S&P Announced Greece in Default

Standard & Poor's ratings agency downgraded Greece's long-term credit rating to selective default from double-C. It is a result of a debt write-down deal with private creditors that is an integral part of the second bailout. S&P had said this month that it would consider Greece in default if it added "collective-action" clauses to its sovereign debt, effectively forcing all bondholders to accept a bond-swap offering.

Greece became the first Euro-zone member officially to be rated in default, 13 years after the single European currency was adopted to strengthen the European Union.