Greece’s second bail-out hit a serious obstacle on Monday when Standard & Poor’s said a plan for banks to roll over holdings of Greek debt would amount to a default.
The move by one of the world’s leading rating agencies initially knocked the euro and put bank shares under pressure as a week-long rally in equities faded.
The proposal, pushed by French banks, to offer up to €30bn ($43.5bn) in financing for Greece was conditional on rating agencies such as S&P not downgrading its debt to default. The European Central Bank has also said it would not accept collateral with a default rating, potentially imperilling the Greek banking system, which is dependent on the ECB for loans.
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