The impact on the equity markets due to the fallout on the euro is enough cause for concern.

Meanwhile, Portugal is scrambling to raise taxes, and put into effect major spending cuts, to bring down financing costs and lesson the debt. Joao Lima for Bloomberg reports Portuguese President Anibal Cavaco Silva is setting dates to early elections in hopes of ending this political regime.

Some ETFs to keep an eye on while the events unfold in Portugal:

  • iShares S&P Europe 350 Index Fund (NYSEArca: IEV)
  • Vanguard European ETF (NYSEArca: VGK)
  • CurrencyShares Euro Trust (NYSEArca: FXE)
  • iShares MSCI Europe Financial Sector Index Fund (NYSEArca: EUFN)

Read the disclaimer; Tom Lydon is a board member of Rydex|SGI.

Tisha Guerrero contributed to this article.