While risks run high, there are plenty of opportunities for canny financial advisors to make money for wealthy clients in the embattled Eurozone market—if they know where to look.

First, the risks: Institutional investors have been chortling for weeks over their latest acronym PIGS, for Portugal, Ireland, Greece and Spain, all countries saddled with massive deficits. And PIGS doesn’t even include one of the biggest offenders, the U.K., which at 12% of gross domestic product is the highest among all 27 members of the European Union and now has to figure out how to fix the problem after national elections resulted in a hung parliament.

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