Will Greece be the next country after Argentina to drop from Developed status to developing status? (people, pay)
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Emerging and frontier market status is based on if a local stock market exists, it's size, and how free and trustworthy the economic data produced by the government and companies is. Argentina for example regressed backwards through emerging market status to frontier market, and by some measures the sort of pre-frontier near chaos status.
MSCI is quite tricky. From their point of view Portugal is developed while South Korea is not. Estonia and Slovenia are both frontier markets(even less developed), while China and India are both emerging(same as Taiwan and South Korea).
MSCI is quite tricky. From their point of view Portugal is developed while South Korea is not. Estonia and Slovenia are both frontier markets(even less developed), while China and India are both emerging(same as Taiwan and South Korea).
You got a good point. It is not a very good index to rank who is developed or not. But the fact they got downgraded is a good sign that Greece is no longer a developed country.
In my view Greece was a borderline developed country in 2004 - 2009, but is no longer a developed country.
You got a good point. It is not a very good index to rank who is developed or not. But the fact they got downgraded is a good sign that Greece is no longer a developed country.
In my view Greece was a borderline developed country in 2004 - 2009, but is no longer a developed country.
Yeah they put us and South Korea on some kind of list years ago in order to upgrade us to developed markets, then 5 or 6 years later they took us down. I guess we weren't good enough for them .
According to the UN, all western European countries bordering the Med are considered developed, even when Spain, Greece and Italy were poor as rats.
Greece will always be considered developed, even if they are broke and eat at soup kitchens...
Why? Because Greece invented Europe while most Europeans were doing it under a tree...
Plus, Greece is a country "recreated" by Europe during the 18th, 19th and 20th Century as a buffer zone against Turks and later against them commies.
Plus, Greece was totally ramsacked by Germans and Italians, and by Churchill's little wars..and never asked a penny for reparations. Now they are getting them.
The day Greece leaves the EU, they will have to change the name of the European Union.
If I were the new leader of Greece (the election is over, the left won, maybe even with an absolute majority, too early to tell), I would get out of the Euro and the EU, peg my new currency to some other big currency, for instance China's, for a while and remodel the country completely. Greece could implement special economic zones etc. and considerably lower its corporate tax rate, which is almost impossible within the EU. Where there is money, parasites, um, investors, are never far.
At the same time they should mercilessly pursuit the army of Greek tax cheaters. There are a lot of wealthy people in Greece, but many of them just don't pay their taxes.
Anyway, I don't think much of those classifications. Developed countries can be hell, and developing countries can be OK. There is no need to be among the leading countries. Just like on an individual basis there is no need to be wealthy just in order to be happy.
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