Like other countries within the region that are yet to go into full-blown crisis, Greece failed from the beginning, and what’s more is that it was known. A second supporting link can be found here, from Spiegel Online.
The latest setback for Greece: booted the euro-zone member from its index of developed countries.
The decision, announced late Tuesday, is the first time the index provider demoted a country from its “developed” to its “emerging-market” category since the launch of its flagship emerging-markets index in 1987.
It affirms what investors have believed for years. Multiple bailouts by the European Union and the International Monetary Fund, a sharp contraction in gross domestic product and a still-large debt burden mean Greece now has more in common with Hungary than France. Continue reading