International Swaps and Derivatives Association will meet at 10:00 pm GMT today to decide whether a credit event has occurred relating to Greece.
That's right, somehow we don't have standardized criteria for demarcating defaults.
What's at stake here is potenitally triggering the payouts on the net $3.2 billion in CDS oustanding on Greek debt. And just look at their most recent prices! I'd say the market has made a decision!
Yup, markets were right. Greece has officially defaulted. CDS triggered.