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S&P Declares Greece in Default

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http://online.wsj.com/article/SB10001424052970203833004577249831718108646.html

BY STEPHEN L. BERNARD AND KATY BURNE

Greece became the first euro-zone member officially to be rated in default, 13 years after the single European currency was adopted to strengthen the European Union.

Standard & Poor's cut Greece's long-term credit rating to selective default from double-C. The move was expected, as S&P said this month that it would consider Greece in default if it added "collective-action" clauses to its sovereign debt, effectively forcing all bondholders to accept a bond-swap offering. ...




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