If Greece defaults what will that do to stock investments?

In 2007 I bought a $4,000 Roth IRA called "Emerging Europe & Mediterranean." Over the years its value has gone from $5,000 (in 2008) to $1,000 (in 2009) to its current value of $3,700. Should I cash out this IRA and take the $300 loss on my taxes or should I continue to wait and see if it at least reaches the initial investment amount? I see in the news about a possible Greek default so this is why I'm asking.