- Prison Planet.com - http://www.prisonplanet.com -
Greek Debt Rollover May Be ‘Default': S&P
Posted By admin On July 4, 2011 @ 3:29 am In Money Watch | Comments Disabled
July 4, 2011
Greece would likely be in default if it follows a debt rollover plan pushed by French banks, S&P warned on Monday, deepening the pain of a bailout that one European official said will cost Athens sovereignty and jobs.
European politicians and bankers had expressed confidence last week that the French proposal would not trigger a default, but ratings agency Standard & Poor’s said it would involve losses to debt holders, most likely earning Greece a “selective default” rating.
“It is our view that each of the two financing options described in the (French banks’) proposal would likely amount to a default under our criteria,” S&P said.
French banks, major holders of Greek sovereign debt, proposed voluntarily renewing some of the bonds when they fall due, but on different terms.
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/greek-debt-rollover-may-be-default-sp.html
URLs in this post:
 Reuters: http://www.cnbc.com/id/43628867
 Image: http://www.stansberryresearch.com/pro/1103PSIEOAVD/PPSIM375/PR
 Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/
Copyright © 2013 PrisonPlanet.com. All rights reserved.