S&P’s announces default in Greece

Standard & Poor’s has called Greece’s plans to buy bonds a restructure of debts, which is equivalent to a default of emitter, RIA Novosti reports.

Investors with debt obligations of the Greek government need to apply before December 7. Bonds will be purchased for 30.2-40.1% of the nominal.

The agency reduced the long-term sovereign credit rating of Greece from CCC to SD.