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Europe may not be out of the woods yet. Its economic and political crisis may not be over for years to come; and so are the scenarios about the end of euro and the break-up of the Eurozone. But things seem to have stabilized lately, and European markets may be ready for a rebound, especially as EU seems to be ready to abandon austerity for growth. This means that Europe could bring hefty gains for daring investors, given the low valuations of European corporations, especially in countries with acute sovereign problems like Greece, Ireland and Spain.

Here are three trades investors may want to consider:

1. A High Risk Strategy. Buy Governor and Company of the Bank (NYSE:IRE), one of Ireland's largest banks to benefit from a comeback of the Irish economy. Portugal Telecom (NYSE:PT), paying 7.40 percent dividend. Also, National Bank of Greece (NYSE:NBG): The largest bank of Greece with an extensive presence in the Balkan region, Turkey, and Egypt. With a P-E of 23, an operating margin of 22%, and $4.83 billion cash flow, the bank is in the same, if not at a better financial situation than Bank of America (NYSE:BAC) and Citibank (NYSE:C).

2. Moderate Risk Strategy. Buy ETF Global X FTSE Greece 20 (NYSEARCA:GREK)

that invests in the Athens Exchange like ALPHA's FTSE Athex 20, which trades in NYSE.

3. A Low risk strategy. Buy French, Spanish and Italian companies that trade in NYSE like British Diageo (NYSE:DEO), paying 2.5 dividend, French oil and gas giant Total (NYSE:TOT), which pays 2.30 dividend, Spanish telecom giant Telefonica that pays close to 10 percent dividend, Italian energy company Eni (NYSE:E), which pay 4.40 percent dividend and British telecom giant Vodafone, paying 4.5 percent dividend.

Investors may also want to consider the shares of Greek companies, trading in U.S. exchanges-larger companies with a dominant position in world industry leaders like Greek shipping companies:

Tsakos Navigation (NYSE:TNP): A large oil tanker owner and operator with solid financials and an experienced management team. The company has $262 million in cash and $91 million free cash flow and pays a 9.90% dividend.

Diana Shipping (NYSE:DSX): A leader in dry bulk shipping with a P-E of 8.49, an operating profit margin of near 50, and $373 million in cash, and a major beneficiary of the rising Chinese economy.

Navios Maritime Partners (NYSE:NMM): A diverse shipping company with a P-E of 15.14, a profit margin of 30%, and a dividend of 10.70%.

Disclosure: I am long TNP, NMM, IRE, NBG.

Source: 3 Trade Ideas To Take Advantage Of European Policy Shift