Short the euro. If you prefer to be a little more exotic, you can short the euro. The PowerShares DB U.S. Dollar Index ETF (UUP) takes a long bet on the dollar and a short bet on euro, yen, franc, and several other currencies. Hougan calls it "an easy way for investors to make a bet that the dollar will appreciate against a basket of global currencies highlighted by the euro, without taking on a short account, which involves opening a margin account."
There's no groundswell for this approach, though: UUP posted a net outflow of $61 million in May.
Hell, short everything. Lastly, you can buy put options on some broad index that you think will fall sharply if Greece defaults. A put option entitles the holder to sell something at a given price, and if that price is higher than the market, there's money to be made. If you're convinced a crash is on the way, and you can qualify to trade options (ask your broker), you could buy a long-term put on the S&P 500 through the Chicago Board Options Exchange.
For most investors, though, trading options is riskier than Greece itself. "The problem is that there's a lot of implied leverage in options," says Justice. "People can really burn themselves if they don't know what they're doing."
Hougan agrees. Options "are not for the faint of heart," he says. "If you know how to use them appropriately, you shouldn't be reading an article quoting me about how to prepare yourself."