MOODY'S LOWERS GREECE'S CREDIT RATING AND DECLARES THAT DESPITE DEBT DEAL, GREECE IS TECHNICALLY DEFAULTING

BBC:

Moody's has cut Greece's credit rating again, citing a risk of default despite a recent debt write-off deal. Moody's cut Greece's rating to "C" from "Ca", the lowest level on its scale.
The firm said on Friday: "Today's rating decision was prompted by the recently announced debt exchange proposals for Greece, which imply expected losses to investors in excess of 70%." 

The deal writes off 107bn euros ($141.3bn; £89bn) of Greece's debt. Moody's said the planned debt exchange, which involves private investors of Greek debt writing off much of the 206bn euros in Greek bonds they hold, "would constitute a distressed exchange, and hence a default".

IT IS A DEFAULT.

AND THE EURO-CRISIS IS FAR FROM OVER.

STAY TUNED...