May 9, 2011
Private holders of Greek debt will probably be asked to share the pain if the country gets easier terms on European Union bailout loans, Standard & Poor’s said on Monday as it downgraded the country’s debt once again.
The ratings agency’s forecast that Greece faces a de facto debt restructuring put European policy makers in a familiar position: forced onto the defensive by a relentless flow of negative news and market reaction that far outpaced the speed of government decision-making.
The S.& P. downgrade, reducing Greece to the same creditworthiness as Belarus, followed several days of speculation ignited by a report on Friday by Spiegel Online that finance ministers from Europe’s largest countries were holding a secret meeting in Luxembourg at which they planned to discuss whether Greece should leave the euro zone.
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