“In fact, some are even asking this question – if Greece is forced out of the Eurozone how quickly would confidence increase and positively filter into the Eurozone economic data, and if so, can the EUR/USD mount a substantial rally? The latter question is noteworthy because everyone is focused on the ‘left-tail’ of the Euro going down to parity and not the ‘right-tail’ of it appreciating to1.25 on lower capital outflows or economic repair that narrows the interest rate differentials with the US quicker than what is forecasted,” notes Rareview Macro founder Neil Azous in a note out Monday.

To be sure, investors have not shied away from betting on Europe ETFs this year and in terms of PIIGS angst, investors have wrought the bulk of their skittishness on EWI and EWP. Those ETFs have seen combined outflows of $186.5 million while GREK has added nearly $62 million of its $151.6 million in assets under management.

The WisdomTree Europe Hedged Equity Fund (NYSEArca: HEDJ) has seen 2015 inflows of nearly $3.5 billion, more than any other ETF to this point in the year and nearly $1 billion than the second place SPDR Gold Shares (NYSEArca: GLD).

Global X FTSE Greece 20 ETF

Tom Lydon’s clients own shares of GLD.