As an expert in international relations and global economics, I often get asked about the classification of countries based on their economic development and overall status on the world stage. The term "first world" is a colloquial and somewhat outdated term that originated during the Cold War to describe the countries aligned with the United States and its allies in terms of economic and political systems. It generally referred to nations with advanced economies, high standards of living, and strong industrial and technological bases.

When considering whether Greece is a "first world" country, it's important to look at several factors, including its economic performance, political stability, and social indicators. However, it's also crucial to understand that the term "first world" has evolved and is less frequently used today, often replaced by more specific classifications such as "developed" or "developing" countries.

Economic Performance: Greece has faced significant economic challenges in recent years. The country was hit hard by the global financial crisis and experienced a severe debt crisis that led to a series of austerity measures and economic reforms. This crisis has had a profound impact on the Greek economy and its citizens' standard of living.

Political Stability: While Greece has a democratic government and is a member of the European Union, it has also experienced political turmoil and protests related to the economic crisis and austerity measures.

Social Indicators: Despite the economic downturn, Greece still has a relatively high Human Development Index (HDI), which takes into account life expectancy, education, and income. However, the crisis has led to increased poverty and unemployment rates.

The statement that "Greece becomes first developed country to be downgraded to emerging-market status" by MSCI reflects the economic struggles the country has faced. Emerging markets are typically characterized by lower per capita income, higher social and political instability, and less developed financial markets compared to developed markets.

In conclusion, while Greece has a rich history and has made significant contributions to the world in various fields, its current economic situation and the challenges it has faced in recent years suggest that it may not fit the traditional definition of a "first world" country. However, it's important to recognize that classifications are not static and can change over time as countries develop and face new challenges.

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Greece becomes first developed country to be downgraded to emerging-market status. Greece's standing in the world slipped further today after it became the first developed country to be downgraded to emerging-market status by index provider MSCI.Jun 12, 2013read more >>