The eurozone debacle will have a lingering negative impact on smaller open economies like SA.  “Our economy is directly exposed to the European woes as it’s the destination of about 25% of exports, while it’s also painted by a more general commodities brush – not a good combination when the global growth outlook remains uncertain,” says Wikus Furstenberg, portfolio manager at Futuregrowth Asset Management.  He expects high market volatility with a weakening bias.  For investors, this should mean a defensive investment strategy.