Standard & Poor’s is warning that a French plan to “rollover” Greek debt will force Greece into default.  The plan was put forth by the Fédération Bancaire Française.

S & P’s is not the only finance rating company to make such a claim.  It’s complicated, but basically they claim the French plan would result in current “investors” in Greek bonds receiving much less of a return on their investment, so much so that S & P’s is willing to declare Greece in default.

The plan was approved by the only economic powerhouse in the European Union: Germany.

“In our view, Greece’s near-term reliance on European Union and International Monetary Fund official financing, the government’s difficulty in reducing its sizable fiscal deficit, and the current pricing of Greek government debt in the secondary market all underscore the Hellenic Republic’s weak creditworthiness and, consequently, point to a ‘realistic possibility’ that financing option would fit the ‘distressed’ category.”-Standard & Poor’s