Stock exchange traded funds fell into negative territory Thursday afternoon following a sharp reversal as investors continued to wonder about the next steps for Greece and the rest of Europe in the debt crisis.

Tech stocks and PowerShares QQQ (NasdaqGM: QQQ), which tracks the Nasdaq-100, led the way down. [Nasdaq ETF Falls Below 200-Day Average]

The Greek economy is small but the fallout from a debt default may be intensified due to closely woven links in the global financial system, the Associated Press reported Thursday.

“The risk of a ‘Lehman moment’ for the Eurozone is increasing,” said Neil MacKinnon, analyst at VTB Capital, according to the report. “The nature of the eurozone debt and banking crisis is similar to previous financial crises in modern times because of the inter-connectedness between the banking sectors and government debt.”

Investor fear was again apparent Thursday in exchange traded funds that follow CBOE Volatility Index futures. [Are VIX ETFs Breaking Out?]

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