Greek Debt Deal Rejected As S&P Begins European Bank Downgrades

At least they were kind enough to wait until the close:

• EURO ZONE FINANCE MINISTERS REJECT OFFER OF GREEK PSI REACHED WITH PRIVATE BONDHOLDERS, ASK NEGOTIATORS TO CONSIDER COUPON ON NEW GREEK BONDS BELOW 4 PCT-EURO ZONE SOURCES - RTRS
• EURO FALLS VERSUS DOLLAR AFTER EURO ZONE FINANCE MINISTERS REJECT GREEEK PSI OFFER

Translation: Greece demands that the coupon on its fresh start 30 Year bonds to be below 4%, or roughly in line with US 30 year paper. Good luck guys!

But, but, Marathon promised [4]... And making things even worse, here come the long overdue European S&P bank downgrades

• CREDIT LYONNAIS CUT TO A FROM A+ BY S&P
• BNP PARIBAS OUTLOOK NEGATIVE BY S&P; OFF WATCH NEGATIVE :BNP FP

Sarc-o-bot (that's Sarcasm, not Sarakozy) screaming: "This is all priced in. Buy buy buy."