Moody’s has cut Greece’s rating, warning that a planned debt swap would constitute a default. The rating was cut another three notches from Caa1 to Ca – just two more notches shy of a default rating.
“The announced EU programme… implies that the probability of a distressed exchange, and hence a default, on Greek government bonds is virtually 100%,” the agency said.
The debt swap would increase Greece’s borrowing terms by up to 30 years.
BBC News 
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.