Greek CDS could go soon

This letter, presumably from the American Legal and Economics Association and sent to the ISDA has been circulating. It calls for a decision on Greek CDS. There is a rumor that the decision could come on Wednesday. Today, Greek CDS hit an all-time high of 74.

There is always the potential for CDS to get messy but with just a net $3.2B outstanding in the $200B+ Greek bond market I don’t believe it’s worth getting excited about.