Global X FTSE Greece 20 ETF (NYSEArca: GREK) rallied nearly 4% on Monday amid elevated trading volume with the exchange traded fund recouping some of the losses it suffered last week on sovereign debt concerns.

More than 300,000 shares traded hands on Monday, or nearly five times the three-month average daily volume of about 63,000 shares.

The Greek ETF fell sharply last week after the country’s draft budget for 2013 forecast a deeper economic slowdown and more debt problems. Meanwhile, European governments are applying pressure on Greece to cut spending as a condition for more financial aid.

The news caused fears that Greece will default or leave the euro to resurface. [Greece ETF Tumbles on Debt, Budget Woes]

“Last week, Greek stocks fell the most since May 2010,” writes Michael Gayed, chief investment strategist at Pension Partners, in a MarketWatch report Monday.