Fitch Labels New Greek Bailout Restructuring A Default

Fitch is doing its best this morning to lend some support to the terminally ill US dollar.  We'll see if Fitch's attempts to panic euro bond holders can drag the dollar back above 74.  Looks to The Doc like all they did was panic euro bond holders into gold and silver (or maybe its just all our readers who are purchasing silver this morning).

• Fitch says a potential Greek debt exchange if voluntary, could still be considered a default event
• Fitch says Greek debt exchange would be a default if bondholders terms were worse than original terms
• Fitch says stressed sovereign debt exchange with worse terms is a technical default even if deemed voluntary