While Portugal, Italy, Ireland, Greece and Spain have all seen borrowing costs fall, equity recovery has been uneven.
* The Global X FTSE Portugal 20 ETF (PGAL) only launched in November 2013. The FTSE Portugal index is used as a proxy instead.
- The most impacted PIIGS countries, Greece and Portugal, have yet to see a robust equity recovery despite drastic improvements in their borrowing costs. PIIGS stands for Portugal, Italy, Ireland, Greece and Spain.
- Three of the five countries (Italy, Ireland and Spain) are borrowing at lower rates than before the crisis accelerated.
- The iShares MSCI Ireland Capped ETF (EIRL | C-60) and the iShares MSCI Spain Capped (EWP | B-94) have had the greatest rebound since their respective peak-crises.
- Greece and the Global X FTSE Greece 20 ETF (GREK | D-54) will be in focus as S&P releases the latest review of Greece's sovereign debt rating after the close today.