Greece will default on its debt by the end of this year, David Beers, global head of sovereign and international public finance ratings at Standard & Poor’s, said at a briefing in Beijing today.

S&P said last month that Greece will partially default on its debt once European officials push through a plan that will see bondholders foot part of the bill of a second bailout.

The current proposal “constitutes a default because it features debt relief,” Beers said today.