S&P threatens Greece with default rating (CNN):
French and German banks' plan to roll over their holdings of Greek debt suffered a blow on Monday as Standard & Poor's, the credit rating agency, said the move would amount to a default.
The proposal to provide up to €30bn ($43.6bn) in financing for Greece had been made conditional on rating agencies not downgrading Greece's debt. But S&P said in a statement early on Monday that any rollover would be a "distressed" transaction and thus lead to Greece's rating being lowered to selective default.
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