I'm sitting on cash, just waiting for this Greek default action to really get going. Nothing has been resolved by this week's deal in Brussels. Too many Greeks on the street will refuse to accept austerity measures. Pressure from below will probably obliterate the deal and remove Greece from the euro. I expect other bankrupt nations in the PIIGS to line up for bailouts that will prove just as impossible to execute, and then their exits will follow.
Any future eurozone bank destruction will be felt on American shores. It is a matter of time but the timing is unknowable. That is why the personal capital I've committed to equities is at the lowest percentage of my net worth since August 2007. That was the last time the markets had some kind of high point, and they are reaching similar highs now. I'd rather wait for new lows.