On the face of it, thisweek's renewed bond-marketjitterswerecaused bygrowingdoubts that an emergency-aidpackage patched togetherbyEuropean Unionleaderslast month offers Greece much help.
The credit rating agency noted that the bond buyback that the Hellenic Republic is conducting as a prerequisite to getting the next tranche of bailout aid from the Troika constitutes a distressed debt restructuring, which in their books means default.