Eurozone 'expected' Greek downgrade

Standard & Poor's on Monday (27 February) downgraded Greece to "selective default" due to a bond swap operation aimed at slashing some €100 billion off national debt.

Under the operation, which will take place between 8 and 11 March, banks and private investors will voluntarily trade their old Greek bonds for new ones, taking a net loss of up to 70 percent, depending on the maturity of the bond. So-called sweeteners to the tune of €30 billion will accompany the deal to make the swap les...