It has left the room where the big boys are
playing and is waiting in the wings with
Mozambique, for example.
That is to Greece's benefit, because the
emerging countries are riding the BRICS
coattails to success.
So, Greece has a chance to start again, with
the minor issue of a mortal debt hanging
over its head.
checkit: Bloomberg
Greece
Cut to Emerging Market at MSCI in World First
By
Tom Stoukas - Jun 11, 2013 10:32 PM GMT
Greece
became the first developed nation to be downgraded to emerging-market status by
index provider MSCI Inc. (MSCI) after the country’s stocks plunged 91 percent since 2007.
The
MSCI Greece Index will no longer be classified as a developed market as it
failed to meet criteria regarding securities borrowing and lending facilities,
short selling and transferability, New York-based MSCI, whose equity indexes
are tracked by investors with about $7 trillion in assets, said in a statement.
The gauge consists of two companies, Hellenic Telecommunications Organization
SA, the country’s largest phone operator, and Opap SA, Greece’s biggest
gambling firm.
Locked
out of bond markets since April 2010, Greece was forced to accept two European
Union-led bailout packages as public opposition to pension and wage cuts
derailed the pace of promised economic reforms. The benchmark ASE Index (ASE),
which has 60 members, sank 83 percent since October 2007.
