A Greek exit from the euro is still a "low odds scenario" and once the crisis passes, it will be a buying opportunity, economist David Rosenberg said Monday.
Greece implemented capital controls Monday after it failed to reach a deal with creditors and said it would keep its banks shut for much of the week. The cash-strapped country is expected to default on its 1.6 billion euro ($1.77 billion) payment due Tuesday.
Rosenberg believes a deal between Greece and its creditors will get done, although it will be delayed.
"I'm looking at this as something temporary," the chief economist and strategist at Gluskin Sheff said in an interview with CNBC's "Closing Bell."
"This too shall pass, and I think it will be a very good buying opportunity."
While investors may want to sit on the sidelines while the crisis drags out, once it is over Rosenberg would go "right back into the euro zone financials."
He said he's been bullish on Europe over the past several months because of the European Central Bank's quantitative easing program, a more competitive supercharged currency and the fact that the regional economy is doing far better than it was a year ago.
Even if Greece does exit the euro, Rosenberg said he's not too concerned because he believes the ECB will get a lot more aggressive. Plus, there have been some encouraging signs in the fixed income market, with Portuguese, Italian and Spanish bond spreads off of Germany widening by only 30 basis points.
"When you take a look at the fixed-income markets, actually the contagion has been very limited so far," he said.