Spain has already been struggling after falling into recession in the first quarter and receiving downgrades on several of its banks. [Spain ETF Falls on Recession, Bank Downgrades]

The iShares MSCI Spain Index Fund (NYSEArca: EWP) was down 3.9% Wednesday and the iShares MSCI Italy Index Fund ETF (NYSEArca: EWI) was 3.4% lower.

Vanguard European ETF

For more information on Europe, visit our Europe category.

Max Chen contributed to this article.