A play on the I Fund is essentially a play on a positive Euro. Buying the Euro here is not the contrarian play at this point, as Karen Carpenter once said, "we've only just begun". Like Lehman, even people who believe they aren't exposed to Greek debt via the Euro will find that they have inadvertently checked in to the hotel California as they chased the yields a few weeks ago.
I'm not in Euro death watch, but I see a Euro going to par dollar once the Eurozone initiates the nuclear option very soon. Any weekend wagers to the nuclear option, 350Z?