Investors interested in these two markets can take a look at the iShares MSCI Ireland Capped ETF (NYSEArca: EIRL) and Global X FTSE Greece 20 ETF (NYSEArca: GREK). Year-to-date, EIRL fell 6.0% and GREK declined 28.4%. [Political Risks Pressure Greece ETF]

The broader European economies, which include 28 European countries, is expected to grow an average 1.3%, downwardly revised from 1.6%.

For broad Europe market exposure, ETF observers can monitor the Vanguard FTSE Europe ETF (NYSEArca: VGK). VGK is down 5.8% year-to-date.

Outside the union, the United Kingdom economy’s growth was upgraded to 3.1% from 2.7% for 2014 and the country is expected to expand 2.7% in 2015. The iShares MSCI United Kingdom ETF’s (NYSEArca: EWU) fell 5.7% year-to-date.

For more information on Europe, visit our Europe category.

Max Chen contributed to this article.