I'm not staking my own capital on any question of whether the EU can afford to let any of its southern economies leave the currency union. I'd rather focus on the effects outside Europe. Any shock to the euro from sovereign defaults and bank runs on the Continent will make the U.S. dollar look pretty dog-gone good as a reserve alternative. That sunshine will last until whatever fiscal cliff in the U.S. - from expiring tax cuts, sequestered spending, and what not - sparks a run on the dollar worldwide and a spike in U.S. short-term interest rates. The U.S. may hit its fiscal cliff in early 2013 or may muddle through for a while longer, as the Eurozone has done to my continual amazement.
I have no plans to go anywhere near U.S. stocks or bonds in anticipation of this mess. My preferred hiding places are going to be the currencies of countries with fairly low debt-to-GDP ratios, specifically Canada, Australia, and New Zealand.