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Greek woes continue as S&P declares 'selective default'

Tuesday 28th February 2012

Greece's economic tragedy continues to worsen.

Ratings agency Standard and Poor's has now classified Greek debt as in "selective default" in the wake of deals made with creditors to cut its debts.

Prior to this latest downgrade, Greek debt already had a "junk" grade rating.

Last week, ratings agency Fitch undertook similar action.

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Mike Jones

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