The Greek stock market has gained 247% in 5 years 🇬🇷.

The Global X MSCI GREK ETF tracks the MSCI All Greece Select 25/50 Index, which seeks to represent the universe of liquid Greek stocks.

The fund currently holds around 31 to 32 stocks, including National Bank of Greece S.A., Eurobank Ergasias Services & Holdings S.A., Alpha Bank S.A., and Jumbo S.A., among others.

Why the MSCI Greece (GREK) went from being one of the worst indices in the world to one of the best in recent years.

Let's take it step by step 👇

🏦 1. The Collapse and Bailouts (2008–2015)

2008–2009: The global financial crisis reveals that Greece had manipulated its public deficit. The country loses access to international debt markets.

2010: First EU and IMF bailout (~€110 billion). Austerity policies begin.

2012: Second bailout (~€130 billion) with a 53% haircut for private creditors.

2015: Syriza wins the elections promising an end to austerity. After the referendum and a severe banking crisis, Greece accepts a third bailout (~€86 billion) and strict capital controls.

During this entire period, GDP contracted by more than 25% and unemployment exceeded 27%.

The stock market (ASE Index) lost more than 90% of its value between 2007 and 2015.

📈 2. First signs of recovery (2016–2019)

2016: Public finances stabilize; tourism and exports drive slight growth.

2017: The government achieves a primary surplus (excluding debt interest).

2018 (August): Official end of the bailout program. Greece leaves the Troika's oversight mechanisms for the first time in eight years.

2019: The election of Kyriakos Mitsotakis (New Democracy) marks a shift toward pro-business policies, tax reforms, and attracting foreign investment.

→ This is the real beginning of a sustained recovery, both economic and stock market.

The GREK ETF gained ~45% between 2019 and early 2020, before the pandemic.

💶 3. Consolidation and Recent Boom (2021–2025)

2021–2023: Greece achieved GDP growth above the eurozone average (~5–6% annually), reduced public debt (from 205% to 160% of GDP), and regained investment grade status from rating agencies (Fitch, S&P in 2023).

Record tourism, digitalization of the state, and strong banking reforms restored market confidence.

GREK and the ASE index appreciated more than 100% between 2020 and 2024.

2024–2025: Greece is seen as a “European comeback” story, with strong banks, real growth, and increased investment in renewable energy and transportation.

Timeline of what happened in Greece 🇬🇷:

Collapse 2008-2015 ▶️ Debt crisis and bailouts ▶️ Stock market down 90%

Stabilization 2016-2018 ▶️ Primary surplus, end of bailout ▶️ Stock market rebounding slightly

Real recovery 2019-2023 ▶️ Reforms, investment, tourism, investment grade ▶️ GREK up 100%

Current expansion 2024-2025 ▶️ Stable growth, low risk premium ▶️ Among the best indices in Europe