Published by Jamie JemmesonBritain may experience a debt crisis of a greater magnitude than that currently being witnessed in Greece, economists have claimed.Speaking to the Telegraph, Jonathan Loynes, an analyst at Capital Economics, explained that the budget deficit may spiral towards 13 per cent of gross domestic product this year, outstripping Greek debt ratios."It is clear that a more credible plan to restore the public finances to health will be required shortly after the general election to keep the markets and rating agencies at bay," he said. Failing to do so could raise the spectre of a bailout from the European Union or International Monetary Fund, a prospect Greece will face unless it can resolve its fiscal crisis within an EU-mandated deadline that expires in mid-March.Such a scenario is likely to send the pound tumbling, and a round of forex hedging brought on by a raft of weak economic data has this morning (February 19th) shown the market's bearish attitude towards sterling.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site.