FRANKFURT — Analysts and investors have begun to focus on the risks to European banks if severe budget cuts by debt-ridden countries freeze credit markets and cause a double-dip recession.

While direct exposure to Greece appears to be limited for most banks, their vulnerability to larger European countries with debt problems is much greater.

French and German banks, for example, have $1.16 trillion at risk in Spain and Italy, including government and private debt, according to data from the Bank for International Settlements in Basel, Switzerland. The sum dwarfs the $120 billion exposure in Greece.

BNP Paribas on Thursday put its exposure to Greece at 5 billion euros ($6.37 billion), the most of any major French bank. But in a radio interview, the chief executive, Baudouin Prot, declined to reveal the bank’s exposure to any other euro zone countries.