It is certainly time to watch out for investment opportunities in Greece, Kingsley Jones, international portfolio manager at Macquarie Funds Management Group, told CNBC on Wednesday.
"We are not buying as yet but certainly with the selloff it has created some opportunities," Jones said. "The sorts of companies we would be looking at in Greece are things like the Public Power Corporation, which is the biggest electricity utility.
"It's got a fair bit of debt on its balance sheet, so it sold off very heavily on the debt fears but we think there's definitely value there. The lights aren't going to go out in Greece."
"And there's a cement company, Titan Cement, which is kind of interesting," he added.
Global stocks got a mild boost Wednesday on talk that an EU bailout of Greece was imminent as a German coalition government source said European governments have agreed to help the heavily indebted country.
The Wall Street Journal reported that Germany is considering taking a lead role to offer loan guarantees for Greece and other troubled European countries.
Jones told CNBC he sees value in Spanish stocks and is buying some currently.
"The issues for the government finance in Spain are real and that's why obviously you've seen this selloff," he said. "The sorts of companies we like to buy in Spain are those in agriculture, so they are really global companies.
So sure things might be weak in Spain but these companies will just sail on," he said.
Sausage casing maker Viscofan, sugar group Ebro Puleva, oil company Repsol – "which has massively sold off" - and train maker Caf are some of the Spanish companies Jones likes.
In the European market, Jones likes soldoff stocks like UK miner Xstrata, and Russian steel makers, as well as Canadian gold company Gold Corp. and sees a buying opportunity in the broader market.