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% fall 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."
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