The euro zone crisis is intensifying, and hedge fund managers must be prepared to address the myriad risks (and prospective opportunities) that are presented by the crisis.  The Hedge Fund Law Report recently interviewed Richard Frase, a Partner at Dechert LLP, who shared his perspective on euro zone risks and how hedge fund managers should prepare themselves to mitigate such risks.  Specifically, the interview covered: European counterparty risks, including risks posed by prime brokers, sub-custodians and trade counterparties; euro-related risks, including a discussion of hedging strategies and approaches with respect to euro-denominated funds or share classes; euro zone-related fund disclosures, including general euro zone economic risk factors, counterparty risks and euro-related risks; approaches to valuing euro-denominated assets; and investment opportunities presented by the euro zone crisis.  This article contains the full text of our interview with Frase.