The Greek Stock Exchange was the only eurozone stock market that was degraded since 2013.

On Wednesday, June 12, 2013, it was downgraded by the MSCI most important rating index, with 12 trillion assets. dollars, watched by the largest international houses. There has been no such degradation for any other stock markets. Last Tuesday, the FTSE Russell International House upgraded the Greek capital market from the category of advanced emerging markets in the developed markets.

This upgrade is a milestone for the domestic capital market and reflects the progress made in the Greek economy in recent years.

This move is expected to significantly expand the international investors’ tank that can now invest in the Greek market, attracting significant capital inflows that monitor global indicators of developed markets. It is a development that creates new opportunities for growth and funding for listed companies.

The positives of the upgrade is to mention the difference between the funds moving to the emerging and developed markets. In the first category there are about $ 2 trillion and in the developed about $ 15 trillion. So the “lake” of capital in developed markets is much larger.

But it is worth noting that 70% of funds follow the MSCI indicators, making the upgrade from MSCI critical factor. But the most important house MSCI, which is followed by the most chapters, is the only house that has not put the Greek market on a watch list.

The upgrade of the ATHEX will be a milestone for the influx of capital investors.

As the CEO of the Athens Stock Exchange, Mr. G. Kontopoulos, pointed out, since the end of 2024, following the FTSE decision to integrate the Greek stock market into a Watch List, began moving capital to the Athens Stock Exchange, with funds investing in emerging markets.

The significant increase in trading activity observed in 2025 is significantly linked to the upgrading expectation. Traffic activity is at the highest levels since 2010 with the average daily transaction value in 2025 at 190 million. Euro from 140 million, 2024, increased by 35%. In the last three years it has increased by 167%, from € 71 million in 2021 to 190 million euros today.

ATHEX’s return In developed markets it is a bet of great importance to the Greek Stock Exchange, which has lost, due to the great economic crisis and the degradation of the country’s degradation, its position in the indicators of developed markets, resulting in the Greek market only for the small market for the small lake and the lakes which adversely affects trading activity and shares’ valuations.

Upgrading will enhance the prestige and image of the ATHEX, attracting more investment funds. The listed ones will have access to more capital, investing in developed markets, enhancing the growth of the Greek economy.

However, many discussions have caused a report by JP Morgan according to which Greece would be better to remain in emerging markets. According to house analysts, the Greek stock market has only three shares (National, Eurobank and OPAP), which have the quality for the MSCI Europe index, and in the event of a transfer would be the smallest market of MSCI Europe, behind Portugal and Austria.

First in the village or last in the city? The “answer” of the CEO of the Athens Stock Exchange, Mr. G. Kontopoulos, which he likes to give is: “A Super League 2 team aimed at the Super League 1.

At the same time, there is a question mark on the funds that will enter the Greek stock market after a possible transfer to the club of developed markets.

JP Morgan estimates that in the event of upgrading the Greek stock market, there will be $ 1.83 billion outflow due to exit from FTSE Emerging Market indicators and inflows of $ 1.75 billion due to entering the FTSEDEVELOPED Market indicators. Therefore, the balance will be negative, that is, an outflow of about 75 million euros.

According to Axia Research IG credit rating it is particularly important for active flows, while the status of developed markets is more relevant to the funds that watch indicators (indexed funds, mainly ETF). However, since the majority of investment capital (62% of total) is still not indexed, this means that the majority of capital can invest in Greece after upgrading to an investment level and not in the regime of developed markets.

Also, passive funds linked to the regime of developed markets only represent 14% of EU’s investment assets, that is, less important to the overall picture. As a result, Axia points out, the investment level is the one that brings the majority of inputs to the ATHEX.