Is it a shift to USD?

Europe is suffering a downgrade in some of its countries' expectations. According to some rating agencies Greece bonds are worth like junk bonds. Spain was recently revised by S&P to have a negative outlook. HSBC, the British global bank, says that real estate in Spain needs more time to lower its price. On the contrary, some countries have already done the job and their house index is down by 20 or 30%.

Are we sure Europe is heading in the right direction? Are we sure the euro is not going to suffer a severe downturn?

Besides, people who are risk aversed shouldn't hold Greece or Spanish bonds, but German or French ones. There are several funds which just keep sovereign A coutries. It would be a good idea to get into these funds instead.