Fitch says Greece to default: Reuters (by David B. Wilkerson)

CHICAGO (MarketWatch) -- A Fitch Ratings director said Greece will soon default on its massive debt, according to a report by Reuters Tuesday. The news agency quotes Edward Parker, managing director for Fitch's Sovereign and Supranational Group in Europe, the Middle East and Africa as saying "it will happen," but the default will not be disorderly, as some have feared. During a conference call on Saturday, Standard & Poor's credit analyst Moritz Kraemer said Greek bondholders could recover perhaps 30 to 50 cents per euro, but whatever the amount, Greece will go into default, as measured by the standards of S&P. The big risk, the analyst added, is that of a "disorderly" default by Greece, one that could rock markets around the world and create tougher credit conditions for other countries trying to roll over existing debt.