FRANKFURT (The Street) -- Whatever happens with Greece, U.S. investors are in a much better position to weather a bad ending then they were in 2011, when Greece's financial woes first grabbed the market's attention.
But that doesn't mean financial markets won't be reacting to every twist in turn in the seemingly endless Greek debt crisis.
"There are a couple of big differences between the current situation and the previous Greek crisis in 2011 that indicate that impact on U.S. investors should be less," said Rob Waldner, chief strategist of Invesco Fixed Income, which has about $238 billion under management.
The biggest difference is that the private sector will not shoulder the brunt of whatever happens.
As recent data from Open Europe, an analyst group covering the region, show, 80% of Greece's financial obligations are not to the private sector but the International Monetary Fund (IMF) and the European Central Bank as well as sovereign governments.
Waldner said the current situation is well priced by the market. That said, no matter what happens, he expects any resolution of the situation "is likely to be messy," and "will cause market volatility, and hence indicates that market participants should keep portfolio risk low and keep some powder dry."
U.S. investors are very likely to feel short-term aftershocks of a Greek default, should that occur. Of the 30 stocks in the Dow Jones Industrial Average, 27 have business that is directly affected by Europe. American investors have also been looking beyond the S&P to the eurozone for better performance on investments for the last 12 months. The popularity of hedged euro exchange-traded funds is just one aspect of this story.