Goldman Sachs' 9 Eurozone Trades

Goldman Sachs released a report this week about the turmoil surrounding Greece and its position in the Eurozone.
How to play Europe
Goldman analysts believe that assets in Europe have a lot of value to offer American investors. Analysts note the aggressive quantitative easing policies recently undertaken as a potential driver for European markets.

However, they emphasize the importance of risk protection related to Greece. “The more Eurosceptic and confrontational stance adopted by the Greek government… has increased the odds of a political miscalculation leading to an economic and financial accident and, possibly, Grextit,” analysts explained.
In the report, Goldman analysts gave their nine top trades for 2015 based on their outlook for Greece.
1. Stay long EUR/$ downside trade via 1.15/1.10 put spread expiring on November 20, 2015 for a maximum potential payout of 7.5 to 1.
2. Buy a constant maturity 10-year US Treasury 3.00-3.50 percent “cap spread” with a June 30, 2015 expiration funded at no cost by selling a 2.24-1.75 percent ”floor spread” with the same expiration.
3. Stay long December 2015 Eurostoxx 50 3150/3450 “bull” call spread.
4. Stay long play on risk with the 5-year CDX HY 23 junior mezzanine tranche.
5. Stay long a basket of emerging market crude oil importer stock market indexes (equal parts TWSE, XU030 and NIFTY).
6. Close a short on CHF/SEK.
7. Close a short on December 15 LME Copper futures against a long December 15 LME Nickel futures position,
8. Close a long USD position held against a basket of HUF and ZAR.
9. Stay long on the USD against a basket of ZAR and KRW.