Previously they had still expected taxpayers to prop up failing banks, savings bondholders and other creditors from losses.
But in the wake of the Cypriot banking crisis investors now see governments are serious when they tell markets that support is no longer on offer, Fitch said.
The rating agency’s survey found 80 per cent of investors expect the Cypriot model to be used by other countries if banks fail, bailing in senior bondholders.
Just over a quarter of investors believe bondholders will receive less support in every Eurozone country, while over half believe bail-ins will be applied only in states that also need a bailout.
Among investors who specialise in financial institutions, 89 per cent believe taxpayer support has been eroded, and 43 per cent see this change across the whole Eurozone.
Investors surveyed manage around $8.6 trillion (£5.6 trillion) of fixed income assets.