Greece was first added to the Watch List in September 2024, signaling the possibility of a shift from its current classification as an Advanced Emerging Market to that of a Developed Market.
In its latest announcement, FTSE Russell noted that while Greece has made progress, it has not yet met all the necessary criteria for a formal upgrade. The country currently fulfills the FTSE’s 22 Quality of Markets criteria, meets the minimum thresholds for investable market capitalization and the number of eligible securities based on data as of December 31, 2024, and holds a “High” ranking in per capita Gross National Income, according to the World Bank’s Atlas methodology.
However, Greece's sovereign credit rating continues to fall short of investment-grade status across all three major credit rating agencies—a key requirement for Developed Market classification. That said, the country's rating is under review following a recent upgrade by Moody’s, which may pave the way for further positive assessments in the near future.
FTSE Russell stated that it will reassess Greece’s market capitalization and liquidity levels based on updated data from the close of markets on June 30, 2025. Until then, Greece will remain on the Watch List, as confirmed by the FTSE Equity Country Classification Advisory Committee, the FTSE Russell Policy Advisory Board, and the FTSE Russell Governance Board as part of their March 2025 interim review.
