Andrew Balls, head of European portfolio management at US bond manager Pimco, has set out nine ways investors can protect their wealth against nasty shocks as the exit of Greece from the eurozone looms and Spain remains in crisis.

Elections in Greece, effectively a referendum on continuing eurozone membership, are due on Sunday. With anti-austerity campaigners expected to make a strong showing, Balls sees Greece's exit from the eurozone as likely: "The higher probability outcome is that the eurozone will evolve into a closer and less imperfect entity. There is no orderly, easy, costless way of getting there," he warned.