisation

The ECB, a more flexible friend, has generously been providing liquidity to American and British banks too, if they have branches or subsidiaries in the euro area.

ECONOMIST: The ECB dishes out ��350 billion