On the Greek fiscal crisis

Letter from David Riley of Fitch to the FT: "it is surprising and unfortunate that so much effort appears to have been invested in circumventing a particular rating outcome. By far the most important and beneficial outcome for Greece and its creditors is securing a credible solution to the current crisis. In light of the market focus on a rating outcome...Fitch is guided by the spirit as well as the letter of the criteria. If it looks like a default we will rate it as a default."