Greece In Selective Default, S&P Says

Mon, 02/27/2012 - 18:07 EDT - Forbes.com - Top Stories

S&P downgraded Greece to "selective default" on the retroactive implementation of collective action clauses, which provide the Hellenic Republic with the legal framework to force bondholders onto the PSI restructuring deal.

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Limits of Voluntary Deal Hit as Greek Bondholders Draw Line in the Sand; Separating Fact from Fiction in Selective Reporting
The bickering over a half percentage point reduction on the discount rate continued over the weekend as Greek Bondholders Draw Line in the Sand Private owners of Greek debt have made their “maximum” offer for the losses they are willing to accept, the bondholders’ lead negotiator has said, implying that any further demands could kill off a “voluntary” deal and trigger a default.
Greece Downgraded Again - Back In Default
By Pater Tenebrarum:The newly muzzled credit rating agencies are using whatever time remains to them to get out the downgrades of euro area sovereigns hard and fast. The latest country to catch yet another downgrade is Greece, which has been cut to "selective default" from "CCC" by S&P. Apparently S&P doesn't think the bond buyback is merely making use of a temporary market inefficiency. It indeed means something when bondholders can no longer count on receiving par at maturity.
Greece Rises From The Ashes, No Longer In Default S&P Says
Greece is no longer in selective default, according to credit rating agency S&P. After completing a successful debt exchange, the Hellenic Republic must now face political and implementation risks as austerity proves tough to sell.
S&P cuts Greece to 'selective default'
Ratings firm Standard & Poor's on Monday cut the credit rating of Greece to "selective default" after banks agreed to write off more than half of their Greek debt holdings in a second EU bailout of the country.S&P "has lowered its 'CC' long-term and 'C' short-term sovereign credit ratings on the Hellenic Republic (Greece) to 'SD' (selective default)," the firm said in a statement.
PSI Update: Apprehension Continues
By Marc Chandler:Uncertainty over the participation in the Greek bond swap is a major source of anxiety today. Rumors circulated earlier that the PSI "invitation" would be extended by a week due to low participation have been officially denied, but rumors themselves illustrate the market's apprehensions.
Latest Idiotic Plan: No Losses for Banks or Bondholders because "Losses Undermine Confidence"
In an attempt to improve confidence, yet another hare-brained scheme was launched by France to spare bondholders any losses. Please consider Euro zone may drop bondholder losses from ESM bailout Euro zone states may ditch plans to impose losses on private bondholders should countries need to restructure their debt under a new bailout fund due to launch in mid-2013, four EU officials told Reuters on Friday.
Greek Bondholders Reject Deal; History Lesson on Defaults;The ECB's Dilemma
Reuters reports Euro zone ministers reject private bondholders' Greece offer Euro zone finance ministers Monday rejected as insufficient an offer made by private bondholders to help restructure Greece's debts, sending negotiators back to the drawing board and raising the threat of Greek default.
S&P cuts Greek sovereign debt to selective default (Reuters)
Reuters - Standard & Poor's on Monday cut Greece's credit rating to SD, or selective default, after the Greek government amended the original rules governing some of its sovereign debt to bind all private bondholders to a bond swap necessary to complete a 130-billion-euro rescue package.
Two Years Ago I Said Greece Was A Guaranteed Default, Today' 1Year Yield is 426.118%
In today's headlines:
Toward a Greek default
AS EUROPEAN leaders gather in Brussels to settle on a new plan to address Greece's debts and—they hope—the broader issue of market confidence in the euro zone, details of a potential deal are emerging. It appears that German Chancellor Angela Merkel and French President Nicolas Sarkozy met last night with European Central Bank head Jean-Claude Trichet in an attempt to iron out their differences.

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Greece In Selective Default, S&P Says

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