LONDON May 9 Standard and Poor's ratings agency
said on Monday that it expected a haircut of between 50 and 70
percent on Greek sovereign debt in the event of a default.
"We have a recovery rating on Greece which is 4, which
implies that under a default scenario we would expect a haircut
of between 50 and 70 percent," Frank Gill, S&P senior director
for European sovereign ratings said on a conference call with
Earlier, S&P cut Greece's rating to B from BB-, dragging it
further into junk territory on concerns that a debt
restructuring is increasingly likely.
(Reporting by the London bonds team)