Greece becomes first developed country to be downgraded to emerging-market status
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.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.”
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments