Support Marketplace  Explainer: Greece's 'selective default'
Yesterday, Standard & Poor's downgraded Greece's credit rating
to "selective default."  Adriene Hill: In Greece today,
lawmakers are voting today on another round of budget cuts. Just
yesterday, Standard & Poor's downgraded the country's credit
rating to "selective default." It's a move that everyone
expected.  But it got us talking about the difference between
that and the messy default Greece has been trying to avoid.
We've got Marketplace's Stephen Beard with us to help sort it
out.  Stephen Beard:Good morning, Adriene.  Hill: So let's start
with the basics. What does it mean when we say a country
defaults?  Beard: A government has borrowed money, usually by
selling bonds. But it gets into trouble, can't pay the money
back -- the government defaults. And the bondholders lose their
cash.  Hill: Now, Standard & Poor's has downgraded Greece's
credit rating to "selective default." What does that mean?
Beard: This means that in S&P's view, Greece h