European Bargains?

This table shows Global Shiller CAPEs (Professor Robert Shiller's cyclically adjusted price earnings) from around the globe.The lowest valuations lie in europe and with those countries being affected by the sovereign debt crises e.g Spain, Italy, Belgium.

There must be some undervalued bargains to be found in these markets? If I was to go loooking I'd be interested in big blue chip companies with business at least outside the holding country and ideally outside europe. The risk is these countries have to leave the euro (or form a 'weaker' southern euro) resulting in a devaluation and a big loss in the stock prices. That's why I think the company needs to have profits from overseas to mitigate this currency risk. Perhaps there is another way of doing it?

I'm sure you've all heard of 'be greedy when others are fearfull' and there seems to be some fear in the european markets at the moment but I'm waiting for some more.....at least until Greece is pushed.

I want too see 'end of the world' headlines in the regular newspapers before I move!

I've just checked and neither Avanza or Nordnet sell individual shares in these countries. It seems the only avaialble option is to buy the iShares MSCI tracker ETFs for each country.

When would you become interested in investing in PIGS stocks?