The Athens Stock Exchange was placed on the watch list for possible reclassification from advanced emerging market to developed market status by FTSE Russell in yesterday's verdict on the ranking of stock markets.

Greece is placed on the watch list for 12 to 18 months, with the aim of its future upgrade to developed markets from the emerging markets it is currently in. An update on Greece's watch list status is scheduled for March 2025, which will be provided as part of the FTSE's interim update.

In its analysis, the agency notes that Greece meets the criteria for market quality, minimum investable capitalization, and number of securities, while it also has a "high" rating in terms of gross national income per capita. 

It also notes that Greece maintains a 'Speculative' credit rating based on the lowest credit risk ratings of the three main credit rating agencies. As it says, it needs an "investment" rating with an outlook that is not "negative" for reclassification to developed status.

In this context, it has decided to add Greece to the Watch List category for possible reclassification to Developed. The agency finally notes that it will make further announcements in the context of the interim update in March 2025.

MINISTER STATEMENT

In a statement, the Minister of National Economy and Finance, Kostis Hatzidakis, refers to this as "excellent news for Greece.".

"It is the result of the positive developments in the economy, the positive prospects that are opening up, and the specific successful moves of the government in the field of privatisations," the minister said, adding: "I mention, for example, the share capital increase of PPC, the listing of the shares of El. Venizelos Airport to the Hellenic Stock Exchange, and the sale of shares of Helleniq Energy. And above all, due to the size and special weight of banks in the economy, the completion of the disinvestment of the HFSF from the systemic banks and the developments in relation to the fifth banking pillar.

The Greek Stock Exchange is heading towards joining the world's leading capital markets. And this creates conditions for further capital injection in the country, improved financing conditions for listed companies, productive investments, and new jobs," the statement concludes.