Greek rescue package will mean a default, warns S&P

From The Guardian:

Efforts to resolve the Greek debt crisis were dealt a blow on Monday when rating agency Standard & Poor's ruled that Europe's favoured rescue plan is in effect a default.

S&P warned that it would declare that Greece had defaulted , if the debt rollover plan proposed by France's banking sector is implemented. The decision, which echoes the views of other rating agencies in recent days, casts a cloud over the eurozone as policymakers struggle to devise a second bailout for Greece.

...S&P, though, has concluded that this plan must be treated as a debt restructuring because investors would receive less value than was promised when they bought their original securities, and because without the deal Greece would almost certainly be unable to service its debts......read in full