Greece: An emerging market in the making?
Greece will launch a multi-billion dollar bond in the United States, selling itself for the first time as an emerging market as demand for its debt dwindles in Europe.
All of a sudden, emerging market is in the vogue, it is no longer a dirty word. Greece does not sell itself as a developed country but an emerging market.
With emerging markets’s budget deficits lower than developed countries, their bonds have been in greater demand. When you need money, it doesn’t matter what you are called.
Maybe US and UK should take a leaf out of Greece’s books.
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