Reuters reports that S&P expects Greek bond holders recovering only 30% to 50%. Sounds like the German haircut plan is not too far fetched…
Also crossing the wires, Greek banks have been downgraded by S&P following the sovereign rate cut. Bank of Greece’s stock fell 12% in Athens today, so this action adds insult to injury. NBG has been cut to BB+, and is now in junk status as well.
