Greece gears up for tough reforms

[Rath]

Rath said:

SamuelRSmith said:
How can you call "writing down 107 billion Euros" not a default? They've just defaulted on 107 billion Euros (for all intents and purposes). This is the second time this has happened, too.

I've heard some argument (think it was on an editorial on the BBC) that the ratings companies might actually interpret this as a managed default, which is effectively what it is. Doesn't seem to have happened though.

Just to follow up on this train of thought, S&P just declared Greece to be in selective default.