Greek Debt Plan May Place It in Selective Default, S&P Says
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Standard & Poor’s said the debt rollover plan for Greece may temporarily place the country in “selective default” if the French plan allowing bondholders to roll over their debt is implemented.
The French proposal would qualify as a distressed debt restructuring because it offers creditors “less value than the promise of the original securities” and would therefore put Greece in default, S&P said in a statement today.