But as the ECB insisted, they would avoid pushing Greece into selective default.

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The ratings firm downgraded Cyprus Popular Bank to D, equivalent of Default and Bank of Cyprus to "SD", "Selective Default".

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Unfortunately, that is very close to the ECB's - and the ratings agencies' - definition of a "selective default", for which Greek banks would be quickly and decisively punished.

BBC: More time to argue about Greece

In theory, there is a a very small amount of space between the German definition of private sector involvement and the ECB's - and the French - definition of selective default.

BBC: More time to argue about Greece

As the European Commission pointed out this week in a private paper revealed by the FT, if the new rescue package did trigger a "selective default" and lock Greek banks out of ECB funding, Greece would then need additional official support, to shore up their banks.

BBC: More time to argue about Greece

The graduated filter panel resembles the default editing one, so making selective adjustments should be a familiar process.

FORBES: Lightroom 101: Using Graduated Filters for Different Types of Lighting