Two years after the initial bailout of Greece was announced in May 2010 and following a crucial election this month in which Greeks effectively decided to stay in the eurozone, the crisis is morphing from a short-term factor into a long-term consideration for portfolio managers.

“It’s hard to continue to describe this as a crisis, it’s beginning to become status quo,” said Dan Morris, executive director and global strategist at J.P. Morgan Asset Management (JPM), London. Peter Halligan, co-head of multiasset research at Aon Hewitt, London, said managers “certainly have had to consider issues they haven’t been presented in quite this way before.”

Initially, many investors took a short-term opportunistic approach to investing in the eurozone, following a pattern of buying cheap assets with the expectation that government intervention is around the corner, then exiting shortly after the policy announcement. “There’s now a migration away from this opportunistic approach,” Mr. Halligan added.