Europe continues to struggle with the ongoing financial crisis and the possibility of a Greek default. European stock exchange traded funds (ETFs) such as the  Vanguard European ETF (NYSEArca: VGK) and the iShares MSCI EMU Index Fund (NYSEArca: EZU) have been affected by the crisis and trading lower.

Analysts are doubtful that current talks in Washington are going to give any insight into restoring faith in the financial system within the Eurozone. Investors are looking ahead to the Group of 20 nations meeting Thursday night, reports Associated Press. Europe is also facing more pressure and debate in the annual meetings of the IMF and the World Bank. [Germany ETF Leads Stocks Higher]

“Investors have grown more skeptical about the ability of many countries to manage their debt,” Olivier Blanchard, the IMF’s chief economist, said. The global economy has entered a “dangerous new phase”. [Italy ETFs in Focus on S&P Ratings Downgrade]

Most of the concern is around Greece. The country is on the brink of default and is waiting on approval for a $10.9 billion installment from a bailout fund from the European Central Bank. [European ETFs Rise on Greece, Fed Hopes]

“The G20, all it can do is to provide some peer pressure on the Europeans, to sensitize the Europeans to the huge scope for spillover that the euro crisis is already having,” Domenico Lombardi, a former IMF official and a senior fellow at the Brookings Institution in Washington, said, on Fox Business.

Tisha Guerrero contributed to this article.

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