While a silver lining for GREK may be difficult to find at the moment, the good news is the current drama playing out for Greek stocks may not be a sequel to the past contagion that roiled equity markets throughout the Eurozone and the world. Remember that Greece is now classified as an emerging market, arguably limiting comparisons to developed Eurozone nations. http://www.etftrends.com/2013/10/and-that-makes-three-greece-gets-another-market-demotion/

German officials believe the Eurozone can survive without Greece. Over the past month, Recon Capital DAX Germany ETF (NasdaqGM: DAX), a tracking ETF for Germany’s benchmark DAX index, is off 3.6%, a fraction of GREK’s loss over the same period.

“The concern that a Greek crisis poses systemic risk of the euro area as a whole has lessened. Spain and Ireland, for example, are on the mend,” according to Marc to Market, which also notes Italy last week sold 10-year bonds at record low interest rates. The iShares MSCI Italy Capped ETF (NYSEArca: EWI) is off 7.5% over the past month.

Global X FTSE Greece 20 ETF