Three years on, Greece is still struggling and now classified as a developing country

Things aren't looking great for Greece even three years on from the downgrade of its government debt to junk status, with a spate of bad news hitting the nation over the past couple of days.

The Athens Stock Exchange is nowhere near what could be considered a recovery and has continued to decline well after the global financial crisis.

During the past week, it was revealed that privatisation efforts are failing, with zero bids offered for state gas firm DEPA. The sale was intended to bring in €1bn, a whole which Greece must now fill in order to raise the required €1.8bn from privatisation by September.

Under the terms of the EU/IMF bailout, Greece has to find €2.5bn from privatisation by the end of the year, and the country is now expected to ask for a lower target for 2013.

Last night saw financial market analyst MSCI downgrade Greece to an "emerging market" and the closure of Greece's state broadcaster ERT.

MSCI cited failures to meet several developed market criteria. The closure of ERT resulted in strikes numbering up to 3,000 peoplein a country where unemployment already exceeds 1.31m. However the broadcaster still seems to be streaming online:

Greece has also been the center of a row between the IMF and European Comission, following a report released by the IMF that admitted failures were made in bailing out the struggling country.