Exchange traded funds tracking European equities have been thumped by the credit crisis with portfolios indexed to Italy and Germany leading the declines among single-country funds.
The iShares MSCI Germany (NYSEArca: EWG) and iShares MSCI Italy (NYSEArca: EWI) are down 31.9% 34.7% for the three months ended Sept. 9, respectively, according to Morningstar. European ETFs were set for a sharply lower open in the U.S. on Monday on lingering worries Greece may default. [Stock ETFs Tumble on Greek Debt Fears]
Banks and the financial sector were under pressure across Europe.
The Germany ETF slipped 3.1% in Monday’s preopen trading. [Germany ETF Underperformance Suggests Trouble for Euro]
German Chancellor Angela Merkel is preparing the country for a Greek default, Bloomberg reported.
iShares MSCI Germany
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