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The proposal would amount to a default, S.&P. said, because creditors would have to wait longer to be repaid and the value of Greek bonds would effectively be reduced.
By JACK EWING and LANDON THOMAS Jr. 05 Jul, 2011--
Source: http://feeds.nytimes.com/click.phdo?i=684802a73ba1cb7f6cdef7e47a311d9a
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