By Duncan Freeman Last week S&P Dow Jones Indices, which provides data to financial institutions, announced that it no longer considers Greece a developed market, reclassifying it as an emerging market. After years of financial and economic crisis we are used to Greece being downgraded. A number of countries in the EU, like Spain, Portugal and even Ireland, are not emerging nor are they developing. What then are they? Perhaps the best term is “de-developing”.

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