Exchange traded funds that invest in Europe have been rising this week on improved sentiment over the region’s debt crisis. Many European countries are up to vote this week on a bailout package for Greece.

Greek Prime Minister George Papandreou said the country is committed to austerity measures. [Europe ETFs Fall As Spotlight Stays on Greece]

“What we are doing is nothing short of the rebirth of a nation,” Papandreou said in an LA Times report. “I can guarantee that Greece will live up to all its commitments. I promise you we Greeks will soon fight our way back to growth and prosperity after this period of pain.”

European leaders previously agreed to the plan in July. However, the 17  Eurozone countries parliaments’ must vote in favor. [Stock ETFs Move Higher on Greek Debt Deal]

Yet some analysts are now saying that a clear and orderly default for Greece may be the smartest and safest move. This is preferred rather than a crushing Greek bankruptcy that will wreck havoc on the global economy, write Bloomberg editors. [Greece Bailout Catapults Stock ETFs Higher]