Athens, Greece. National Bank of Greece, Eurobank, Piraeus Bank, Alpha Bank and Opap have passed an MSCI simulation test as Greece moves closer to a potential upgrade from emerging to developed market status. The result indicates the five stocks are expected to make up the MSCI Greece index once the Athens Stock Exchange is upgraded.
Simulation outcome and index composition
The successful simulation means the five stocks are expected to form the MSCI Greece index following an upgrade of the Athens Stock Exchange.
Morgan Stanley assessment and potential impact
According to a Morgan Stanley report, an upgrade is expected to strengthen Greece’s position in international markets, while increased demand from developed market investors could generate meaningful capital inflows. Morgan Stanley reviewed MSCI’s latest announcement on the process for upgrading Greece from emerging to developed market status and reiterated its positive stance on Greece.
MSCI consultation and timeline
MSCI has launched a public consultation on the proposed upgrade of the MSCI Greece index from emerging market to developed market status. The final decision is expected by the end of March 2026, and if approved, the upgrade would be implemented on August 31, 2026.
Previous requirements and broader upgrade expectations
The move follows earlier MSCI consultations on waiving the size and sustained liquidity requirements, which Greece failed to meet during the June 2025 review. The current consultation also comes amid a broader wave of expected upgrades this year, with STOXX due to announce its decision in April and FTSE set to implement Greece’s upgrade in September.
Speed of the process
Some market participants have described the process as unprecedentedly fast tracked, viewing it as a sign of strong backing from investors. Morgan Stanley said MSCI’s decision to speed up the process is highly unusual, as initial expectations had been for consultation to begin in 2026, with a decision in 2027 and implementation in 2028.
What do you think the MSCI consultation timeline could mean for investor interest in Greek stocks?
