Is the French government's 'ingenious' scheme to roll-over Greek debt still considered default?

A few days ago I heard someone on the BBC lauding the French government's ingenious scheme to roll-over Greek debt and incorporate an insurance scheme into the scheme. How clever the French are, how unlike the stupid evil Tories was the subtext.  Hmmm, I was this not too surprised to read in De Spiegel this:

'Credit rating agency Standard & Poor's warned on Monday that a proposal by French banks to roll over Greece's debt could be classified as a default, casting fresh doubts on plans to secure a bailout for the crisis-hit nation.

"It is our view that each of the two financing options described in the (French banks') proposal would likely amount to a default under our criteria," S&P said in a statement.'

Somehow I think that the EU supporting BBC will not give as much prominence to this news.