The big chatter over the last few days has concerned the ratings agencies, and whether they would torpedo the Greek bailout, by declaring a debt rollover to be a default. S&P indicated they would likely take this step.
This is problematic, since the ECB had promised that it wouldn’t take as collateral debt from defaulted nations. Greek banks, for one, would be screwed.
Well, the ECB has a Plan B according to FT. If just one of the ratings agencies opts not to call the plan a default — let’s say, Fitch — then it would be OK with taking on Greek debt.
Meanwhile, there’s chatter from Bloomberg that the ECB could just ignore the ratings altogether, and go on lending as it pleases.
So basically, since the ECB is an independent body that can do whatever it pleases — including go back on past statements — the odds of the ratings agencies screwing this up are greatly diminished.