Interestingly, we recently published a short note on neighboring Turkey, specifically regarding the ETF TUR (iShares MSCI Turkey Investable Market Index, Expense Ratio 0.60%) and recent put buying in the name on weakness there. If one quickly examines these two on a trailing one year chart, one will note a huge divergence in the returns of both products beginning in about August of 2013, almost mirror images of each other, resulting
in mass outperformance in Greece relative to Turkey to date during this time frame.

Global X FTSE Greece 20 ETF

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