ECB will continue to accept Greek debt / Greek bail-out holds ‘impossible knot’

Article reported that the European Central Bank reported that it would continue to accept Greek debt as collateral for loans unless all the major credit rating agencies it used declare it to be in default.

The comments came after Standard and Poor's on the 4 July 2011 became the first agency to warn that a plan, pushed by France and endorsed by Germany, for banks to roll over their holdings of Greek debt into new bonds would constitute a 'selective default'.

BBC News, 4.7.11: Greece crisis: S&P warns of debt default http://www.bbc.co.uk/news/business-14010726

Spiegel Online International, 4.7.11: Rating Agency Issues Greek Rescue Plan Warning http://www.spiegel.de/international/europe/0,1518,772284,00.html

Kathimerini, 4.7.11: To forgive or rollover the Greek debt? http://www.ekathimerini.com/4dcgi/_w_articles_wsite3_4_04/07/2011_397006

Kathimerini, 4.7.11: Crucial issues for the day after http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_3_04/07/2011_397037

ESO: Background information: The Greek debt crisis of 2010 http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Leaders seek to haggle over deal blips / A Brady plan to end Europe’s crisis http://www.europeansources.info/record/leaders-seek-to-haggle-over-deal-blips-a-brady-plan-to-end-europes-crisis/

Kathimerini, 5.7.11: ECB to continue to accept Greek debt, FT reports http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_19132_05/07/2011_397077

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