Global markets are being served a heavy dose of uncertainty and turmoil as a crisis in Greece deepens. Analysts told CNBC how savvy investors should navigate the turbulence.
"I think you try and position for a bit of the worst right now," said Richard Kelly, head of global strategy at TD Securities, as European stock markets fell by as much as 4 percent on Monday.
Yields on Spanish, Italian and Portuguese, as well as Greek, government bonds jumped and U.S. stock markets opened lower after Greek banks and the stock market were closed on Monday and capital controls were imposed on bank withdrawals. Banks were expected to remain shut until after a July 5 snap referendum called by Greece's prime minister this weekend on whether to accept the further austerity measures demanded by euro zone partners in return for desperately-needed cash.
Position for worst
With the uncertainty expected to last for days, strategists recommended shorting the euro, snapping up "safe-haven" gold and looking to snap up beaten-down bonds in smaller European countries such as Spain and Portugal.
"A lot will depend on how the polls start to come in. In general, anyone whether long term or short term, will try and short the euro," Kelly told CNBC.
"Within fixed income, you do go into safe havens. Some people are looking at the periphery as a bit of value given the blow-out it in yields," he added.