Greece becomes first developed country to be downgraded to emerging-market status


Jamie Dunkley
Wednesday 12 June 2013 14:02

Greece's standing in the world slipped further today after it became the first developed country to be downgraded to emerging-market status by index provider MSCI.

The debt-laden state was cut after an 83 per centfall in its stock market since 2007. Coca-Cola HBC, which accounted for a quarter of the Athens stock market’s value, switched its listing to London in April. MSCI raised Qatar and the United Arab Emirates to emerging-market status but cut Morocco to a frontier market.

“The minimum standards that currently prevail in developed markets reflect continuous market improvements introduced by authorities in other countries over the years,” MSCI said. “However, very few of these improved market practices have been reflected in the Greek market.”

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies


Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in