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.
Monday, July 04, 2011
Publicada por Miguel Madeira em 15:39