Tuesday, July 5, 2011

S&P warns Greek default still possible

As Europe turns from its latest short term fix for Greece to planning a longer-term bailout for the debt-plagued country, the ratings agency Standard & Poor's indicated Monday how difficult it would be to offload some of the cost of rescuing Greece onto creditors without also provoking a default that could shock the global economy.

Representatives of European governments and banks, continuing talks that have been under way for several weeks, expressed optimism that they could find ways that bondholders could voluntarily contribute to reducing Greece's debt

---> http://www.chron.com/disp/story.mpl/business/7639471.html

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