Greece plays down S&P selective default downgrade
Greece has become the first eurozone country to be officially rated in default after the credit rating agency Standard & Poor downgraded it to a lower level than junk.
It said the country is in "selective default" since its creditors began the process of accepting the cut on the money they are owed.
S&P says their move was triggered by the fact that if a large majority of creditors accept the new terms then all the creditors need to agree, which would have consequences for bondholders.
BBC Radio 5 live Wake Up To Money asked Georg Grodzki, the head of credit research at Legal and General, if the debt cut was voluntary.
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28 Feb 2012