PIIGS-Tied ETFs Are Roasted: What Now? - Investors.com

Debt-ridden countries dragged down European ETFs Wednesday after Moody's downgrade of Portugal's sovereign debt to junk status rekindled fears over the euro zone debt crisis.

Gold and silver ETFs continued to rally and were among the day's top gainers.

ETFs tracking European financials and the PIIGS countries — Portugal, Ireland, Italy, Greece and Spain — slammed the brakes on a strong rally ignited the week before after Greece agreed to an austerity plan in exchange for a bailout.