Ratings agencies are expected to declare Greece in selective default once the bond swaps occur.

评级机构被期望宣布，希腊一旦债券掉期发生，就选择沉默。

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The aim now is to ensure that the selective default period is as short as possible – days, if not hours – to minimise disruption.

现在的目标是保证选择性违约期限尽可能的短，几天，如果不是几个小时，将破坏变得最小化。

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But in recent days, debt rating agencies warned any attempt to get bondholders to participate would represent a selective default.

然而，最近几天，债务评级机构警告称，任何让债券持有者介入的举措都将代表选择性违约。

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

WSJ: European Disunion: Dithering at the Top Turned EU Crisis to Global Threat

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