The FTSE Russell rating agency has upgraded the classification of the Athens Stock Exchange (ASE), marking a significant development for the Greek economy.
FTSE Russell, a subsidiary of the London Stock Exchange, has placed the ASE on its watchlist for potential reclassification as a developed market by 2025.
This comes as Greece's capital market remains the only one within the Eurozone to be classified as an emerging market, following its downgrade in 2013.
For the ASE to regain its status as a developed market, it must also be placed on watchlists by three other major agencies: MSCI (Morgan Stanley), S&P Dow Jones Indices (a subsidiary of S&P Global), and Eurostoxx (a subsidiary of the Frankfurt Stock Exchange).
This reclassification process requires Greece to meet certain criteria and be monitored over a period of 12-18 months by these institutions.
In response to this positive development, the Greek Minister of National Economy and Finance, Mr. Kostis Hatzidakis, made the following statement:
"The upgrade of the Athens Stock Exchange’s classification by FTSE Russell, aiming for its return to the developed markets category, is excellent news for Greece.
This achievement reflects the positive developments in our economy, the promising prospects ahead, and the government's successful efforts in the privatization sector,” the statement said.
This upgrade signals further confidence in Greece’s economic recovery and its future potential as a developed market.