Fitch Ratings said the intended voluntary participation of private sector investors in Greek debt would be considered a default and thereby would provoke another credit rating reduction by the agency.

The news came in the wake of the embarrassing situation for Greece which seeks to pass the new austerity measures to get the second international bailout, especially after the delay of the fifth installment of last year's 110 billion euro aid package, where eyes are on the confidence vote in the Greek government later in the day.