Greece has not been placed on the watch list for possible reclassification to developed markets, according to the results of MSCI’s annual review.
However, MSCI left the door open for a future change, acknowledging progress on both a macroeconomic level and in terms of market access and reforms.
More specifically, MSCI said that the Greek market has made progress in aligning with the market accessibility standards commonly observed in Developed Markets in Europe. Additionally, Greece meets the economic development criteria for Developed Markets.
However, Greece did not meet the newly introduced Size and Liquidity persistency requirements at the time of the MSCI 2025 Market Classification Review.
Following the enhancements implemented to the Size and Liquidity Requirements of the MSCI Market Classification Framework, a persistency rule was introduced requiring a minimum number of five companies to meet Developed Market Standard Index criteria over a sustained period for an upward reclassification.
MSCI also noted that it treats European countries classified as Developed Markets as a single entity for index construction and maintenance purposes. This approach reflects the high degree of integration observed across European equity markets, including harmonized market infrastructure, regulatory alignment, and cross-border accessibility.
Thus, the discussion on whether and when Greece could return to developed markets remains open — with progress acknowledged, but the conditions becoming more stringent.
