Greece in "Selective Default" - Really Captain Obvious?
So, it looks like S&P has cut Greece's rating to "Selective Default" To which, all I have to say is Could you possibly be later to the party ? Seriously, as Barry Ritholz points out When a borrower informs their lenders that they will a) Not be repaying the full loan amount; and b) Not making those reduced payments on time — they are technically in default . When they then fail to make the full payments on time, they are actually in default Everybody has known for at least 6 months (you could argue for 2 yrs) that Greece was not going to be repaying the loan amounts on time. Everybody! . Brings up the obvious question - does anybody even care about the ratings agencies any more? Anyone? Bueller? Bueller?