The Australian and New Zealand dollars fell for a second day versus the yen as concern that Greece will struggle to contain its debt crisis damped demand for higher-yielding assets. Both South Pacific nations’ currencies slid after Standard & Poor’s cut Greece’s credit ratings to “Selective Default.” S&P cut Greece’s credit grade from CC, two levels above default, after the government added clauses to its debt designed to mop up investors unwilling to take part in an exchange, the New York-based company said in a statement yesterday.

Greece published the formal offer document last week for its agreement to exchange bonds for new securities, with investors taking a 53.5 percent reduction in the value of their investments. The restructuring’s use of so-called collective action clauses would trigger credit-default swap insurance contracts on the nation’s debt, according to the rules of the International Swaps & Derivatives Association.

The euro erased losses against the yen before the European Central Bank allots a second round of unlimited three-year funds tomorrow to help shore up the region’s banks.

Europe’s central bank will calls for bids today in the tender of unlimited three-year funds and will announce the allotment amount tomorrow. Financial institutions may ask the ECB for 470 billion euros ($631 billion) in funds, according to the median estimate.