Greece, a country that seemingly holds elections as frequently as some people change socks, is doing just that next week, that is holding more national elections, but in advance of those elections the Global X FTSE Greece 20 ETF (NYSE: GREK) has other issues with which to contend.
Last week, FTSE Russell demoted Greece's market classification to “advanced emerging” from developed market status. The demotion is potentially noteworthy, because as its name implies, GREK follows a FTSE Russell index; the FTSE/ATHEX 20 Capped Index.
FTSE Russell's decision to demote Greece to advanced emerging status is not surprising when considering Russell Indexes was the first major index provider to demote Greece to emerging markets territory from developed markets in 2013. Russell has since been acquired by FTSE Group. MSCI and S&P Dow Jones Indices would later follow Russell in demoting Greece to emerging markets status.
Related Link: p>
/www.benzinga.com/trading-ideas/long-ideas/15/09/5834482/greece-suffers-another-market-classification-demotion alt=Greece Suffers Another Market Classification Demotion>Full story available on Benzinga.com
More...