Ratings agencies, which Mr.Fillon said helped fuel the crisis, must adopt rules for dealing with conflicts of interest and offshore banking centers, which often allow clients to evade paying taxes in their home countries, need to be vigorously regulated.

VOA: standard.2009.03.24

However we expect things to be much better on the offshore front this quarter as the firm has bagged new contracts in the region and firm oil prices have stimulated interest in offshore drilling.

FORBES: Halliburton Earnings Preview: Offshore Growth In Focus

This rule can apply where there is a relatively greater amount of indebtedness in the U.S. than offshore, and net interest expense exceeds a specified percentage of adjusted taxable income.

FORBES: Territorial Tax Proposal Provides a Look into the Future of Corporate Taxation

And if Russia plays ball it will strike a hard bargain - perhaps securing an interest in Cyprus's offshore gas industry, yet to be developed.

BBC: Cyprus bank crisis: Mounting EU pressure