S&P Dow Jones Indices, said that Greece no longer classifies as a developed market.
The general consensus among participants is that emerging market status is a more appropriate classification due to the following reasons:
• The Greek equity market lags behind the advancements in market practices typical of other developed markets.
• Dramatic and consistent reduction in market size over the past few years.
• Failed minimum credit ratings criteria: Greece is currently rated as B-; minimum is BB+
• Failed market accessibility criteria: o Restrictive securities borrowing and lending facilities.
-Lack of ease in transferability – market participants pointed out the difficulties in dealing with in-kind transfer and with off-exchange transaction-like facilities that make trading in the local market extremely challenging and impractical.