It's Official

Today is gonna be the day that they're gonna throw it back at you
By now, you shoulda somehow realized what you gotta do
--Oasis

This afternoon the ISDA (International Swaps and Derivatives Association) has ruled that the recent Greek sovereign debt payout re engineering constitutes a credit event. Simply stated, Greece has officially defaulted.

Not much initial reaction in markets as everyone looks at each other wondering who is short Greek CDS.

position in SPX