Word has probably spread that the European Union is now attempting to solve the debt crisis with the creation of a European Monetary Fund (EMF). This shows one more time the fierce commitment of the EU to fight debt with new debt - which has never worked in history - instead of developing a radical banking reform that would curb derivatives and impose strict rules on off-balance sheet risks while tackling soaring budget deficits aggressively.

As with most "important" announcements these days - of which most are vaporizing overnight in a EU where governments begin to mutually shoot broadsides against their Pan-European fellows - the EMF "plan", initiated by German Finance Minister Wolfgang Schaeuble, is maybe a headline-grabber, but lacks among all details the most important one: Where will the money come from?

With Greece in such dire fiscal straits, the euro is faltering. Will it stay weakened? While few in Europe might be rejoicing about the state of their depressed currency, the mixed sentiment is an opportunity for ETF investors.

Greece may try to float a small bond offering, which comes on the heels of some kind of “good news” with regard to taxation and spending, remarks Jon Weisenthal for Business Insider. Weisenthal expects that speculators will be caught by surprise, the announcement will be timed to coincide with other “support” from the rest of the European Union, which could cause the euro to appreciate, and Greece would then dish out its debt offering.

The Full List

• Single currency ETFs or ETNs are available for Australia (FXA), Brazil (BZF), Britain (FXB, GBB), Canada (FXC), China (CNY, CYB), the Euro (FXE, ERO, EU), India (INR, ICN), Japan (FXY, JYN), Mexico (FXM), New Zealand (BNZ), Russia (XRU), South Africa (SZR), Sweden (FXS) and Switzerland (FXF).
• Leveraged currency ETFs provide double exposure to the Euro (URR, ULE) and the Japanese Yen (YCL).
• Inverse currency ETFs allow you to double-short the Euro (DRR, EUO) and the Yen (YCS).
• Multi-currency ETFs provide exposure to regions -- emerging markets (CEW, JEM) and Asia (AYT) -- and to strategies, such as the carry trade (ICI) or currency harvest (DBV). A simpler strategy for many people is U.S. Dollar Up (UUP) or Dollar Down (UDN).

What Are They?