The Greek elections in June may have averted the most immediate challenge to the eurozone, but for treasurers of companies operating in Europe, the threat of a euro break-up remains all too real. A survey of UK CFOs published by Deloitte in July found 36% of respondents expect one or more countries to leave the euro by the end of 2012, while John Paulson, founder of hedge fund Paulson & Co., reportedly sees a 50% chance the euro will break up.

The continuing threat to the single currency—whether that means the exit of one or more countries or a complete disintegration—looms large for treasurers in Europe, particularly when it comes to choosing a safe haven for their deposits. Recent downgrades of a number of European banks and countries by Moody's and S&P has added to their concerns.

While some multinational companies are sweeping funds out of Europe on a daily basis, those with deposits in the eurozone are paying close attention to their counterparties.