Monday, February 27, 2012
I didn't know there were credit ratings below junk bond. Time to leave the euro S&P declares Greek "selective default" after bailout Standard and Poor's has classified Greek debt as in "selective default" following the deal it made with creditors to reduce its debts. S&P says the terms of that deal triggered the latest downgrade. Greek debt was already had a "junk" grade rating from the agency. Banks and other financial firms agreed to swap Greek debt for new bonds that were worth much less. Including interest payments, banks took losses of more than 70%.