Who could have seen this coming? Aside from a majority of sentient humans?Just to refresh everybody, CDS or Credit Default Swaps are used as an insurance policy against bad investments. Right now, the CDSs on Greek Debt are as highest ever seen in the history of CDSs. Needless to say, this qualifies as NotGood™.
CCC is one notch above default, FYI. It is now the worst-rated nation in the world by S&P. Only Ecuador is worse on Moody’s rating scale, meanwhile.
Greek CDS continue to widen to record levels.
So it's looking more and more like it'll be Buh-Bye Euro, and hello Drachma! And just for fun, everybody gets a haircut!