Moody’s declares Greece in default

Press TV

Moody’s Investors Service has declared Greece in default on its debt, despite an announcement by the Greek government that a large number of private creditors had signed on to a debt exchange plan.

The US-based credit rating agency issued a statement on Friday, saying that “even as 85.8 percent” of the holders of Greek government bonds had agreed to the plan, the “exercise of collective action clauses that Athens is applying to its bonds will force the remaining bondholders to participate.”

“According to Moody’s definitions, this exchange represents a ‘distressed exchange’ and therefore a debt default.

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