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Greece’s credit ratings were cut to “Selective Default” by Standard & Poor’s after it negotiated the biggest sovereign debt restructuring in history.
S&P’s decision to downgrade Greece and the list of PSI eligible securities to D, was “pre-announced and all its consequences have been anticipated, planned for and addressed” by the European Council and the Eurogroup, the Greek Finance Ministry said in an e-mailed statement today.
I don't get it... it seems like they are tanking Greece on purpose...