The euro zone crisis may have abated of late, but analysts have warned that growing political tensions in a number of euro zone countries could lead to a renewed bout of instability on the continent, right after Germany's elections in September.
"Everywhere you look in Europe you have politics that is very fraught indeed," Roger Nightingale, economist and strategist at RDN Associates told CNBC on Thursday.
Portugal's ruling coalition is teetering; in Spain, the Prime Minister has been tainted by a slush-fund scandal; in Italy, there have been disagreements in the ruling coalition overtaxes. But the most immediate source of tension is Greece, with reports the country needs new aid to tide it over.
(Read More: Greece faces September funding gap: Report)
On Thursday morning, Greece's parliament approved measures that would lead to thousands of public sector job cuts, a move required by foreign lenders including Germany, but one which has led to widespread protests.