NEW YORK ( TheStreet) -- U.S. investors should keep their exposure to European equity markets, despite Greece's ongoing debt woes, one strategist said.
"It's our view that a default seems relatively likely, but Greece will stay in the euro," said David Lebovitz, global markets strategist at J.P. Morgan Funds. "The risk of a disorderly Grexit doesn't seem to be in the cards. If there was some weakness in European equity markets because of the headlines generated from Greece, we definitely encourage investors to think of that more as a buying opportunity, and less of an indication that they should be getting out [of European stocks.]"
"It's important to keep in mind that we've been going through this saga with Greece for five years," he said. "If there is a default, it will be difficult to to get to the point of a Grexit, since most of the population is happy being part of the European Union and I think that forces the government to play nice with the policy makers in Europe."
Lebovitz said Greece is sparking plenty of headline risk across Europe, which could result in some attractive buying opportunities.
"I would encourage investors to buy the dip in places like Spain, Ireland - economies that have really come back and healed since the  European debt crisis, so any weakness there would definitely be an opportunity for investment," he said.
In Spain, Lebovitz is looking at the housing sector. "Housing was a bit of an issue for them going into the eurozone crisis and I think the recovery we're seeing there suggests there could be some opportunity as the economy strengthens," he said.
He also is watching European banks. "With the asset quality review and the stress tests behind them, the future is brighter," he said. "That along with attractive valuations, we think there's some opportunity there."
The iShares MSCI European Financials (EUFN) has returned 8.6 percent since the start of the year.