S&P warns Greek debt rollover would be default
European officials seek private-sector involvement in Greek aid plan
In a statement, the ratings company said it believes a pair of options presented last week by French banks ”would likely amount to default under our criteria.”
France's banking federation last week offered proposals that would see private creditors reinvest some of the proceeds of maturing Greek debt.
European politicians want private creditors to share some of the burden of a new rescue plan for Greece, while steering clear of any measures that would be deemed a default by ratings companies. The European Central Bank has warned that it won’t accept as collateral any Greek bonds that are declared to be in default.
Euro-zone finance ministers over the weekend approved the release of the European Union’s share of a delayed 12 billion euro installment of aid seen as necessary for Greece to avoid default this month. The move followed the approval of a new austerity plan by the Greek government last week.
Euro-zone officials also continued to work on an additional aid package for Greece, which is expected to top
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