Standard & Poor's on Monday suppressed the optimism over the EU's decision to pass the tranche to Greece, by warning again that the plan to rollover debt could be still be viewed as an effective default.

S&P cut the long term rating on Greece to CCC from B on the view that the new package addressing the government's 2011-14 financing needs will require private sector debt restructuring in a form that would be views as an effective default according to the statement.