2. China. China has been raising interest rates and limiting bank lending to cool off its white hot economy. They've largely succeeded. It follows that China will eventually ease up on monetary and fiscal policy, enabling the rest of the world to profitably export resources and products.
3. Bargain Hunters. Some of these country ETFs have been beaten down to where the dividend yields are significantly higher than the 10-year U.S. Treasury. What's more, trailing price-to-earnings ratios, forward P/Es and earnings yields should begin attracting bargain hunters with the right bit of stimulus. An accord in Europe accompanied by a pause in tightening by China would do the trick.