“Fraudulent” is my choice of words, not Fitch.
Fitch is one of the major credit rating agencies. This story is breaking in the London Financial Times. In the language necessary in their business, they are saying that the CDS (Credit Default Swap) market needs to clarify and simplify the language of what causes a sovereign debt “default event”, which requires the seller of the CDS to “pay up”. Greece’s “voluntary” 50% “haircut” is being floated as a way to protect the CDS sellers from what is an obvious default by any reasonable interpretation.