S&P classifies Greek debt as in "selective default"February 28, 2012 - 10:09 AMT PanARMENIAN.Net - Standard and Poor's has classified Greek debt as in "selective default" following the deal it made with creditors to reduce its debts. According to BBC, S&P says the terms of that deal triggered the latest downgrade. Greek debt was already had a "junk" grade rating from the agency. Banks and other financial firms agreed to swap Greek debt for new bonds that were worth much less. Including interest payments, banks took losses of more than 70%. S&P said that when the debt exchange is complete it will assess Greece again and possibly raise the rating to CCC. The agency Fitch made a similar move last week. The Greek government said the move was expected and would not hurt the banking industry. "This rating does not have any impact on the Greek banking system since any likely effect on liquidity has already been dealt with by the Bank of Greece," the finance ministry said in a statement. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |