Quote from Epic: AFAIK, they haven't made a decision yet, but it shouldn't matter much anyway. The $3B has to do with the "voluntary" level of participation in the bond swap. Only about 15% held out for an insurance payment.
Nah, $3bn (actually, it's more like $3.5bn) is the total notional amount of Greek sov CDS outstanding. It doesn't matter because it's small(ish), in the grand scheme of things, and has been flagged well in advance.
Doesn't really even matter though. A CDS trigger would only amount to about $3 billion now, which is pennies compared to what it would have been a few months ago.
It's going to get very very ugly all over again so don't get caught with your pants down, it may take some time but if you understand how inefficient the market (to the downside) is you can just be patient and wait for the next blow up because it's coming.
You'll never hear CNBC or anyone else mention it because the banks are going to be too busy dumping their stock on John Q Public. The problem for the banks is, John Q Public has taken his ball and went home and isn't' going to get F'd this time.
