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Greek Debt Rollover May Be ‘Default’: S&P

Posted By admin On July 4, 2011 @ 3:29 am In Money Watch | Comments Disabled

Reuters [1]
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.

Full article here [1]

Greek Debt Rollover May Be Default: S&P  030511banner3 [2]

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URLs in this post:

[1] Reuters: http://www.cnbc.com/id/43628867

[2] Image: http://www.stansberryresearch.com/pro/1103PSIEOAVD/PPSIM375/PR

[3] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[4] Sarkozy says banks accept Greek debt rollover: http://www.prisonplanet.com/sarkozy-says-banks-accept-greek-debt-rollover.html

[5] Be Honest – The European Debt Deal Was Really A Greek Debt Default: http://www.prisonplanet.com/be-honest-%e2%80%93-the-european-debt-deal-was-really-a-greek-debt-default.html

[6] 8 Reasons Why The Greek Debt Deal May Not Stop A Chaotic Greek Debt Default: http://www.prisonplanet.com/8-reasons-why-the-greek-debt-deal-may-not-stop-a-chaotic-greek-debt-default.html

[7] ECB Will Continue to Accept Greek Debt: http://www.prisonplanet.com/ecb-will-continue-to-accept-greek-debt.html

[8] Greek Default: Why It’s Only A Matter Of Time: http://www.prisonplanet.com/greek-default-why-its-only-a-matter-of-time.html

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