Greece now in developing world

Michael Bow
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GREECE was unceremoniously downgraded to an emerging market by a group of analysts last night, depriving the Mediterranean state of its developed market tag.

Financial market analyst MSCI, which helps financiers put different markets into investable categories, said the MSCI Greece Index would now be classed under its emerging market tag because it failed to meet several developed market criteria.

The decision follows a tortuous three years for Greece, which has seen its government debt downgraded to junk, riots on its streets and a proposed fire sale of its island territories.

MSCI also upgraded Qatar and UAE to emerging markets.