Three (non-euro) trade ideas if there is no Greek deal

Three forex trade ideas and an options trade if Greece defaults.

We're running a poll on Greece. Sentiment is definitely swinging toward 'no deal' and yesterday Bill Gross estimated only a 40% chance of a deal.

I would be vary wary of trading the euro on Greek headlines so here are three different ways to trade it.

1) Yen crosses

The risk trades is tied to what happens in Greece. I think there is an argument for buying the yen in anticipation of default. You can do it with a basket, via USD/JPY or a commodity currency.

2) Long Bunds or sovereign bonds in general. The risk is on the currency part of the trade so there's some hedging to be done.

3) Short Greek stocks. A leveraged way to do it would be puts on GREK. The July 17 $12 puts (the ETF is at $12.02) are selling at $1.00/$1.10. A default risks a collapse in the banking system and probably a fall into the $8-9 range next week. I think this is the most straight-forward way to trade around default.