The Greek government is still haggling with creditors over additional austerity measures, such as pension cuts and social security overhaul proposals. Greece could be cash strapped by the middle of the year if the government fails to acquire additional funding.

The European Commission projects the Greek economy will contract 0.7% this year after stagnating in 2015.

“The Greek crisis is not over, it’s not solved, and there are still a lot of problems, so if you want to get rid of risk, then you have to sell Greece as well,” Christoph Kind, head of asset allocation at Frankfurt Trust. “It’s definitely, risk off, and the periphery is suffering a lot.”

Global X FTSE Greece 20 ETF

Max Chen contributed to this article.