Attention All (Greek) Gamblers

Later this week ETF company Global X will be introducing the Global X FTSE Greek 20 ETF (NYSE: GREK). The ETF will track the FTSE/ATHEX 20 Capped Index, which is down 65% in the last 12 months.

If you believe that Greece and the rest of the European continent will find a way to get out of the current situation, the high-risk, high-reward play would be the new ETF. However, if Europe does not fair as well - look out below.

As they say, "I would not go there". Too much risk for not enough reward. Until the Greek population realizes they have to pay taxes, the upside will be limited to short-term rallies for Greek stocks.

A country in that region, Austria is another high-risk play, but has the ability to turn around and continue in the right direction if they ever figure out how to fix the European situation. The symbol for the iShares Austria ETF is $EWO.