• Greece formally downgraded to developing country
    44 replies, posted
[url]http://www.businessweek.com/news/2013-06-11/greece-downgraded-to-emerging-market-at-msci-in-world-first[/url] [quote][B]Greece became the first developed nation to be downgraded to emerging-market status by index provider MSCI Inc. (MSCI) after the country’s stocks plunged 91 percent since 2007.[/B] The MSCI Greece Index will no longer be classified as a developed market as it failed to meet criteria regarding securities borrowing and lending facilities, short selling and transferability, New York-based MSCI, whose equity indexes are tracked by investors with about $7 trillion in assets, said in a statement. The gauge consists of two companies, Hellenic Telecommunications Organization SA, the country’s largest phone operator, and Opap SA, Greece’s biggest gambling firm. MSCI’s reclassification of Greece follows Russell Investments, which advises funds with $2.4 trillion in assets. Russell said in March it will downgrade Greece to an emerging from a developed market after it failed economic and operational-risk assessments. The benchmark ASE has fallen 9.2 percent this week as Greece failed to win any bids in a sale of the country’s gas monopoly. The unsuccessful attempt to sell Depa SA dented Greece’s state-asset sales program, which underpins 240 billion euros ($318 billion) of bailout loans from the euro area and International Monetary Fund.[/quote] The night is darkest before the Golden Dawn that awaits.
That's one hard blow to national morale.
[quote]The unsuccessful attempt to sell Depa SA dented Greece’s state-asset sales program, which underpins 240 billion euros ($318 billion) of bailout loans from the euro area and International Monetary Fund.[/quote] Oh wow, Greece you silly sod.
[QUOTE=DainBramageStudios;40999626]The night is darkest before the Golden Dawn that awaits.[/QUOTE] What a terrifying, and not that far fetched, prospect.
[URL="http://facepunch.com/showthread.php?t=1276882"]Yup, the eurozone crisis definitly is over. Right?[/URL]
How ironic, considering that Greece was one of the quickest developing and innovative countries a long time ago.
[QUOTE=Aphtonites;40999700]How ironic, considering that Greece was one of the quickest developing and innovative countries a long time ago.[/QUOTE] It was mostly built on corruption.
[QUOTE=DainBramageStudios;40999626]The night is darkest before the Golden Dawn that awaits.[/QUOTE] "Golden Dawn" always strikes me as the name of some sort of watersport fetishist club
As it should be.
Wages rising faster in countries like Greece and Spain relative to countries such as Germany have also caused problems, with competitiveness taking a beating as a result. Germany should run a deficit and get some consumer spending going, plus increase wages.
[QUOTE=hypno-toad;40999753]"Golden Dawn" always strikes me as the name of some sort of watersport fetishist club[/QUOTE] I've said it before but it reminds me of Oblivion's Mythic Dawn. [IMG]http://oblivion.nexusmods.com/mods/images/43387-1-1363129771.jpg[/IMG] [B]Dawn is breaking.[/B]
greece was a second home to me when we used to travel to athens and used to stay in a tiny fucked up apartment near the central, and on the rooftop you could see mt. lycabettus light up and it was beautiful, even when it was 4am and the violent screaming drunks just started pouring into the streets kind of sad to see its people's livelihoods crumble away but oh well
[QUOTE=Sobotnik;40999822]Wages rising faster in countries like Greece and Spain relative to countries such as Germany have also caused problems, with competitiveness taking a beating as a result. Germany should run a deficit and get some consumer spending going, plus increase wages.[/QUOTE] Investment all the way, brah.
[QUOTE=Hidole555;40999850]Investment all the way, brah.[/QUOTE] Pretty much a large part of the reason the Germans have been seen as a strong economy is due to their low inflation. Keeps them competitive. Also given that German banks helped supply the PIIGS with credit that helped to drive wage increases, this is also partly responsible.
[QUOTE=Sobotnik;40999752]It was mostly built on corruption.[/QUOTE] And kiddy diddling.
[QUOTE=hypno-toad;40999753]"Golden Dawn" always strikes me as the name of some sort of watersport fetishist club[/QUOTE] I will never see that name the same again.
[QUOTE=Sobotnik;40999931]Pretty much a large part of the reason the Germans have been seen as a strong economy is due to their low inflation. Keeps them competitive. Also given that German banks helped supply the PIIGS with credit that helped to drive wage increases, this is also partly responsible.[/QUOTE] Germany's inflation rate has been pretty close to Greece's, both are heading for deflation and Greece is already there. The key to Germany's success, besides already strong industry, is that the Euro is weaker than the Deutsch Mark would be.
I can Golden Dawn gaining a few points in the polls with this news
More like undeveloping
We are the next.
well hasn't austerity been a great thing for Greece then.
[QUOTE=Maestro Fenix;41003698]We are the next.[/QUOTE] I'm more inclined to say Italy being next. Their economy is shrinking even more than the rather ungenerous forecast.
[QUOTE]after the country’s stocks plunged 91 percent since 2007.[/QUOTE] Holy shit. That's just hard to imagine. Greece is going to become a small Authoritarian backwater at this rate.
If it was downgrading to a developing country, wouldn't that technically make it a undeveloping country? :v:
Like others have pointed out this isn't helping people reject the golden dawn. At this rate I'm not all to optimistic of Greece's political future.
According to De Standaard (Belgian newspaper) this puts Greece on the same level as South Korea and doesn't mean they're a banana republic now So... Could be worse, I guess? I didn't even know South Korea was considered anything less than a developed nation.
jesus christ, that fucking sucks.
I wonder how Golden Dawn will weigh in on this
[QUOTE=Carnage2323;41005294]I wonder how Golden Dawn will weigh in on this[/QUOTE] [url=http://www.euronews.com/2013/05/22/kill-bankers-not-yourselves-says-greece-s-far-right-golden-dawn/]Considering their past advice regarding Greece's financial difficulty we can only guess.[/url]
So we should send aid to Greece instead of africa? Sounds good to me.
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