U.S. stocks traded lower on Friday as investors kept close watch on developments in the Greece debt talks
"I think Greece is really dominating global markets as the day of reckoning comes closer," said David Kelly, chief global strategist at JPMorgan Funds.
Without further aid, Greece will be unable to make a 1.5 billion euro ($1.7 billion) debt payment to the International Monetary Fund due on June 30.
"Greece has become progressively less competitive, both internally within the EU and as a general matter, and has accumulated significant amounts of new debt, " said Optionmonster.com co-founder Jon Najarian
So short of any resolution to the Greece situation—how do investors protect their portfolio?
Najarian told CNBC's "Power Lunch" Friday that the best way is to get any and all funds out of Greek financial institutions.
"We've already seen this capital flight, people, and of course corporations, all sweeping cash from Greece to Barclays, Credit Suisse or UBS. Pretty much anyone but Greek financials.
Najarian suggests the iShares Trust 20+ Year Treasury Bond ETF in preparation of a Greek default and exit.
"I believe Mario Draghi will use that $1 trillion bazooka and 'buy, buy, buy' the Eurozone with liquidity if there is a Grexit. He'll do same to stablize and neutralize the fear of contagion."
As for a follow-on trade, Najarian said to get ready to short Italian bonds. "After Draghi lifts them, the situation in Italy will still be nearly as untenable as Greece, and Italy's debt is almost €2.2-trillion, so investors so be prepared to sell those bonds after Draghi pumps them up."
During an emergency summit Monday, euro zone officials are expected to address how to handle a Greek default if no new Greek reform proposals arrive.
Greece officials have said said without further aid it will be unable to make a 1.5 billion euro ($1.7 billion) debt payment to the International Monetary Fund due on June 30.