Fitch has released a headline saying that the proposal to cut Greece’s public debt via a debt-swap would constitute a default (no, really?) and thus cut them from CCC to “C”.
The only surprise is that it’s not “D” yet (for Default, Dead, Dumb, Dumkoph, etc.) or “F” (for Fooked, basically.)
Looks like the “use by” date was about 24 hours…. or less…. oh, and Greece’s bond “rates” are going up, not down.
Mr. Market doesn’t buy it either.