German parliament yesterday approved a €130bn euro rescue package for Greece, while S&P downgraded Greece's credit rating to ‘SD' or selective default.
German Chancellor Angela Merkel saw tough political and public opposition to any further support, the Telegraph reports. Standard & Poor’s has put the European Financial Stability Facility (EFSF) funds on negative outlook, saying the fund’s profile is weaker since some of its guarantor countries were stripped of their AAA-ratings. S&P also downgraded Greece to "SD", meaning it believed the country has undergone a selective default. The agency pointed to Greece's retroactive insertion of collective-action clauses to its debt as the reason for the move. Over the weekend, the G20 fina...
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