The MSCI has upgraded the Greek capital market to developed market status, marking a critical milestone in the country’s recovery from the debt crisis that was then a key threat to the eurozone economy, Bloomberg comments today.

The reclassification will take place at the May 2027 index review rather than in August 2026, as MSCI said. The firm had launched a consultation in January, noting that the majority of international participants were in favour of the proposed upgrade.

Greece is returning to the developed market equity category after more than a decade since it was downgraded – an unprecedented development for a developed country – at the height of the sovereign debt crisis in 2013. Two years later, capital controls led to a five-week closure of the Athens Stock Exchange as the country teetered on the brink of exiting the eurozone. MSCI’s decision caps a comeback path that has been accompanied by similar upgrades from other index providers, following multiple bailouts, years of fiscal adjustment, and the recovery of the investment grade.

“This shows that the Greek crisis is now a thing of the past and that Greece, with the support of Europe, has achieved an impressive recovery,” said Rajeev De Mello, macro portfolio manager at Gama Asset Management. “This is a positive development, even if investors had already discounted Greece as a developed market for some time.”