And as minister de Jager is negotiating with Dutch banks about a 'voluntary' haircut (meaning: an extension of maturity on loans to Greece) S&P threatens default.
Standard & Poor's reaffirmed a voluntary debt restructuring for Greece as currently foreseen by euro zone governments would likely be deemed a default, its head of European sovereign ratings told a German newspaper.And so does Fitch. And Moody's.
"Past experiences show that restructuring the debt of a country, whose creditworthiness is rated at CCC like Greece is currently, tend not to be voluntary and investors must sustain losses," Moritz Kraemer told Die Welt in an article due to be published on Tuesday.
We argued before that the EUnion has time on its side. But that is ignoring outside factors, like the ISDA determining a 'credit event' (more at EURef) and Vox Day's hangout.
Mayhap that the EUnion is running out of time faster then it realizes.