European equity funds have posted their biggest weekly outflows in nearly a year, according to a report from research company EPFR.
The report found that in the week ending 5 May, $2.3 billion was pulled out of equity funds due to investors' "fears that efforts to contain the Greek debt crisis will fall short".
"Investors had questioned whether the $164 billion rescue package is big enough to keep Greece from defaulting before harsh austerity measures improve its public finances," EPFR global markets analyst Cameron Brandt said.
In comparison, emerging market equity funds posted modest outflows in the week ending 5 May.
According to the report, Asia ex-Japan, emerging markets east Asia and Latin America equity funds posted outflows ranging from $8 million to $414 million.
China's crackdown on property speculation and fears of reduced demand from the eurozone kept the pressure on those funds, the report said.
Redemptions for Latin America equity funds, however, hit a 45-week high as at 5 May.
"If you are risk averse, there's plenty in that region you might want to avoid," Brandt said.
"Inflation in Argentina and Venezuela is well into double digits, Brazil's interest rates are on the way up, Chile is digging out from an earthquake and electoral considerations are coming to the fore in Mexico, Columbia, Venezuela and Brazil."
