What Next For CDS?

It looks the auction will be accelerated. I don’t think this has much impact as new bonds are trading WI close to old bonds. English law Greek bonds might become cheapest to deliver, but weird that the invitation date was extended past the auction date.

I think CDS settlement will be smooth. What will be interesting, is to see if this emboldens shorts and encourages them to take a run at other countries. No one lost a shirt being short Greece in the end.