Lien points out that U.S. companies have little direct exposure to Greece, meaning that if the risks remain mostly contained to the nation, broader markets should hold up just fine. However, the situation is very different when it comes to Puerto Rico.
"A lot of U.S. funds are exposed to Puerto Rican debt," Lien said. "If they were to miss their payments, that would lead to write-downs and explicit losses and portfolio readjustments."
The worry is that selling could beget further selling, putting a whole range of assets in jeopardy of losses.
Puerto Rico's governor, Alejandro García Padilla, declared over the weekend that the territory would not be able to pay back the huge amount of debt that it holds, and may not be able to make interest payments. On Wednesday, the situation began to look a bit less dire, with the Puerto Rico Electric Power Authority announcing that it has paid back all of its principal and interest due on its bonds, with the help of some short-term bridge loans.
"The risks have been mitigated," Lien said Wednesday. "But it's still a developing situation, so everyone is watching it closely."