However, a lack of outflows does not mean EWP and PGAL have been immune from declines. Over the past month, both ETFs are down more than 7%. [Questions for the Spain ETF]

Investors have added $36.4 million to the iShares MSCI Italy Capped ETF (NYSEArca: EWI) since June29 despite Greece’s woes and Italy’s own murky economic outlook. Long mired in a recession, Italian data points are concerning to say the least. Italian total real economic debt is 259% of gross domestic product, up 55% since 2007. Italy’s budget deficit is 2.9%, with government debt at 132% of GDP, while France’s budget deficit is 4.2%, with government debt at 95% of GDP. [Be Careful With the Italy ETF]

Global X FTSE Greece 20 ETF