aus Eurointelligence heutigem Newsbriefing:
"The EU’s attempts to fudge itself towards a crisis resolution – with a “voluntary” debt rollover – met a big setback yesterday. After Moody’s recent downgrade, Fitch Ratings yesterday provided the following clarification of how it would assess any debt exchange offer for Greek debt. “A debt exchange that offers new securities with terms that are worse than the original contractual terms of the existing debt and where the sovereign is subject to financial distress... would be judged by Fitch to constitute a 'coercive' or more commonly known as a 'distressed debt exchange' “ And Fitch made it clear that such an exchange would invariably triggered a downgrade to junk.
Moody’s already downgraded Greece to below-investment grade status, and Standard & Poor’s recently said that its benchmark for assessing a debt exchange would be whether investors were truly acting voluntarily. "In situations where investors consider a default to be possible and where the rating has fallen, it becomes more difficult to conclude that investors are exchanging securities voluntarily." S&P clarified further that a voluntary exchange whose rejections would involve negative implications for investors, would be considered a default.
In other words, every single option discussed by the EFC last week would be considered a default, including the various compromises that tried to bridge the gap between the positions of Germany and the ECB."
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