Published by Jamie JemmesonAnalysts are scrutinising fiscal conditions in countries such as Spain, Italy and Portugal for signs that their economies may be about to buckle.While Greece attempts to sidestep a full EU bailout, currency risk management advisors are looking elsewhere in Europe for further signs of unmanageable budget deficits, according to the New York Times."If the problems of Greece aren't addressed now, there is a risk the market will focus on the next weakest link in the chain," said Jim Caron, global head of interest rate strategy at Morgan Stanley.The analyst added that there are parallels to be drawn with the US financial crisis, where fear surrounding toxic mortgage assets increased rapidly and exponentially, creating a domino effect that toppled monoliths such as Bear Sterns and Lehman Brothers and brought many more to their knees.His comments followed the announcement that Greece will cut $6.5 billion from its budget this year while also raising tax revenues.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site