Greece now at selective default, S&P says

12/6/2012 | (China) · Reuters

Greece's recent debt-buyback auctions are equivalent to default, as reckoned by Standard & Poor's, which has now downgraded Greek debt from CCC to selective default. However, S&P held out the possibility that the Greek rating will be restored to CCC when the buyback is completed later this month. Separately, Greece reported its jobless rate rose to a record 26% in September.

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