The volume of global mergers and acquisitions worth more than $1bn stands at an eight-year low for the year-to-date, as the ongoing debt crisis in Europe stifles confidence among potential dealmakers.

Total deal volume globally so far in 2012 stands at $917.5bn, according to Dealogic, around 21% down on the same period a year ago. Deals worth more than $1bn acoount for $537.1bn, the lowest year-to-date volume since since 2004.