The Greek economy continues to be causing hiccups in world markets as consideration of its inability to repay debt is leaving creditors wondering.

German media is reporting its government is considering contingency plans in the case of a Greek default.

French investors are also concerned as a review of their country's credit rating could see a downgrade for them owing to the large number of Greek debt bonds they hold.

The turbulence the European situation is creating for world markets is a problem and IRG BOP investment advisor Jonathan York says the time for action is now.